RadioBDC Logo
Digital Witness | St. Vincent Listen Live
THIS STORY HAS BEEN FORMATTED FOR EASY PRINTING

Synacor files papers ahead of IPO

November 18, 2011

E-mail this article

Invalid E-mail address
Invalid E-mail address

Sending your article

Your article has been sent.

Text size +

NEW YORK—Website designer and service provider Synacor Inc. on Friday filed papers in preparation for an initial public offering of shares.

The Buffalo-based company, whose clients include mid-size cable TV and telecommunications companies like CenturyLink Inc. and Charter Communications Inc., also provides ways for pay TV subscribers to watch shows online.

The company generates much of its advertising revenue through a partnership with Google Inc., which puts its search tool on Synacor clients' websites. Advertisers pay to have their links show up in search results and when a consumer clicks on one of those links, the advertiser pays Google, who then shares revenue with Synacor, who passes on some funds to its clients.

Google-based revenue accounted for 55 percent of the total in the nine months through September.

Over that period, Synacor posted $62.1 million in revenue, up from $48 million in the same period a year earlier. Net income came to $285,000, or 5 cents per share, compared to a loss of $3.2 million, or 87 cents per share, a year earlier.

The company did not say how many shares it would issue and had not set a price.