Italy’s Bending Spoons to take Brightcove private in $233 million deal

Published On : 11/26/2024

(Reuters) –     Cloud-based streaming platform Brightcove said on Monday Bending Spoons will buy the company in a transaction valued at about $233 million, adding to a string of deals by the Italian tech firm as it looks to bolster its app portfolio.

The all-cash, take-private deal values each share of the Boston, Massachusetts-based company at $4.45, representing a premium of close to 40% to the stock’s last closing price.

Bending Spoons, which owns services such as note-taking tool Evernote and photo editor Remini, has been pressing ahead with acquisitions throughout the year.

The Italian app developer bought file-sharing platform WeTransfer and digital publishing platform Issuu in July.

Bending Spoons is also seen as a potential candidate for a public listing, owing to its multiple buyouts, Reuters reported last month.

Brightcove, which allows media companies and enterprises to monetize content through streaming, said the deal would enable it to leverage the technology and market expertise of Bending Spoons.

The transaction is expected to close in the first half of 2025

(Reporting by Arsheeya Bajwa in Bengaluru; Editing by Shilpi Majumdar)

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