Hulu is not the only online video company with IPO ambitions; according to Reuters, white-label video distribution firm Brightcove is also preparing for a public offering in early 2011, and it has brought on a new CFO to usher it through the process.
Brightcove announced this morning that it has hired Phase Forward CFO Christopher Menard as its new finance chief. Menard spent nine years at Phase Forward and saw it through numerous acquisitions, as well as an IPO and secondary stock offering, during that time. He also took part in leading Phase Forward through an acquisition by Oracle earlier this year.
Menard is just the latest in a number of high-profile hires Brightcove has made as it marches toward an IPO. The company brought on former Macromedia executive David Mendels as its president and COO in January, and added former EMC exec Paul Goetz as its new sales SVP just a few months later. It has also expanded aggressively in Europe and Asia-Pacific with new hires.
A Brightcove IPO has been widely expected, but the hiring of Menard, and the addition of former Macromedia CFO Betsey Nelson to the company’s board, solidifies those plans. Reuters reports that “a person close to the company” said plans were in the works for an IPO in the first half of 2011. (Nelson had previously served with CEO Jeremy Allaire and Mendels at Macromedia; apparently going IPO also means bringing the old team back together.)
Brightcove has raised about $100 million through four rounds of funding, including a $12 million round in April that was led by existing investors Accel Partners and General Catalyst Partners, with AOL, Hearst, AllianceBernstein, Maverick and Brookside Capital also participating.
To see Hulu CEO Jason Kilar talk about his company’s own IPO ambitions, come see him keynote at this year’s NewTeeVee Live.
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