Want CNET to notify you of price drops and the latest stories?

Brightcove files IPO to raise $50 million

The online video company has filed a registration statement for initial public offering with the SEC, hoping to raise $50 million.

Lance Whitney Contributing Writer
Lance Whitney is a freelance technology writer and trainer and a former IT professional. He's written for Time, CNET, PCMag, and several other publications. He's the author of two tech books--one on Windows and another on LinkedIn.
Lance Whitney
2 min read

Lance Whitney/CNET

Online video provider Brightcove has filed its first document for an IPO, with the goal of bringing in $50 million.

According to the registration statement filed today with the Securities and Exchange Commission, the initial public offering will be managed by Morgan Stanley and Stifel, Nicolaus & Co., and comes on top of the $12 million that the company raised in April and June of 2010, according to BostInnovation.

Based in Cambridge, Mass., Brightcove sells cloud-based products that let companies publish and distribute online video across PCs, smartphones, tablets, and Internet-connected TVs. It currently has around 3,000 customers, including The New York Times, Oracle, Macy's, Bank of America, the U.S. Army, and Honda, said TechCrunch, which questioned whether this is the right time for an IPO given the current state of the economy.

The company has seen its revenues rise but it's been hit by a series of net losses. Sales for the first six months of the year reached $28.4 million, up from $20.3 million a year ago, according to Business Insider. However, Brightcove took a loss of $9.7 million during the same period and doesn't expect to start turning a profit until late next year at the earliest.

Still, Brightcove has been one of the top-watched firms in Massachusetts on SecondMarket, an online service that lets investors trade shares of private businesses, BostInnovation said, pointing to a high level of interest in the online video provider.

Related stories:
Brightcove aims to create video marketplace
Net video firm Brightcove reels in $59 million
Brightcove.tv pulls plug on user-generated video
Brightcove opens up content distribution on Boxee
Brightcove eyes iPad's Flash void with HTML5