Online video service Brightcove has just made its public debut on the NASDAQ under the symbol ‘BCOV’, with an opening trade of $14.50. This is up over 30 percent from the company’s original pricing of $11 per share, after setting the range of $10-$12 per share. At $14.50 per share, Brightcove is valued at $382 million.
Brightcove sells online video publishing and distribution services, including Brightcove Video Cloud, an enterprise-friendly online video hosting and management platform, and Brightcove 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.
Brightcove, which raised $55 million in the offering, filed for the IPO back in August. Brightcove has raised over $100 million from Accel Partners, General Catalyst Partners, Allen & Company, AOL, The New York Times, Maverick Capital, IAC and Hearst Ventures, among others.
The company says it had 3,872 customers as of Dec 31, including The New York Times Company, Oracle, AOL, Philips Electronics, Macy’s, Bank of America, the U.S. Army and Honda. Brightcove’s revenue grew in 2011 to $63.6 million (from $43.7 million in 2010), but still showed a loss of $17.8 million. Thanks to plans to “continue to invest in the growth of our business and operations,” Brightcove says it expects to see losses until the end of this year at least.