Jeremy Allaire, chief executive of Brightcove, has denied rumours of an initial public offering. Speculation about the future of the highly-valued online video company rocketed earlier this month when Allaire hired Chris Menard as chief financial officer, an executive with experience in public companies and of acquisitions.
“We don’t need capital right now, we’re very well capitalised and able to grow as we need and remain financially independent and that’s what we’re trying to do,” Allaire said. “The key thing is: if at some point it was important for us to have additional capital to invest in growth or additional capital to pursue acquisitions then we’d look at what our financing options are.”
Brightcove, founded in 2004, last year doubled its revenue – expected to reach $50 million this year. To date, Brightcove has taken around $100 million in venture funding.