Synacor announced that the company had formed a joint venture with Maxit Technology, Inc. The venture, of which each party will own 50%, was constructed in order to expand Synacor’s cloud-based and television-based services in China.
Buffalo, NY-based Synacor is focused on providing their suite of services, such as TV Everywhere, digital entertainment, cloud-based products, and apps, to digital media providers. Synacor offers its services in such a way that providers are able to deploy across multiple devices.
The venture, known as Synacor China Ltd., will be headed up by CEO Sean Wang. Wang is also the chairman of Maxit, and previously the CEO of venture capital firm Dragontech Ventures. Under the agreement, both Synacor and Maxit will each license certain intellectual property, with Synacor providing capabilities and resources to the joint venture along with an investment commitment of $2 million over two years.
“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. “We are committed to making this joint venture a success and are excited to be working together.”
“China represents a significant international growth opportunity to expand the reach of our products and services,” said Ron Frankel, Synacor CEO. “Synacor is honored to enter into this joint venture with Maxit and we are excited and confident about Sean’s commitment and ability to achieve success.”
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