In the midst of a new appointments to Brightcove’s executive staff, a source close to them has announced that they’re preparing for IPO in the first half of 2011. The Cambridge, MA based media company powers a network for Internet video distribution for streaming media and providing Web based controls. Founded in 2004, they’ve seen a great deal of growth this year after rising almost $100 million in venture capital through April.
Chief Executive Jeremy Allaire spoke about the recent string of executive hires—Chris Menard from Phase Forward, Betsey Nelson from Macromedia, among others—but details on the expected IPO remain sketchy. From the Reuters article,
“These appointments underscore that we’re building a significant global independent company,” said Allaire.
He declined to comment on whether the company was lining up an IPO, but the source close to the company said plans are in the works to go public in the 2011 first half.
The company says its revenue has grown by 50 percent year-on-year and is expected to hit about $50 million this year.
The company certainly looks like they’re preparing for a strong financial future. They work in a part of the industry with some extremely powerful rivals, such as Google Inc., Microsoft Corp, and Akamai. Executives from other Internet broadcast media companies and the showing out of Macromedia does, however, tip the expertise in Brightcove’s favor.
We’ll have to keep an eye on the market to see where Brightcove’s IPO goes. The leak itself may lend further credibility to the company’s rising star, which in turn could attract further investment and more executive appointments as the industry shifts.
