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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.

Blake Robinson
Blake Robinson got his start in tech as a semi-professional gamer. He was the first Managing Editor of CrunchGear, the former gadgets and electronics arm of TechCrunch. His writings on new and emerging technologies have been featured in ReadWriteWeb, Mashable, TechCrunch, Silicon Alley Insider, paidContent, Uncrate, Conde Nast and Ziff Davis. Blake splits his time between San Francisco and New York.
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Facebook isn't the only one.

Brightcove today filed its amended S-1 with 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 largest shareholders in Facebook. 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.