Bending Spoons, an Italian technology company, is acquiring Brightcove, a cloud platform that lets organisations manage and monetise video content, in an all-cash deal worth $233 million.
Diane Hessan, Brightcove’s board chair, announced the acquisition in a statement made Monday.
Bending Spoons, for its part, is a Baillie Gifford-backed mobile app development company that has made a number of major acquisitions in recent years. This includes Evernote, which it acquired in 2022 before laying off 129 staff, and WeTransfer, which it repurchased in July just before firing 75% of its 350 employees.
Brightcove’s Board of Directors unanimously authorised the transaction, which is scheduled to conclude in the first half of 2025, subject to customary closing conditions and approvals, including stockholder approval and the receipt of appropriate regulatory clearances.
“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 Hessan.
“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 will become a privately held firm following the deal, and its common stock will no longer be traded on any public stock exchange.
According to the terms of the agreement, Brightcove stockholders will get $4.45 in cash for each share of Brightcove common stock they hold.
The per-share purchase price is 90% higher than Brightcove’s 60-day volume-weighted average share price as of November 22, 2024.
We earlier reported HubSpot acquired Cacheflow, a firm that creates tools for the software sales closing process, for an unknown sum.
