As it continues to advance its initial public offering, Synacor Inc. has welcomed a former Yahoo! executive to its board.
Synacor announced Oct. 3 its board of directors elected Jeffrey Mallett, the former president and chief operating officer of Yahoo! Inc. to the board.
In a prepared release, Mallett, who also served as a longtime Yahoo! board member, said Synacor is in the middle of a number of media and convergence industry developments and he looks forward to working with the company to continue to expand its market position.
Mallett, who served as president at Yahoo! until 2002, is also a director and board chairman at SNOCAP Inc., a provider of digital music licensing and copyright management services. He is also principal owner and executive committee member of Major League Baseball's San Francisco Giants baseball club.
Synacor provides Internet tools and portals for the cable and telecommunications industries. Revenues come from subscriber-based fees and online search and advertising activities.
The company, founded in Buffalo as Chek.com in 1998, announced its public offering in early August, with plans to raise $86 million through the sale of common stock.
Last year, the company had net sales of $26 million, up from $14 million the year before. Losses over the past three years have totaled $6.1 million. Synacor has more than 165 employees, the majority operating from its facility on Buffalo's waterfront.
Correction/Clarification
An earlier version of this story listed a number of shares to be offered. The exact number has not been determined.