Syniverse dropped plans to go public through a merger with a special purpose acquisition company, stating it will terminate a relationship with M-3 Brigade Acquisition II and remain privately held.

The interconnect and roaming provider stated it will pursue alternate sources of funds to pay down debt, including a previously announced deal with cloud communications platform Twilio.

While the transaction is yet to close, Syniverse explained the target investment remains at $750 million.

Syniverse stated it expects to close on its additional funding during fiscal Q2 2022, the period to end-May. The new funding is not expected to impact private equity company Carlyle Group’s position as majority owner of the business.

Andrew Davies, Syniverse CEO, described the core business as “incredibly strong”.

During its talks with M-3 Brigade Acquisition II, Syniverse submitted a public filing revealing a data breach which impacted its customers for five years.

At the time, the company explained it had taken remedial action and informed relevant authorities.