Brightcove Raises $55M in Nasdaq Debut
Shares of online video publishing firm Brightcove Inc. rose 30 percent during the company's public market debut on the Nasdaq exchange Friday.
Brightcove shares, trading under the "BCOV" ticker, closed Friday up $3.30 to $14.30. The company raised about $55 million, just shy of the $60 million it was shooting for.
Also going public recently was TV Everywhere authentication specialist Synacor Inc. , which raised $27.27 million in an IPO last week that hit on the low end of its original plans. (See Synacor's Wild Ride and Synacor IPO Could Fetch $94M .)
According to its S-1 filings, Cambridge, Mass.-based Brightcove posted a 2011 net loss of $17.3 million on revenues of $63.6 million in 2011. It expects losses to continue through this year.
Brightcove, which competes with Comcast Corp. (Nasdaq: CMCSA, CMCSK)-owned thePlatform Inc. in some market segments, claims to have more than 3,800 customers. Virgin Media Inc. (Nasdaq: VMED) and Showtime Networks Inc. are some of its customers from the cable world. Light Reading uses Brightcove as its video host for LRTV. (See Limelight Takes Aim at thePlatform, Brightcove and ThePlatform Encroaches on Brightcove's Turf .)
— Jeff Baumgartner, Site Editor, Light Reading Cable