Brightcove Inc. acquired by Bending Spoons US Inc.

On Monday, Brightcove Inc. (NASDAQ:BCOV), a cloud-based video service provider with a market capitalization of $202.1 million and annual revenue of $199.8 million, announced the completion of its acquisition by Bending Spoons US Inc., a private technology firm. This deal, initially disclosed in a November 24, 2024 agreement, resulted in Brightcove becoming a wholly-owned subsidiary of the acquiring entity. According to InvestingPro data, the company maintained a healthy gross profit margin of 61.65% before the acquisition.

As part of the acquisition, each share of Brightcove’s common stock was converted into the right to receive $4.45 in cash, excluding treasury-held shares, shares owned by Bending Spoons, and shares of stockholders who have perfected statutory appraisal rights. This price represents a remarkable 100.45% return over the past six months for shareholders. Brightcove’s common stock has been delisted from the NASDAQ Global Market following the transaction.

In conjunction with the merger, Brightcove’s existing loan obligations under a 2018 Loan and Security Agreement with Silicon Valley Bank were settled in full, and the agreement was terminated.

The merger also led to changes in the company’s leadership. The board of directors of Brightcove resigned, and the directors of the merger subsidiary prior to the acquisition have taken their places. The officers of Brightcove prior to the merger have become officers of the surviving corporation.

Additionally, Brightcove’s certificate of incorporation and by-laws were amended and restated as of the effective time of the merger. The company has notified NASDAQ of the merger’s completion and requested the delisting of its common stock. Trading of the stock was halted prior to the market opening on the day of the closure.

This transaction signifies a change in control of Brightcove, with the company now operating as a subsidiary of Bending Spoons. This news is based on the statement filed with the Securities and Exchange Commission.

In other recent news, Brightcove Inc. has made significant strides in its merger with Bending Spoons US Inc., a subsidiary of the Italian company Bending Spoons S.p.A. The merger, valued at approximately $233 million, has cleared crucial regulatory hurdles, including the Hart-Scott-Rodino (HSR) Antitrust Improvements Act waiting period, and the approval from the United Kingdom (TADAWUL:4280)’s Secretary of State under the National Security and Investment Act 2021. The merger is now expected to conclude in the first half of 2025, pending the fulfillment of any remaining closing conditions.

Brightcove has also announced strategic partnerships, notably with Acquia, to enhance its video content management, distribution, and monetization. This integration aims to simplify the construction and deployment of marketing technology stacks for its customers.

In financial developments, Brightcove’s third quarter 2024 earnings exceeded forecasts, with revenue reaching $49.9 million and adjusted EBITDA landing at $5.1 million, marking a nearly 35% increase from the previous quarter. Following these robust figures, Brightcove has raised its full-year revenue and adjusted EBITDA guidance. These are recent developments in the company’s operations.

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