Brightcove looks to raise $55 million in IPO
In an SEC filing today, the online video distribution company sets the price range for shares of its upcoming IPO at $10 to $12.
Facebook isn't the only one.
Brightcovewith the SEC, setting the price range for shares of its upcoming IPO at $10 to $12. If its 5 million shares sell at the midpoint of its asking price, the company stands to raise around $55 million.
Brightcove is an 8-year-old online video distribution company that boasts 3,872 customers in more than 50 countries, but 66 percent of its $63.6 million in 2011 revenue came from the U.S. And despite its solid customer base, Brightcove also has a number of healthy competitors, including Castfire and Ooyala.
Prior to setting its IPO, Brightcove raised more than $100 million from a number of venture capital firms, including Accel Partners, one of the . The social-networking juggernaut filed its S-1 last week, aiming to raise about $5 billion.
Brightcove will be listed on the NASDAQ under the symbol BCOV.