Bending Spoons, the Italian company known for its ownership of Evernote and WeTransfer, has announced the acquisition of Brightcove for $233 million in an all-cash transaction. This represents a 40% premium over Brightcove's previous closing share price.
“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,” stated Diane Hessan, Chairman of Brightcove’s Board of Directors. “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.”
This acquisition follows Bending Spoons' purchase of WeTransfer and Issuu last July. Luca Ferrari, Bending Spoons CEO and co-founder, shared his enthusiasm: “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.”
Post-acquisition, Brightcove will be delisted and become a privately held company. The deal requires approval from Brightcove's stockholders and regulatory bodies.