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Brightcove Files $50M IPO

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The Cambridge, Massachusetts-based online video platform Brightcove filed this morning to raise $50 million in an initial public offering (IPO). We'll post a longer analysis from Streaming Media executive vice president and columnist Dan Rayburn on what this means for Brightcove and the online video industry later in the day.

Brightcove has filed an S-1 registration statement with the Securities and Exchange Commission, saying that it intends to go public. It didn't say how many shares it plans to sell or when exactly the IPO will take place.

The S-1 form shows that Brightcove has generated $28.3 million in revenue in the first six months of 2011, compared to $20.3 million in the same period of 2010. As of June 30, the company has $24 million cash on-hand.

It's Brightcove's client-base that is it's real asset, though. Current customers include The New York Times Company, Oracle, Showtime, Philips Electronics, Macy's, Bank of America, the U.S. Army, and Honda. It has nearly 3,300 customers in over 50 countries.

The underwriters for this IPO will include Morgan Stanley, Stifel Nicolas, RBC Capital, Pacific Crest, and Raymond James. The company's largest investors are General Catalyst Partners, which owns 26.2 percent, and Accel Partners, with 24.5 percent.

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