Bending Spoons Acquires Brightcove in $233 Million Deal

Deal News | Nov 26, 2024 | Finance Community IT - 1 Corporate M&A

Bending Spoons Acquires Brightcove in $233 Million Deal

Bending Spoons has finalized an agreement to acquire Brightcove Inc., a leading global streaming technology company, for approximately $233 million. Brightcove shareholders will receive $4.45 in cash per share, reflecting a 90% premium over the average share price of Brightcove over the past 60 days as of November 22, 2024. Lazard served as the financial advisor for Brightcove, with legal advisory from Goodwin Procter LLP. Bending Spoons engaged Latham & Watkins LLP as legal advisor, while financial and tax due diligence was conducted by EY, with JP Morgan and Wells Fargo advising on M&A. The acquisition was unanimously approved by Brightcove's Board, seeking to maximize shareholder value. Brightcove will leverage Bending Spoons' technological expertise and market presence. Post completion, Brightcove will delist from public trading. The closing is expected in the first half of 2025, subject to shareholder approval and regulatory clearances.

Sectors

  • Technology
  • Media and Entertainment
  • Investment and Financial Services

Geography

  • United States – Brightcove Inc. is a US-based company, and the acquisition activities, including advisory services, involve firms primarily from the US.
  • Italy – Bending Spoons is an Italian company, indicating cross-border elements in the acquisition deal.

Industry

  • Technology – The acquisition involves Brightcove, a company operating in the technology sector, specifically focusing on streaming technology and SaaS.
  • Media and Entertainment – Brightcove is a leader in streaming technologies, impacting the media and entertainment industry by providing video player and content engagement solutions.
  • Investment and Financial Services – The deal includes significant financial advisory and M&A services provided by firms like Lazard, JP Morgan, and Wells Fargo.

Financials

  • $233 million – The total acquisition value of Brightcove by Bending Spoons.
  • $4.45 – Cash payment per share to Brightcove shareholders as part of the acquisition deal.
  • 90% – Premium over Brightcove's average share price over the last 60 days as of November 22, 2024.

Participants

NameRoleTypeDescription
Brightcove Inc.Target CompanyCompanyA leading technology company specializing in streaming and video engagement platforms.
Bending SpoonsBidding CompanyCompanyAn Italian company acquiring Brightcove to enhance its portfolio with streaming technology solutions.
LazardFinancial AdvisorCompanyActed as the financial advisor to Brightcove during the acquisition.
Goodwin Procter LLPLegal AdvisorCompanyProvided legal advisory services to Brightcove for the acquisition deal.
Latham & Watkins LLPLegal AdvisorCompanyServed as legal advisor to Bending Spoons in the acquisition.
EYFinancial Due DiligenceCompanyConducted financial and tax due diligence for the acquisition.
JP MorganM&A AdvisorCompanyAdvised Bending Spoons on M&A matters related to the acquisition.
Wells FargoM&A AdvisorCompanyProvided M&A advisory services to Bending Spoons for the transaction.
Diane HessanChair of the BoardPersonChair of the Board of Brightcove, involved in the strategic review leading to the acquisition.
Marc DeBevoiseCEO of BrightcovePersonChief Executive Officer and Board Member of Brightcove, commented on the acquisition.
Luca FerrariCEO of Bending SpoonsPersonCEO and co-founder of Bending Spoons, expressed enthusiasm for the acquisition.