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Synacor, Inc. (Nasdaq: SYNC) has announced that Centre Lane Partners' affiliate has successfully completed a tender offer to acquire all outstanding shares of Synacor for $2.20 per share in cash. As of March 30, 2021, approximately 74% of Synacor's common stock was tendered. Centre Lane plans to finalize the acquisition through a merger, meaning remaining shares will also be converted to $2.20 per share in cash. Following the merger, Synacor will become a privately held entity, and its stock will cease trading on Nasdaq.
Synacor, Inc. (NASDAQ: SYNC) reported Q4 2020 revenue of $24.1 million, a decline from $26.8 million in Q4 2019, largely due to COVID-19 impacts. Net income for Q4 was $0.1 million, compared to a loss of $0.6 million in the same period last year. Total revenue for 2020 reached $81.4 million, significantly down from $121.8 million in 2019. Despite challenges, adjusted EBITDA improved in Q4 to $3.6 million, marking 14.8% of revenue. Synacor also signed agreements to be acquired and added multiple new customers.
Synacor, Inc. (Nasdaq: SYNC) has entered into a definitive agreement to be acquired by Centre Lane Partners, LLC in an all-cash transaction valued at approximately $92 million. The acquisition involves a tender offer of $2.20 per share, representing a 29% premium over Synacor's 60-day weighted average stock price as of February 10, 2021. The agreement, which has been unanimously approved by Synacor’s Board of Directors, aims to provide stockholders with value while enhancing the company's growth potential. Closing is expected by Q2 2021, after regulatory approvals.
Synacor, Inc. (Nasdaq: SYNC) announced preliminary results for Q4 2020, surpassing prior guidance. Projected revenue is approximately $24.0 million, exceeding the $20.0 million to $22.0 million target. The company expects a GAAP net income of roughly $0.0 million, improving from the anticipated net loss of $0.5 million to $1.1 million. Additionally, Adjusted EBITDA is projected at $3.5 million, exceeding previous guidance of $2.5 million to $3.1 million. This performance indicates continued growth in Zimbra Enterprise SaaS and Cloud ID SaaS revenue.
Synacor Inc. (NASDAQ: SYNC) has partnered with Openfit to provide trainer-led workout content to TELUS subscribers, enhancing their subscription value. The integration of Synacor's Cloud ID identity management system will enable seamless authentication for millions of users. This collaboration unlocks an additional revenue stream for Openfit and allows TELUS subscribers to access new app experiences alongside their traditional Pay TV services. Synacor's Cloud ID also showcases its capabilities across over 150 million TV subscribers in the US, reinforcing its role in the digital home ecosystem.
Synacor, Inc. (Nasdaq: SYNC) reported third-quarter 2020 revenue of $18.5 million with a GAAP net loss of $4.0 million, including $1.8 million in restructuring costs. Adjusted EBITDA was $1.0 million, reflecting a margin of 5.3%. The company saw a 16% sequential revenue growth in its Portal & Advertising segment and 17% year-over-year growth in Zimbra Enterprise SaaS and Cloud ID SaaS. Synacor reinstated its financial guidance, projecting revenue of $20.0 million to $22.0 million for the fourth quarter.
Synacor, Inc. (Nasdaq: SYNC) will host a conference call on November 11, 2020, at 5:00 p.m. ET to discuss its third quarter financial results. Interested participants can join by dialing 1-833-235-2655 (toll-free) or 1-647-689-4151 (international) with conference ID 4592597. The call will also be available via a live webcast on Synacor's Investor Relations website. A replay of the call will be accessible for 90 days, with a telephonic replay available from 8:00 p.m. ET on November 11 until November 18.
