BOSTON—Brightcove said it has entered into a definitive agreement to be acquired by Bending Spoons in an all-cash transaction valued at about $233 million.
The deal, expected to close in the first half of 2025, will expand Bending Spoons’ business into the enterprise software-as-a-service (SaaS) market, where Brightcove is a major provider of streaming media technologies.
It will also provide Brightcove with new technologies from Bending Spoons, which has served 1 billion people across the globe through its suite of digital technology products. These offerings include Evernote, Issuu, Meetup, Remini, StreamYard, Splice and WeTransfer, currently used by more than 200 million people each month, the companies said.
Under the terms of the agreement, Brightcove shareholders will receive $4.45 per share in cash for each share of common stock. The per-share purchase price represents a 90% premium over Brightcove’s 60-day volume weighted average share price as of market close on Nov. 22.
“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 advisers,” Brightcove chair Diane Hessan said. “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.”
Added Brightcove CEO Mark DeBevoise: “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.”
In a statement 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.”
The transaction, unanimously approved by Brightcove’s board, is subject to customary closing conditions and approvals, including approval by Brightcove’s stockholders and required regulatory approvals, the companies said. Upon completion, Brightcove will be a privately held company.
Lazard is serving as exclusive financial adviser to Brightcove, and Goodwin Procter LLP is serving as Brightcove’s legal adviser.
Latham & Watkins LLP is serving as legal adviser to Bending Spoons with EY Advisory SpA providing financial and tax due-diligence services. JP Morgan and Wells Fargo served as the M&A advisers to Bending Spoons.
