This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Joint Venture Expands Synacor Reach To China

BUFFALO, N.Y., March 12, 2013 (GLOBE NEWSWIRE) -- Synacor Inc. (Nasdaq:SYNC), the leading provider of next-gen startpages, TV Everywhere solutions and cloud-based Identity Management (IDM) services across multiple devices for cable, satellite, telecom and consumer electronics companies, today announced it has formed a joint venture with Maxit Technology Inc., a leading intelligent Internet platform company based in Beijing, to expand Synacor services to China.

The joint venture, part of Synacor's international growth strategy, will be known as Synacor China Limited, and it will apply for registration in China as Beijing Xing Mai Technology Limited. Both parties will own 50% of the joint venture. Under the terms of the agreement, Synacor and Maxit will both license certain intellectual property, and Synacor will provide capabilities and resources to the joint venture and an investment commitment of $2 million over two years.

The joint venture will combine Synacor's expertise in next-gen startpages, email, messaging services, and cross-platform solutions for PCs, tablets and smartphones with Maxit's expertise in telecommunications, analytics and experience with China's largest telecom operators. Synacor will leverage the benefits of its search and display advertising and subscription-based business model developed in North America and deploy it into the China market.

The CEO of the joint venture will be Dr. Sean Wang. Dr. Wang is the Chairman and CEO of Maxit Technology Inc., and was previously the CEO of Dragontech Ventures, a venture capital firm he co-founded in 2000. Wang, who was formerly on the faculty of the Department of Electrical and Computer Engineering at the University of Victoria, Canada where he received his Ph.D., also has experience as an investment banker at China International Capital Corporation and Nikko Securities. Dr. Wang and Mei Deng, Ph.D., a Maxit board member, will represent Maxit on the joint venture's board of directors. Synacor will be represented on the board by the following executives of Synacor: Ron Frankel, CEO; George Chamoun, Executive VP; and Bill Stuart, CFO.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs