If you're one of the thousands of people who purchased Apple's (NASDAQ:AAPL) iPhone, then you activated it using the technology from Synchronoss Technologies (NASDAQ:SNCR). So it should be no surprise that the company's stock price has surged over the past year, going from its first close as an IPO at $8.85 to $36.35. But there may be even more room on the upside.

Late last week, Synchronoss reported its second-quarter results. Revenue spiked 80% to $31.3 million and net income was $5.4 million, or $0.16 per share. Primarily because of the ramp-up for the iPhone, Synchronoss' cash balance declined $600,000 to $77.6 million.

Over the years, Synchronoss has built a sophisticated platform that allows communications companies to automate the activation, upgrades, and renewals of services such as VoIP, wireless, video, and so on. The upshot is significant cost savings.

And there appears to be no letup in the growth. Synchronoss' guidance for the third quarter is for revenue of $32 million to $33.5 million, which represents a 69% to 77% year-over-year growth rate. As for the full year, the company upped its guidance to $118 million to $121 million in sales from $108 million to $112 million -- a growth rate increase of 63% to 67% over 2006.

With a multiple of about 10 times projected fiscal revenue, shares of Synchronoss are far from cheap. Yet as seen with other hyper-growth companies like Riverbed Technology (NASDAQ:RVBD) and Aruba Networks (NASDAQ:ARUN), the valuation is not out of line.

Keep in mind that Synchronoss has an opportunity to expand its business with its marquee customers like Clearwire (NASDAQ:CLWR), Comcast (NASDAQ:CMCSA), and Level 3 Communications (NASDAQ:LVLT). What's more, as Apple moves the iPhone into Europe and Asia, Synchronoss should benefit.

The shares of Synchronoss have been volatile lately, which is to be expected. So the stock is not for everyone. But for those Foolish investors looking for a play on the iPhone as well as a hyper-growth story, Synchronoss fits the bill.

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Fool contributor Tom Taulli, author of The Complete M&A Handbook, does not own shares mentioned in this article. He is ranked 1,951 out of more than 60,000 investors in Motley Fool CAPS.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.