Acquiring Brightcove for a staggering $233 million through the manipulation of spoons

Brightcove, a well-known player in the streaming technology space, has agreed to be acquired by Bending Spoons in a cash transaction valued at approximately $233 million. This deal will mark a significant expansion for Bending Spoons, as they delve into the enterprise software-as-a-service (SaaS) market, where Brightcove is a major provider.

Bending Spoons, the company behind popular offerings such as Evernote, Issuu, Meetup, Remini, StreamYard, Splice, and WeTransfer, currently used by over 200 million people each month, has expressed enthusiasm about welcoming Brightcove into their portfolio. Luca Ferrari, the CEO and co-founder of Bending Spoons, has stated his excitement about the acquisition.

Diane Hessan, Brightcove's chair, sees the transaction as the best opportunity to maximize the value of the business and deliver immediate cash value to stockholders. Mark DeBevoise, Brightcove's CEO, agrees, expressing that the acquisition will enable Brightcove to leverage Bending Spoons' technology and market expertise.

The per-share purchase price represents a 90% premium over Brightcove's 60-day volume weighted average share price as of market close on Nov. 22. Under the terms of the agreement, Brightcove shareholders will receive $4.45 per share in cash for each share of common stock.

JP Morgan and Wells Fargo served as the M&A advisers to Bending Spoons, while Lazard is serving as the exclusive financial adviser to Brightcove. Goodwin Procter LLP and Latham & Watkins LLP are legal advisers to Brightcove and Bending Spoons respectively in the acquisition. EY Advisory SpA is providing financial and tax due-diligence services to both parties.

Bending Spoons intends to own and operate Brightcove indefinitely and is excited about building on the current team's work. The transaction, subject to closing conditions and approvals, is expected to make Brightcove a privately held company upon completion. The deal is scheduled to close in the first half of 2025.

Bending Spoons has served 1 billion people globally through its suite of digital technology products. With the addition of Brightcove, they look forward to serving a larger global customer base, including Brightcove's large and respected presence in the streaming technology space. Brightcove's customers can expect continued service and innovation, as Bending Spoons expresses its intention to build on the current team's work.

This acquisition is a significant step for both companies, as they join forces to create a powerful presence in the SaaS market and the streaming technology space. The deal is expected to bring synergies and opportunities for growth for both parties.

Acquiring Brightcove for a staggering $233 million through the manipulation of spoons