Brightcove Finally Announces IPO
ADOTAS – Since Brightcove brought Christopher Menard on board as their new chief financial officer, potential investors have anxiously awaited an IPO. The Cambridge-based online video platform has done what has long been expected and filed an S-1 registration statement with the Securities and Exchange Commission. It will apply for a listing on the Nasdaq Global Market under the symbol BCOV, according to the filing.
The startup, which makes it possible for content providers to publish video content to the web using HTML 5 rather than Adobe Flash, plans to raise $50 million through its initial public offering.
With the online video market on the rise, Brightcove on its way up. Data from comScore says that it delivers an average of 700 million video streams a month, second only to YouTube’s 3 billion videos. Among its 3,300 customers are The New York Times, Macy’s, Bank of America, Philips Electronics, AOL, Honda and Showtime.
Brightcove has seen boosts in revenues each year. It earned $24.5 million in 2008 and later jumped to $43.7 million in 2010. The filing notes that in the first six months of 2011, Brightcove’s revenues were $28.4 million — up from $20.3 million for the comparable period in the previous year.
Still, the company is a stranger to profits and doesn’t expect to see them until 2012. According to the filing, Brightcove’s consolidated net loss was $17.8 million in 2010 and $9.7 million for the six-month period ending June 30.
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