Video firm Brightcove sold for $233 million to app developer Bending Spoons

The board of video-streaming firm Brightcove has signed a $233 million deal to promote the Boston-based enterprise to Italian app developer Bending Spoons.

On Monday, Brightcove disclosed the deal and its phrases, saying its shareholders would get $4.45 in money for every share of Brightcove inventory they personal. The acquisition worth represents a roughly 90 % premium over the Brightcove’s common share worth for the previous two months. The corporate was launched 20 years in the past by Jeremy Allaire and Bob Mason, and has been publicly traded since 2012. As of the tip of final yr, Brightcove employed round 670 individuals, together with 300 within the US.

Brightcove has struggled to generate income with its main video-streaming platform, referred to as Video Cloud, reporting only one worthwhile yr as a public firm, in 2021. Its income dropped from $211 million in 2022 to $201 million in 2023, representing enterprise from greater than 2,500 prospects throughout 60 international locations. Brightcove’s inventory worth by no means rebounded to its pre-pandemic ranges of round $8 to $12 a share, not to mention its March 2021 peak of practically $25 a share at a time when buyers have been making large bets on the way forward for video streaming. Then-chief government Jeff Ray left the corporate in 2022, across the time the inventory had plunged again under the $10 stage, and was succeeded by Marc DeBevoise, a former chief digital officer at ViacomCBS.