Brightcove Reports Inducement Equity Grants in Connection with Closing of Unicorn Media Acquisition
BOSTON, January 31, 2014--Brightcove Inc. (NASDAQ: BCOV), a leading global provider of cloud services for video, today announced that it has made inducement equity awards to 61 new employees in connection with its acquisition of substantially all of the assets of Unicorn Media. The inducement awards cover an aggregate of 578,350 shares of Brightcove common stock in the form of options to purchase shares of Brightcove common stock, and are being made as a material inducement to employees entering into employment with Brightcove in connection with the acquisition transaction.
All option awards described above vest as follows: 25% of the options vest on each anniversary of the closing of the acquisition. The awards are subject to the terms of the Brightcove Inc. 2014 Stock Option Inducement Plan and the individual award agreements.
The Compensation Committee of Brightcove's board of directors unanimously approved the Brightcove Inc. 2014 Stock Option Inducement Plan and awards granted thereunder in connection with the Unicorn Media acquisition. The awards were granted without stockholder approval in accordance with NASDAQ Listing Rule 5635(c)(4).
Brightcove Inc. (NASDAQ: BCOV), a leading global provider of cloud services for video, offers a family of products that revolutionize the way organizations deliver video experiences. The company's products include Video Cloud, the market-leading online video platform and Zencoder, a leading cloud-based media processing service and HTML5 video player technology provider. Brightcove has more than 6,300 customers in over 70 countries that rely on Brightcove cloud content services to build and operate video experiences across PCs, smartphones, tablets and connected TVs. For more information, visit http://www.brightcove.com.
This press release includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts and statements identified by words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" or words of similar meaning. These forward-looking statements reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made. Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in or suggested by those forward-looking statements are reasonable, we can give no assurance that the plans, intentions, expectations or strategies will be attained or achieved. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond our control including, without limitation, risks associated with difficulties integrating the technologies, products, operations, existing contracts and personnel of Unicorn Media and realizing the anticipated benefits of the combined business, our history of losses, our limited operating history, expectations regarding the widespread adoption of customer demand for our products, our ability to expand the sales of our products to customers located outside the U.S., keeping up with the rapid technological change required to remain competitive in our industry, our ability to retain existing customers, our ability to manage our growth effectively and successfully recruit additional highly-qualified personnel, and the price volatility of our common stock, and other risks set forth under the caption "Risk Factors" in our annual report on Form 10-K for the year ended December 31, 2012, filed with the Securities and Exchange Commission on March 5, 2013, as updated by our other SEC filings. We assume no obligation to update any forward-looking statements contained in this document as a result of new information, future events or otherwise.
ICR for Brightcove
Brian Denyeau, 646-277-1251
Kristin Leighton, 617-245-5094