Stocks/Earning

Brightcove CEO Allaire to Step Aside

President and COO Mendels to Become Chief Executive at Beginning of Q2 1/31/2013 12:20 PM Eastern

Jeremy Allaire, founder, chairman and CEO of online video-management provider Brightcove, will relinquish the chief executive role at the end of the first quarter, the company announced Thursday.

The company said David Mendels, currently president and chief operating officer of Brightcove, will become the CEO at the beginning of the second quarter of 2013. Allaire will become executive chairman and will “continue to be actively involved” in the company’s strategic planning, product development and key customer relationships, Brightcove said.

“As a founder of Brightcove, I couldn’t be prouder of the company’s accomplishments over the last eight years, which has put us in a position to cross the $100 million in revenue milestone during 2013,” Allaire said in a statement. “One David is the right person to lead Brightcove into its next stage of growth and I am thrilled to have an executive with his background and experience succeeding me as CEO. I look forward to continuing to work with David.”

Mendels has served as Brightcove’s president and COO since 2010. Prior to joining Brightcove, Mendels was senior vice president and general manager of Adobe Systems’ business productivity unit, where he was responsible for more than $1 billion in revenue from products including Acrobat. He joined Adobe following their acquisition of Macromedia.

Also Thursday, Brightcove announced results for the fourth quarter of 2012. Revenue for the period was $24.3 million, up 31% year over year, with a net loss attributable to common stockholders of $4.7 million, or $0.17 per share, versus a net loss of $5.2 million in the year-earlier period. For the full year 2012, Brightcove’s total revenue was $88.0 million for 2012, an increase of 38% from 2011, with a net loss of $13.9 million, or $0.57 per basic and diluted share, versus a net loss of $23.3 million for 2011.

In Q4, Brightcove said, it added 172 volume customers and 52 premium customers. New customers added during the quarter include Allstate, Aflac, Bristol Meyers Squibb, Georgetown University, Johnson & Johnson, Merck and Azubu.

September