Pay-TV multiscreen products vendor Synacor reported 5 percent revenue growth to $32.4 million in the fourth quarter, culminating a year in which it finally rebounded from a steep downward sales trajectory and management turmoil.
With the company reporting that 75 million U.S. pay-TV homes use its software for authentication, the Buffalo, N.Y. technology company reported a quarterly loss of $400,000, significantly less than the $6.4 million reported in the same period of 2014.
These modest financials mark a significant turnaround for Synacor, which faced down a hostile boardroom takeover in 2014 that included dissonant shareholders who wanted to take the company into bankruptcy.
However, after replacing its management team and acquiring NimbleTV, Zimbra and Technorati, CEO Himesh Bhise has declared the resulting company to be "the new Synacor," focused on advanced advertising and OTT services.
"Over the past 18 months, Synacor has undergone a massive transformation, a new management team, focused product development efforts and the integration of the NimbleTV, Zimbra and Technorati acquisitions," said Bhise, speaking to investors Wednesday.
"From a desktop forward company we have become a multi-platform company with a product portfolio of managed portals, advertising solutions, email and collaboration products, a video platform and a cloud based identity management platform," he added.
For more:
- visit this Synacor investor relations site
- read this Seeking Alpha transcript
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