Brightcove to be acquired by Bending Spoons in $233 million deal
Brightcove has entered into a definitive agreement to be acquired by Bending Spoons in an all-cash transaction valued at approximately US $233 million. Under the terms of the agreement, Brightcove shareholders will receive $4.45 per share in cash for each share of Brightcove common stock that they own. The per-share purchase price represents a 90% premium over Brightcove’s 60-day volume-weighted average share price as of the close on 22 November 2024.
Milan-based Bending Spoons, founded in 2013, is the company behind a number of digital technology products including Evernote, Issuu, Meetup, Remini, Splice, StreamYard, and WeTransfer. Brightcove develops a streaming platform that allows organisations to host, share, and stream video content.
“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, chairman of Brightcove’s board of directors. “As the board considered the long-term path for Brightcove, we unanimously determined that this transaction represents the best opportunity to maximise the value of the business and deliver compelling, certain, and immediate cash value to our stockholders.”
Marc DeBevoise, Brightcove’s chief executive officer and board director, 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.”
Luca Ferrari, Bending Spoons CEO and co-founder, said: “We’re delighted to welcome Brightcove into the Bending Spoons portfolio. Brightcove is a trusted and respected name in the streaming technology space, and we look forward to serving its large global customer base. 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.”