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Brightkovwhich is a cloud platform that helps companies manage and monetize video content, has been turned into a private company by an Italian technology company. Bending spoons In a cash deal worth $233 million.
The deal prices Brightcove at $4.45 per share, which translates to a 90% premium to the 60-day rolling average.
Founded in 2004, Brightcove develops tools and services to create, host, broadcast, market and monetize video content, with clients including Marriott, Ford and Johnson & Johnson hotels. The company, which went public on the Nasdaq in 2011, hasn’t had a productive time lately, with its latest third-quarter earnings report Revealing Revenues decreased by 2% and net losses widened by 22% compared to the same period last year.
“As the Board of Directors considered the long-term path for Brightcove, we unanimously determined that this transaction represents the best opportunity to maximize the value of the business and deliver compelling, proven and immediate cash value to our shareholders,” said Brightcove Chairman, Diane Hessan. He said in a statement Released today.
Bending Spoons, for its part, is a Baillie Gifford-backed mobile app development company that has become known for several high-profile acquisitions in recent years. This includes Evernote, which it acquired in 2022 before laying off 129 of its employees; and WeTransfer, which it bought back in July shortly before laying off 75% of its 350-person workforce. Elsewhere, bend the spoons Bought Popular video app Filmic in 2022, before laying off all employees a year later, and shortly after Closing of the acquisition From the community building platform Meetup in January of this year, Luca Ferrari, co-founder and CEO of Bending Spoons, announced that he would “significantly reduce” the number of Meetup employees in the United States.
So there is a clear trend from the past two years that may not bode well for Brightcove.
Its latest acquisition marks Bending Spoons’ entry into the enterprise SaaS market, and marks its first-ever acquisition of a publicly traded company. Ferrari said Brightcove is “a respected name in live streaming technology,” according to the press release.
“When Bending Spoons acquires a company, we do so with the intention of owning and operating it indefinitely,” Ferrari said. “With this in mind, we are excited to build on the strong work done by the existing team, and ensure Bright Cove thrives for many years to come.”
The transaction is expected to close in the first half of 2025, and remains subject to regulatory and shareholder approvals.
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