New York – Brightcove, a provider of Web video distribution
services for media companies, is preparing for an initial public offering (IPO)
expected in the first half of 2011, Reuters reported, citing a person close to
To help with the transaction, the company has hired Chris Menard
as its new chief financial officer; Menard oversaw his previous employer Phase
Forward’s acquisition by Oracle.
Founded in 2004, Massachusetts-based
Brightcove has to date raised over $100 million in venture capital, from
backers including Accel Partners, General Catalyst Partners, AOL, IAC, Hearst
Interactive Media, The New York Times, Allen & Company, Brookside Capital
and Maverick Capital.
The company expects to see revenues of around $50 million in 2010.