Brightcove Inc. is selling 5,000,000 shares of common stock and the company anticipates that the initial public offering price will be between $10.00 and $12.00 per share. The stock will trade on the NASDAQ under the symbol “BCOV” and shares should price on Thursday.
As far as Brightcove’s operations, the company is a leader in cloud-based solutions for publishing and distributing professional digital media. The company’s Brightcove Video Cloud is the flagship product and is called (per the company) the world’s leading online video platform.
If you look at the numbers based upon a December 31, 2011 date, the company had 3,872 customers located in over 50 countries and these customers are large media, retail, technology and financial services companies. Other customers are governments, educational institutions and non-profit organizations.
The book-runners are Morgan Stanley and Stifel Nicolaus; co-managers are RBC Capital, Pacific Crest, and Raymond James. These underwriters will have an overallotment option of up to an additional 750,000 shares of common stock.
Products are sold to customers on a subscription-based software as a service (SaaS) model. Revenues have grown from $24.5 million in 2008 up to $63.6 million in 2011.
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