Bending Spoons signed an agreement to acquire Brightcove, the streaming technology company, in a deal worth around $233 million. Under the terms of the agreement, Brightcove shareholders will receive $4.45 in cash for each common share held. The agreed price per share represents a 90% premium to Brightcove’s weighted average share price over the past 60 days, calculated at the close of market on 22 November 2024.
“We are delighted to have reached this agreement with Bending Spoons, which represents the culmination of an extensive strategic review process conducted by our Board of Directors with the support of our management team and advisors,” said Diane Hessan, Brightcove’s Chairman of the Board, in a statement. “Following the analysis of Brightcove’s development, the Board unanimously determined that this transaction represents the best opportunity to maximise the value of the company and provide shareholders with an immediate return.
Marc DeBevoise, chief executive officer and board member of Brightcove, adds: ‘Brightcove is an established and successful leader in the corporate SaaS sector, with twenty years in business, twelve of them as a listed company. We have been pioneers and innovators in the streaming market, from the early stages of developing video player technologies, to becoming the industry’s leading video content engagement platform. This new addition will allow Brightcove to leverage Bending Spoons’ technological and market expertise, ensuring Brightcove is positioned to continue to thrive in the streaming and engagement technology marketplace.”
Luca Ferrari, CEO and co-founder of Bending Spoons, says: “We are thrilled to welcome Brightcove to the Bending Spoons portfolio of companies. Brightcove is a leader in streaming technology and we look forward to serving its many customers globally. Whenever we acquire a new company, we do so with the aim of retaining ownership and running the company in the long term. Therefore, we are determined to build on the great work done by the current team and to ensure that Brightcove can thrive for many years to come.
The transaction, which has been unanimously approved by Brightcove’s Board of Directors, is expected to close in the first half of 2025, subject to the fulfilment of the conditions precedent set out in the transaction’s legal documents, including approval by Brightcove’s shareholders and obtaining the necessary regulatory approvals. Following completion of the transaction, Brightcove will lose its listed company status and its ordinary shares will cease to be publicly traded on the stock markets.
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