Brightcove Reports Inducement Equity Grants in Connection with Closing of Zencoder Acquisition
BOSTON--Brightcove Inc. (NASDAQ: BCOV), a leading provider of cloud-based solutions for publishing and distributing professional digital media, today announced that it has made inducement equity awards to 15 new employees in connection with its acquisition of Zencoder. The inducement awards cover an aggregate of 77,041 shares of Brightcove common stock in the form of restricted stock units, or RSUs, and are being made as a material inducement to employees entering into employment with Brightcove in connection with the acquisition transaction.
All RSU awards described above vest as follows: 66.6% of the RSUs vest on the second anniversary of the closing of the acquisition and the remainder of the RSUs vest on the third anniversary of the closing of the acquisition. The awards are subject to vesting pursuant to the terms of the Brightcove Inc. 2012 RSU Inducement Plan and the individual award agreements, which terms include that the recipient be employed through each vesting date.
Brightcove's board of directors unanimously approved the Brightcove Inc. 2012 RSU Inducement Plan and awards granted thereunder in connection with the Zencoder 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 content services, provides a family of products used to publish and distribute the world's professional digital media. The company's products include Brightcove Video Cloud, the market-leading online video platform, and Brightcove App Cloud, a pioneering content app platform. More than 4,650 customers in over 50 countries rely on Video Cloud to build and operate media 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 our history of losses, our limited operating history, expectations regarding the widespread adoption of customer demand for our Video Cloud and App Cloud 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, our ability to successfully integrate the Zencoder business, and the price volatility of our common stock, and other risks set forth under the caption "Risk Factors" in the Company's final prospectus related to its initial public offering filed pursuant to Rule 424b under the Securities Act with the Securities and Exchange Commission on February 17, 2012, as updated by our subsequently filed Quarterly Reports on Form 10-Q and 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