Online video platform company Brightcove this morning announced that it has filed a registration statement on Form S-1 with the SEC in connection with a proposed IPO of its common stock. The company is looking to raise up to $50 million through the offering.
Brightcove offers cloud-based solutions for publishing and distributing video and other digital media.
Brightcove’s revenue grew from $24.5 million in the fiscal year ended December 31, 2008, to $43.7 million in the fiscal year ended December 31, 2010, the filing reveals.
Revenue came in at $28.4 million for the six months ended June 30, 2011.
The company’s isn’t profitable – they report a net loss of $9.7 million for the first half of this year – and Brightcove says it doesn’t expect to be in the black until the end of 2012.
The company says in the filing that it had close to 3,300 customers in over 50 countries as of June 30, 2011, including The New York Times Company, Oracle, AOL, Philips Electronics, Macy’s, Bank of America, the U.S. Army and Honda. It currently has close to 300 employees.
The company also reveals that it signed a new lease for over 80,000 square feet of office space in Boston, Massachusetts. The company says it expects to move into its new HQ on April 1, 2012.
In May 2011, Brightcove announced the release of ‘App Cloud’, a software application development and management platform designed to help customers publish and distribute video through software apps across multiple Internet-connected devices. The company says it expect its first commercial sale in the second half of 2011.
Brightcove filed to list on the NASDAQ Global Market under the ticker “BCOV”.
Whether this is the right time to file for an IPO is up for debate, of course. Due to the global economic turmoil, a bunch of recent IPO candidates just decided to delay their offerings.
Brightcove’s offering is being made through Morgan Stanley, Stifel Nicolaus, RBC Capital Markets, Pacific Crest Securities, and Raymond James.
The company’s list of investors include Accel Partners, General Catalyst Partners, Allen & Company, IAC and Hearst Ventures, among others.