Brightcove Goes Public, Files $50 Million IPO Despite Net Loss
Last year, Kit Dotson reported a possible Brightcove IPO in the first half of this year. Well, close enough, as the online video platform company just filed this morning for a $50 million IPO.
Brightcove Inc. today announced that it has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission in connection with a proposed initial public offering of its common stock.
Brightcove, which provides cloud-based solutions for online video, has earned a total of $43.7 million for the fiscal year ending December 31, 2010. An almost 50 percent increase from the $24.5 million revenue in the fiscal year ended December 31, 2008. For the first half of this year, Brightcove had a revenue of $28.4 million and a net loss of $9.7 million.
Revenue came in at $28.4 million for the six months ended June 30, 2011.
The company’s isn’t profitable – they report a net loss of $9.7 million for the first half of this year – and Brightcove says it doesn’t expect to be in the black until the end of 2012.
In the filing, Brightcove revealed that it had more than 3,000 customers from different countries, including the likes of The New York Times, Oracle, AOL, and Bank of America to name a few.
The Cambridge, Massachusetts-based company also announced that they will be moving their headquarters to a new office space in Boston by next year, together with its almost 300 employees.
In other related news, Brightcove launched App Cloud in May. The new product/service suite that unifies the building of apps across different Internet-connected devices such as phones, tablets, TVs and more.
In the wake of Brightcove’s IPO filing, other companies who were planning the same public offerings have pulled out.
Seventeen companies that were slated to go public this month have either abandoned their plans or put them on hold. With a mere four offerings this month, August will be among the slowest month for IPOs in years.
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