TV Everyhere technology vendor Synacor said it is expanding to China through a joint venture it struck with Beijing-based Maxit Technology Inc.
Synacor, whose U.S. cable customers include Charter Communications Inc. (Nasdaq: CHTR) and Cable One, said it'll invest more than $2 million in the Synacor China Limited joint venture, and that it'll own a 50 percent stake in the company. It will be known in China as Beijing Xing Mai Technology Limited, according to Synacor.
Maxit Technology CEO Sean Wang was named CEO of the joint venture. Synacor CEO Ron Frankel, EVP George Chamoun and CFO Bill Stuart will sit on the board, Synacor said.
Buffalo, N.Y.-based Synacor posted $32.2 million in revenue in the fourth quarter.
- see the release
Synacor posts 11 percent gain in revenue for Q4 2012
Synacor recruits former SeaChange CTO Steve Davi
Synacor to offer multilingual TV Everywhere authentication
Synacor powers HBO Go launch for Cable One; NAMIC elects chapter officers