Buffalo-based Synacor, which has made its mark providing Internet services, including TV Everywhere, to companies like CenturyLink and Charter Communications is making a second pass at an IPO.
This time around, the company, which aborted its August 2007 IPO attempts after 15 months and $3.4 million in expenses as the stock market sagged going into the recession, is looking to tap investors for $75 million.
Charter and CenturyLink made up 60 percent of the company's revenues in 2010, according to its SEC filing. It listed 49 ISPs as customers in the filing. Synacor posted a $3.6 million loss last year on revenue of $66.2 million. It has a net profit of $2.2 million on sales of $62.1 million through the first three quarters of 2011, compared to revenues of $48 million during the first nine months of 2010. Much of the 29 percent in revenue growth is a result of an increase in the revenue it gets from Google search and display ads, a deal set to expire in February 2014.
Synacor has plans to expand into Europe and Latin America, according to the Buffalo News.
Bank of America, Merrill Lynch, Citigroup, Stifel Nicolaus, BMO Capital Markets, Needham & Co. and Oppenheimer & Co. are underwriting the IPO.
For more:
- see this MultichannelNews article
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