M&A · Tech · Services-Computer Processing & Data Preparation
Bending Spoons US Inc. to acquire Brightcove Inc
Announced Nov 25, 2024 · Closed Feb 4, 2025
Deal value$233MEV $174M
Premium39.0%To unaffected price
EV / Adj. EBITDA8.9x0.9x EV / Revenue
ConsiderationAll cash$4.45 per share
Transaction
- Acquirer
- Bending Spoons US Inc.
- Target
- Brightcove Inc (BCOV)
- Buyer type
- Strategic
- Offer price per share
- $4.45
- Enterprise value
- $174M
- Status
- Closed Feb 4, 2025
Deal protections
- Break fee (target pays)
- $7.9M · 3.4%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Lazard
- Lazard fee
- $4.1M
Sector context · Tech
- Comparable deals
- 60 in the prior 24 months
- Premium
- 39.0% vs. 41.6% sector median
- EV / Adj. EBITDA
- 8.9x vs. 15.5x sector median
- Break fee
- 3.4% vs. 3.0% sector median
Timeline
- AnnouncedNov 25, 2024
- Proxy filedDec 19, 2024
- Definitive proxyDec 31, 2024
- Shareholder voteJan 30, 2025
- ClosedFeb 4, 2025
Valuation · fairness opinions
Discounted cash flow$2.89$4.09
Discounted cash flow$2.89$4.61
Trading comparables$2.39$7.66
Trading comparables$2.40$7.32
Trading comparables$1.45$2.40
Offer $4.45
Implied value per Brightcove Inc share by analysis, from Lazard · DCF discount rate 12.2%–14.2%.