Exhibit 99.1

FOR IMMEDIATE RELEASE

Syniverse Reports First Quarter 2010 Results

Increases Guidance on Strong Roaming, Messaging Trends

TAMPA, Fla. – May 4, 2010 – Syniverse Holdings, Inc. (NYSE:SVR), a leading provider of technology and business solutions for the global telecommunications industry, today reported results for first quarter 2010.

“Strength in our roaming and messaging lines of business drove solid first quarter results for Syniverse,” said Tony Holcombe, President and CEO. “Roaming volume growth accelerated across all four regions of the world, and our messaging platforms processed a record number of transactions. As a result of these positive trends, we have increased our guidance for the year.”

Syniverse cited solid results for the quarter:

David Hitchcock, Executive Vice President and CFO, said the integration of the messaging assets acquired last quarter continues on track.

“With this acquisition, we reorganized into three primary lines of business – roaming, messaging and network – and this new structure is reflected in our financial reporting beginning with this quarter.”

Please refer to the information set forth below under the headings “Non-GAAP Measures” and “Reconciliation of Non-GAAP Measures to GAAP” for an explanation of non-GAAP financial measures as well as a reconciliation of such non-GAAP financial measures to GAAP financial measures.

First Quarter 2010 Operating Segment Review: Segment revenue and operating income are summarized in the tables included with this press release.

Roaming Services

Roaming services revenues were $65.9 million in the quarter, an 11.0% increase compared to first quarter 2009. Revenues were higher due primarily to increased volumes in our roaming clearing house; increases in UniRoam^®, a service used for interstandard roaming; and Signaling Solutions.

Syniverse Technologies 1Q 2010 Results – 2

Messaging Services

Messaging services revenues were $47.4 million compared to $9.4 million in the first quarter 2009. The increase was driven by our messaging acquisition, which contributed $41.8 million of revenue in the quarter.

Network Services

Network services revenues, including Off-Network Database Queries of $1.1 million, were $33.4 million, a 5.2% decrease from first quarter 2009. This decrease is primarily due to certain customer migrations from our SS7 solutions partially offset by increases in our IPX transport services.

Outlook

The company is revising guidance and providing the following outlook for 2010:

Expected Adjusted EBITDA and cash net income have been adjusted to exclude the expected one-time costs in 2010 related to the integration of the messaging business.

Non-GAAP Measures

Syniverse’s Adjusted EBITDA is determined by adding the following items to net income: interest expense, net, provision for income taxes, depreciation and amortization, non-cash stock compensation and acquisition-related expenses including transition and integration costs.

Syniverse’s cash net income is calculated by (i) adding the following items to net income: provision for income taxes, non-cash stock compensation, acquisition-related expenses including transition and integration costs and purchase accounting amortization; (ii) adjusting the resulting pre-tax sum for a provision for income taxes at an assumed long-term tax rate of 37.5%, which excludes the effect of our net operating losses; and (iii) adding to that sum the cash benefit of our tax-deductible goodwill. The cash benefit is a result of the differing treatments of approximately $436 million of goodwill on our balance sheet, which primarily is the result of acquisitions that we made from Verizon in February 2002, IOS North America in September 2004 and VeriSign’s mobile messaging business in October 2009. Specifically, while this goodwill is not amortized for GAAP purposes, the amortization of goodwill is, nonetheless, deductible in calculating our taxable income and, hence, reduces actual cash tax liabilities.

Syniverse’s operating free cash flow is determined by subtracting capital expenditures from net cash provided by operating activities.

A reconciliation of net income, the closest GAAP financial measure, to Adjusted EBITDA and cash net income, is presented in the financial tables below under the heading “Reconciliation of Non-GAAP Measures to GAAP.” A reconciliation of operating free cash flow to net cash provided by operating activities, the closest GAAP measure, is presented in the financial tables below under the heading “Reconciliation of Non-GAAP Measures to GAAP.”

We present Adjusted EBITDA and operating free cash flow because we believe that Adjusted EBITDA and operating free cash flow provide useful information regarding our continuing operating results. We rely on Adjusted EBITDA and operating free cash flow as primary measures to review and assess the

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operating performance of our management team in connection with our executive compensation and bonus plans. We also review Adjusted EBITDA and operating free cash flow to compare our current operating results with corresponding periods and with the operating results of other companies in our industry. In addition, we utilize Adjusted EBITDA and operating free cash flow as an assessment of our overall liquidity and our ability to meet our debt service obligations.

We present cash net income and the related per-share amount because we believe it provides useful information regarding our operating results in addition to our GAAP measures. We believe that cash net income provides our investors with valuable insight into our profitability exclusive of certain adjustments. In addition, cash net income provides further insight into the cash impact resulting from the different treatments of goodwill for financial reporting and tax purposes. We rely on cash net income as the primary measure of Syniverse’s earnings exclusive of these certain non-cash charges.

We believe that the disclosure of Adjusted EBITDA, operating free cash flow and cash net income is useful to investors as these non-GAAP measures form the basis of how our management team reviews and considers our operating results. By disclosing these non-GAAP measures, we believe that we create for investors a greater understanding of, and an enhanced level of transparency into, the means by which our management team operates our company. We also believe these measures can assist investors in comparing our performance to that of other companies on a consistent basis without regard to certain items that do not directly affect our ongoing operating performance or cash flows.

Adjusted EBITDA, operating free cash flow and cash net income have limitations as analytical tools, and should not be relied upon or considered in isolation or as a substitute for GAAP measures, such as net income, cash flows from operating activities and other consolidated income or other cash flows statement data prepared in accordance with GAAP. In addition, these non-GAAP measures may not be comparable to other similarly titled measures of other companies. Because of these limitations, Adjusted EBITDA and operating free cash flow should not be considered as measures of discretionary cash available to us to invest in the growth of our business. Cash net income also should not be considered as a replacement for, or a measure that should be used or analyzed in lieu of, net income. We attempt to compensate for these limitations by relying primarily upon our GAAP results and using Adjusted EBITDA, operating free cash flow and cash net income as supplemental information only.

First Quarter 2010 Earnings Call

Syniverse will host a conference call at 4:30 p.m. ET to discuss the results. To participate on this call, U.S. callers may dial toll free +1 (800) 299-7635; international callers may dial direct +1 (617) 786-2901. The passcode for this call is 23364209. This event also will be webcast live over the Internet in listen-only mode at http://www.syniverse.com/investorevents.

A replay of this call will be available beginning at approximately 7:30 p.m. ET on May 4 and will remain available through May 18 at 11:59 p.m. ET. To access the replay, U.S. callers may dial toll free +1 (888) 286-8010; international callers may dial direct +1 (617) 801-6888. The replay passcode is 99388615.

About Syniverse

Syniverse Technologies (NYSE:SVR) makes mobile work for more than 800 mobile operators, cable and Internet providers, and enterprises in over 160 countries. With unmatched expertise and more than 20 years simplifying the complexities of roaming, messaging and networking, Syniverse serves as the force at the center of the mobile communications universe, keeping people connected today and forging new connections for tomorrow. Nobody knows mobile like Syniverse. For more information, visit www.syniverse.com, follow Syniverse on Twitter or find Syniverse on Facebook.

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Cautionary Notice Regarding Forward-Looking Statements

Certain of the statements in this press release may constitute “forward-looking statements” for purposes of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as such may involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Syniverse to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements include, without limitation: statements regarding Syniverse’s position for long-term success; Syniverse’s ability to continue to manage its costs; Syniverse’s expectations of growth of its product portfolio and competitive position; Syniverse’s expectations regarding strengthening trends in our roaming and messaging businesses; Syniverse’s ability to continue to report positive results in future periods and/or to continue to experience global growth; Syniverse’s ability to successfully integrate its acquired businesses, realize expected synergies and accurately predict the amount of one-time costs necessary to integrate these businesses; Syniverse’s belief of the value of Non-GAAP measures to its investors; Syniverse’s assumptions regarding its long-term effective tax rate; and Syniverse’s guidance for 2010, as contained under the caption “Outlook,” including, without limitation, expected net revenues, net income, Adjusted EBITDA, cash net income and operating free cash flow for 2010, as well as the assumptions, estimates, and judgments applied in creating such guidance.

These forward-looking statements are based upon information presently available to the company’s management and are inherently subjective, uncertain and subject to change, due to any number of risks and uncertainties, including, without limitation, those other risks and factors discussed in Syniverse’s Annual Report on Form 10-K for the year ended Dec. 31, 2009 under the captions “Cautionary Notice Regarding Forward-Looking Statements” and “Risk Factors” and otherwise in Syniverse’s reports and filings that it makes with the Securities and Exchange Commission.

You should not place undue reliance on any forward-looking statements, since those statements speak only as of the date that they are made. Syniverse has no obligation and does not undertake to publicly update, revise or correct any of the forward-looking statements after the date of this press release, or after the respective dates on which such statements otherwise are made, whether as a result of new information, future events, or otherwise, except as otherwise may be required by law.

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For more information:

Jim Huseby

Syniverse Investor Relations

+1 (813) 637-5000

Diane Rose

Syniverse Corporate Communications

+1 (813) 637-5077

diane.rose@syniverse.com

Syniverse Holdings, Inc.

Condensed Consolidated Statements of Income (unaudited)

(In thousands except per share information)

Syniverse Holdings, Inc.

Condensed Consolidated Balance Sheets

(In thousands except share data)

Syniverse Holdings, Inc.

Condensed Consolidated Statements of Cash Flows (unaudited)

(In thousands)

Syniverse Holdings, Inc.

Segment Results Supplemental Information (unaudited)

Segment results:

Revenue by region:

Syniverse Holdings, Inc.

Reconciliation of Non GAAP Measures to GAAP (unaudited)

(In thousands except share data and per share information)

Syniverse Holdings Inc.

2010 Guidance

Reconciliation of Non GAAP Measures to GAAP (unaudited)

(In millions)

Syniverse Holdings, Inc.

Supplemental Segment Financial Information - Quarterly Results (unaudited)

(In thousands)