Brightcove, which delivers the leading online professional video platform through its on-demand software, announced terms for its IPO on Monday. The Cambridge, MA-based company plans to raise $55 million by offering 5 million shares at a price range of $10.00 to $12.00. At the midpoint of the proposed range, Brightcove would command a market value of $319 million.
In its filing, the company also released financial results for 2011. Revenues for 2011 were $64 million, up 45%, but operating income remained negative. In the past three years, the customer base has grown from 549 to 3,872, and its service reached 177 million viewers in December 2011.
Brightcove, which was founded in 2004, plans to list on the NASDAQ under the symbol BCOV. Morgan Stanley and Stifel Nicolaus Weisel are the lead underwriters on the deal.
