The online video platform Brightcove has agreed to be acquired by Bending Spoons for $233 million in cash. Previous acquisitions by the Italian company have resulted in cost cutting and staff being shed. Meanwhile, Bending Spoons promotes its corporate culture of spectacular parties and company retreats in exotic locations.
Brightcove was founded in Boston by Jeremy Allaire in 2004 as an online video platform. It was named after a harbour in Cape Cod, Massachusetts. It initially courted broadcasters and publishers, then found a place with corporate clients, but found it hard to compete with YouTube.
The company went public in 2012 at $11 a share and within months reached a peak of $24. It returned to a high of about $21 in 2021 but slid down after that. The purchase price of $4.45 per share apparently represents a 90% premium over the recent average share price.
The transaction is expected close in the first half of 2025, at which point Brightcove will be delisted and become a privately held company.
“We are pleased to have entered into this definitive agreement with Bending Spoons, which represents the culmination of a comprehensive strategic review process led by our Board of Directors and with the support of our management team and advisors,” said Diane Hessan, the chairman of the Brightcove board. “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.”
Marc DeBevoise, the chief executive of Brightcove, said: “Brightcove is a storied and successful enterprise SaaS leader with 20 years of history, 12 of them as a public company. 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.”
Bending Spoons is apparently named after a scene in The Matrix where a boy bends a spoon with his mind. For others it may call to mind the supposedly paranormal powers of Uri Geller.
The co-founder and chief executive of Bending Spoons, Luca Ferrari, said it would continue to operate the Brightcove business after the acquisition. “When Bending Spoons acquires a business, we do so with the intention of owning and operating it indefinitely,” he said. “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.”
Bending Spoons has grown through acquisition, buying Evernote, Issuu, Meetup, Remini, StreamYard, Splice, and WeTransfer. The company acquired the online file transfer service WeTransfer in July and in September it was reported that it was laying off three quarters of its staff.