Brightcove, a US-based video hosting company previously backed by corporates including US-based media companies Hearst Interactive Media, the New York Times and Time Warner, has filed to raise $50m in an initial public offering.
Other prior corporate backers of the company included the corporate venturing unit of Japan-based marketing company Transcosmos and internet company IAC. Financial services firms Allen & Company, Morgan Stanley, AllianceBernstein, Brookside Capital, an affiliate of buyout firm Bain Capital, and Maverick Capital have also backed the company as well as venture firms Accel Partners (24.5%) and General Catalyst Partners (26.6%).
US-based media company AOL previously owned more than 5% of the stock, but sold its shares in November 2010, the filing said. The company has received more than $3.7m in revenue from AOL between September 2008 and the end of June 2011.
The company said in the filing it has raised $100m through preferred and common stock and has borrowings of $7m under two bank credit facilities.
The company had $43.7m revenues in 2010 and made a $17.8m loss. The company expected to make annual losses through at least to the end of 2012.