Tustin’s eSynch to Buy Oxford Media Division
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eSynch Corp. said Friday that it has agreed to purchase the digital compression and conversion operations of Oxford Media Corp. in Irvine for more than $2 million in stock.
Tustin-based eSynch, which develops technology for electronic software distribution, will pay 450,000 of its common stock to acquire the unit, which last year had $3 million in revenue, eSynch Chief Executive Tom Hemingway said. Oxford’s digital compression outfit has about eight employees, all of whom will be retained, Hemingway said.
Over the last year, eSynch has hired Oxford Media on several projects to convert movies into digital formats, and more jobs are likely in the near future, Hemingway said.
Shares of eSynch, which has about 30 employees, rose 19 cents, or 4%, to $4.63 in over-the-counter trading on Friday.
eSynch last year lost $1.2 million on sales of $1.6 million.
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