What happened Shares of Synchronoss Technologies (NASDAQ: SNCR) tumbled on Wednesday, one day after the company announced that it was selling its Intralinks business for roughly $1 billion. This sale ends Synchronoss' strategic alternatives process after a year of drama that has sent the stock on a roller-coaster ride. At 11:15 a.m. EDT, Synchronoss stock was down about 11.5%. So what Synchronoss has agreed to sell its Intralinks business to Siris Capital Group. Under the deal, Siris will also make a $185 million investment in Synchronoss in the form of convertible preferred stock. This stock will initially be convertible into 19.8% of Synchronoss' common stock. Image source: Getty Images. Synchronoss CEO Stephen Waldis, in laying out the rationale for the deal, said, "These transactions would provide Synchronoss with a strong balance sheet and the capital flexibility to pursue a more focused business strategy that builds on our existing footprint in Cloud, Messaging, and Digital Transformation while executing on key growth vectors in each of these areas." Investors may be reacting negatively to the sale of Intralinks because it was its acquisition that preceded all this drama. Here's a basic timeline: Jan. 19: Synchronoss completes $821 million tender offer for Intralinks. As part of the deal, Intralinks CEO Ron Hovsepian becomes CEO of Synchronoss. April 27: Synchronoss announces disastrous preliminary first-quarter results. Hovsepian and CFO John Frederick step down just a few months after taking the helm. May 15: Synchronoss delays its first-quarter results due to the audit committee of the board of directors reviewing certain transactions. June 13: Synchronoss discloses in a Securities and Exchange Commission filing that it will restate its financial statements for 2015 and 2016. July 6: Synchronoss announces that it is considering strategic alternatives, with a full range of options, including a sale of the company, on the table. Oct. 17: Synchronoss concludes the strategic alternative process with the sale of Intralinks for $1 billion. Now what It's still not entirely clear what went wrong with the Intralinks acquisition. The company is shedding the business and putting this ordeal behind it, but investors simply aren't buying the story. A major acquisition going sour so quickly has no doubt left a bad taste in their mouths. Synchronoss will get an infusion of cash from this deal. However, there are still plenty of questions left unanswered. 10 stocks we like better than Synchronoss TechnologiesWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the 10 best stocks for investors to buy right now... and Synchronoss Technologies wasn't one of them! That's right -- they think these 10 stocks are even better buys. Click here to learn about these picks! *Stock Advisor returns as of October 9, 2017Timothy Green has no position in any of the stocks mentioned. The Motley Fool recommends Synchronoss Technologies. The Motley Fool has a disclosure policy.