Brightcove co-founder Jeremy Allaire (pictured) plans to step down from his role as CEO, according to the online video distribution company’s fourth-quarter earnings report.
Allaire will continue to serve as CEO during the “transition period” — namely, the first quarter of the year. He will then become executive chairman of the board, where the company says Allaire will “continue to be actively involved in the company’s strategic planning, product development and key customer relationships.” David Mendels, who’s currently the company’s president and chief operating officer, will take Allaire’s place as CEO.
Brightcove was founded in 2004 and went public early last year. Mendels joined the company in 2010. He previously served as senior vice president of Adobe’s Business Productivity Unit. Both Mendels and Allaire also worked at Macromedia prior to its acquisition by Adobe (Allaire was CTO from 2001 to 2003.)
In the earnings press release, Allaire says:
As a founder of Brightcove, I couldn’t be prouder of the company’s accomplishments over the last eight years, which has put us in a position to cross the $100 million in revenue milestone during 2013. One of the pillars of our success has been the strength of the team that we have put in place, including David Mendels, who has played a critical role in leading Brightcove’s sales, marketing and product development processes as our President and Chief Operating Officer. David is the right person to lead Brightcove into its next stage of growth and I am thrilled to have an executive with his background and experience succeeding me as CEO. I look forward to continuing to work with David.
As for the earnings part of the earnings report, the company brought in $24.3 million in revenue during the quarter ending December 31, up 31 percent year-over-year. It saw a net loss of $4.7 million, or 17 cents per share. Revenue for the full fiscal year was $88 million, up 38 percent.
Brightcove Inc. (NASDAQ: BCOV), a leading global provider of cloud content services, offers a family of products used to publish and distribute the world’s professional digital media. The company’s products include Video Cloud, the market-leading online video platform, App Cloud, a pioneering content app platform, and Zencoder, a leading cloud-based media processing service and HTML5 video player technology provider. Brightcove has more than 6,100 customers in over 60 countries that rely on Brightcove cloud content services to build and...
In 1995 Jeremy D. Allaire co-founded Allaire Corporation with his brother JJ Allaire, creating the web development tool ColdFusion. When Macromedia acquired Allaire in March 2001, Jeremy became Chief Technology Officer. At Macromedia, Jeremy helped create the Macromedia MX (Flash) platform. He left Macromedia in February 2003 to join venture capital firm General Catalyst. Jeremy Allaire founded Brightcove in early 2004, to create a video distribution platform for the Internet. He now holds the position of CEO.