Bending Spoons to Acquire Brightcove in $233 Million All-Cash Deal

Brightcove Inc., a leader in streaming technology, announced that it has reached a definitive agreement to be acquired by Bending Spoons in an all-cash transaction valued at approximately $233 million. The acquisition will see Brightcove shareholders receiving $4.45 per share, a 90% premium over the company's 60-day volume weighted average share price as of November 22, 2024.

“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,” stated Diane Hessan, Chairwoman 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 maximize the value of the business and deliver compelling, certain, and immediate cash value to our stockholders.”

Brightcove’s CEO, Marc DeBevoise, commented, “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, CEO and co-founder of Bending Spoons, expressed enthusiasm for the deal, saying, “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.”

Transaction Overview

The transaction has been unanimously approved by Brightcove’s Board of Directors and is expected to close in the first half of 2025, pending standard closing conditions and approvals. These include approval by Brightcove’s stockholders and necessary regulatory clearances. Following the completion of the acquisition, Brightcove will become a privately held company, and its common stock will no longer be traded on public stock exchanges.

Advisory Teams

Brightcove has engaged Lazard as its exclusive financial advisor, with Goodwin Procter LLP providing legal counsel. Bending Spoons is being advised by Latham & Watkins LLP, with financial and tax due diligence services provided by EY Advisory SpA. Additionally, JP Morgan and Wells Fargo served as M&A advisors to Bending Spoons.