Video technology player Brightcove, has entered into a definitive agreement to be acquired by Bending Spoons in an all-cash transaction valued at approximately US$233 million.

The acquisition marks Bending Spoons' entry into the enterprise Software as a Service (SaaS) market. The company plans to utilise its technology expertise to further strengthen Brightcove and elevate its platform. It also owns digital tech products including Evernote, Issuu, Meetup, StreamYard, Splice and WeTransfer, which boast 200m users per month.

The transaction was unanimously approved by Brightcove's Board of Directors and is expected to close in the first half of 2025, subject to customary closing conditions and approvals, including approval by Brightcove's shareholders, and the receipt of required regulatory approvals.

The deal will see Brightcove shareholders receive $4.45 per share in cash for each share of Brightcove common stock they own. This per share purchase price represents a 90% premium over Brightcove's 60-day volume weighted average share price as of the close on November 22, 2024.

"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 Diane Hessan, Chairman of Brightcove's Board of Directors.

"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," said Marc DeBevoise, Brightcove's Chief Executive Officer and Board Director.

"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."

Upon completion of the transaction, Brightcove will become a privately held company and its common stock will no longer be listed on any public stock exchange.

"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," said Luca Ferrari, Bending Spoons CEO and co-founder.

Lazard is serving as exclusive financial advisor to Brightcove, and Goodwin Procter LLP is serving as Brightcove's legal advisor. Latham & Watkins LLP is serving as legal advisor to Bending Spoons, and EY Advisory SpA provided financial and tax due diligence services. JP Morgan and Wells Fargo served as the M&A advisors to Bending Spoons.