Brightcove Now Valued At About $400 Million After Going Public
Brightcove is an online video service that has gone public on the NASDAQ under the symbol “BCOV.” The company opened at $14.50, which is 30% over the company’s original pricing at $11 per share. At $14.50 per share, Brightcove was valued at $382 million.
Brightcove is best known for video publishing and distribution services. Their services include Brightcove Video Cloud, which is an enterprise-friendly online video hosting service. Brightcove App Cloud is a software app development platform that was made for customers to publish, distribute, and optimize video through multiple devices.
Brightcove raised $55 million in the IPO. They filed for the IPO back in August. The company raised over $100 million in venture capital fnding from Accel Partners, General Catalyst, Allen & Company, AOL, NYT, Maverick Capital, IAC, and Hearst Ventures.
Brightcove had 3,872 customers as of December 31st including AOL, Oracle, NYT, Macy’s, B of A, and the U.S. Army. Brightcove’s revenue grew to $63.6 million in 2011, but they still lost $17.8 million.This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry