180 Degree Capital notes BrightCove to be acquired by Bending Spoons
180 Degree Capital (TURN) noted that its portfolio company, Brightcove (BCOV), announced that it has entered into a definitive agreement to be acquired by Bending Spoons for approximately $233M, or $4.45 per share. Prior to this announcement, 180 Degree Capital owned approximately 1.35M shares of BCOV. "We would like to congratulate Marc, John, and the entire BCOV team on today's announcement," said Kevin Rendino, CEO. "We began building our position in BCOV when Marc joined as CEO, and we continued to add to it based on our belief that BCOV's strong balance sheet, differentiated platform, and recurring revenue would ultimately be fairly valued by the market or through an acquisition of the company. Today's announcement validates our belief that BCOV was a deeply undervalued company. We have repeatedly stated we own a portfolio of what we believe to be deeply undervalued companies. We also stated that we have been ramping up our constructive activism. We believe this combination has positioned us well for potential additional value-creating events in the future."
