US-based website designer and service provider Synacor filed for an initial public offering (IPO) on Friday with the US Securities & Exchanges Commission. The shares are yet to be priced but the IPO could potentially raise up to $75m.
Among Synacor’s shareholders is Intel Capital, the corporate venturing unit for semiconductor manufacturer Intel, which holds 10.4% of the stock, while Syancor’s corporate investors also include corporate venturing unit Mitsui Ventures.
Other prominent shareholders include venture capital (VC) firm Walden International which owns 23.0% of the stock, Crystal Internet Ventures, which is part of the Crystal Ventures family of funds and which owns 19.9%, the Advantage Capital Partners group of venture capital partnerships (14.0%), and VC firm North Atlantic Capital (7.1%).
In addition, investment corporation Rand Capital and VC fund Seed Capital Partners are among Synacor’s past investors. Synacor has raised $59m in funding since its inception in 2001.
Synacor previously filed for an $86.3m IPO in August 2007, only to withdraw in October 2008 citing ‘current market conditions’.
According to the latest filing, Synacor’s revenue for 2010 was $66.2m, up slightly from $60.8m the year before, though Synacor also made a net loss of $3.6m compared to a $319,000 profit the previous year. The figures for the nine months up to the end of September 2011 saw Synacor making $62.1m in revenue resulting in a $2.2m profit.
Synacor’s proceeds from the IPO will be put towards general working capital, possibly including the expansion of Synacor’s sales and marketing department, and investment in research and development projects.