New York, February 18 (FinanceEnquiry.com) – In a bright performance at its IPO, Cambridge cloud video publisher Brightcove was up 30 percent at close of its first day on the public markets on Friday. The company had priced its IPO at $11 per share, which was the middle of its range, and raised $55 million. It was an impressive performance although it lacked the hype of other Internet IPOs such as Facebook, Groupon or Zynga. Analysts said that investors are betting on cloud-based companies.
Brightcove is trading on the Nasdaq under the ticker “BCOV,” after having filed for going public in August. In April it will move to 80,000 square feet of space at Boston’s Atlantic Wharf.
Brightcove was founded in 2004 by CEO Jeremy Allaire and at present it has 312 employees and more than 3,800 customers. Its notable customers include Samsung, General Motors, Oracle, Electronic Arts, University of Massachusetts, Putnam Investments, New York Times and the BBC.
In 2011, Brightcove reported revenue of $63.6 million but it posted a net loss of $17.3 million. Its closing price on Friday was $14.30 and at this price the company is worth $377 million. Analysts feel that the company can grow into that valuation and that it can achieve break-even in 12 to 18 months.
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