With portal service contracts from AT&T, shares of Buffalo, N. Y. based Synacor climbed more than 119 percent on Wednesday during the afterhours trading.

The companies said the revenues expected from the contract will be approximately $100 million a year following the full product operation in 2017. The early products will get be launched in the second quarter of 2016 and further products will come by the last quarter of 2016.

For Synacor, the AT&T agreement value is a really big one. It posted revenue of $110.2 million in 2015 with $78.3 million from search and advertising.

Reportedly, though the deal is great for Synacor, it was a loss for Yahoo. The deal "effectively moves a major chunk of AT&T's business away from Yahoo." Yahoo had almost a fifteen year old partnership with AT&T.

Himesh Bhise , the CEO of Synacor said "We are honored to have been selected from among the contenders AT&T considered in their evaluation process." On Thursday Synacor will discuss the details of the new deal. On Wednesday, shares of the company climbed $1.69 to $3.10 during the afterhours trading .