Synacor forms joint venture in China
Synacor has formed a joint venture with Beijing-based Maxit Technology, as a means of expanding into China.
The two partners in the joint venture, to be known as Synacor China Limited (and as Beijing Xing Mai Technology Limited in China), will each own half of the company.
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 aims to 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. The venture also expects to exploit Maxit’s relationships with China's largest telecom operators.
The CEO of the joint venture will be Sean Wang, who is chairman and CEO of Maxit Technology, 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 in Canada, also has experience as an investment banker at China International Capital Corp. and Nikko Securities.
In China, where over half a billion consumers are online, we see a great opportunity for Synacor's cross-platform startpage and portal solutions for operators and consumer electronics companies," said Wang.