Brightcove Sold for $233m

In the US, software firm Bending Spoons - whose products include Evernote, Meetup and WeTransfer - has paid around $233m in cash to acquire Brightcove, the streaming technology solutions company chaired by Communispace founder Diane Hessan.

The firm's intelligent video platform promises to build the connection between companies and their audiences across devices. In the last three years the firm has acquired audience insights company Wicket Labs, launched an engagement analysis solution called Ad Insights' and a real-time Publisher Insights tool, and most recently added a UTM-based ad impact measurement tool called Marketing Insights.

The sale gives Brightcove shareholders $4.45 per share in cash per share of Brightcove common stock, a 90% premium over the firm's 60-day volume weighted average prior to the market close last Friday.

Hessan (pictured) says the agreement represents the culmination of a comprehensive strategic review process, and comments: 'As the Board 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, certain, and immediate cash value to our stockholders'. CEO Marc DeBevoise adds, 'We have been a pioneer and innovator in the streaming market, from the early days of video player technologies to the leading video-powered engagement platform we are today. Today's announcement will enable Brightcove to leverage the technology and market expertise of Bending Spoons and best position Brightcove to continue to thrive in the streaming and engagement technology market'.

Luca Ferrari, Bending Spoons CEO and co-founder, describes Brightcove as 'a trusted and respected name in the streaming technology space', and adds: 'When Bending Spoons acquires a business, we do so with the intention of owning and operating it indefinitely. With this in mind, we're excited about building on the strong work of the current team, and ensuring Brightcove thrives for many years to come'.

The transaction is expected to close in the first half of 2025, subject to customary conditions including approval by Brightcove's stockholders and relevant regulators. Brightcove will then become a privately held company with stock not listed on any public stock exchange.

Web sites: www.brightcove.com and www.bendingspoons.com .