Synacor debuts as a public company
Synacor today finally became a public company, opening on the Nasdaq exchange.
The company provides cloud-based TV Everywhere for service providers, presenting authenticated content together with over-the-top (OTT) content from the likes of Netflix and Hulu for an integrated TV experience. The company gets a share of subscriber revenue from its clients and a share of search-related advertising.
Charter Communications and CenturyLink are the company’s two top accounts. Suddenlink, US Cable, Bresnan (now part of Cablevision) and Verizon are also customers.
The company added some heft to its board in advance of the IPO, with former Charter CTO Marwan Fawaz and Time Warner exec Gary Ginsberg given seats.
The company had attempted to go public in 2008 but decided against an initial public offering (IPO) during a financial crisis.
Synacor had originally targeted a price somewhere between $10 and $12, but in final preparation for its IPO cut that in half, to $5 to $6. The stock opened at just more than $6 and at midday was trading at about $5.80.