Brightcove CEO Allaire steps down from post
Brightcove CEO and founder Jeremy Allaire announced he will step down from his role as CEO of the video management company he founded in 2004. COO David Mendels will replace him as CEO. Before joining Brightcove, Mendels headed up Adobe's business productivity unit. Allaire has said he will help with the transition and become chairman of the board of Brightcove in the second quarter.
The changes in Brightcove's executive suite come just one year after the company launched an initial public offering and raised $55 million. The company's valuation at the time was $290 million.
Brightcove also announced its fourth quarter earnings yesterday, reporting a total revenue for the quarter of $24.2 million, up 31 percent compared to the previous year. For the full year, Brightcove reported revenue of $88 million, an increase of 38 percent over 2011.
The company also said it added 172 volume customers and 52 premium customers. Some of the new customers included Allstate, Aflac and Georgetown University.
When it launched in 2004, Brightcove initially focused on providing an online video platform to programmers such as Discovery Communications (Nasdaq: DISCA) and Viacom (NYSE: VIA). After Apple's iPhone and smartphones running Google's (Nasdaq: GOOG) Android platform became popular, Brightcove developed an application platform that can be used to deliver video to smartphones and tablets.
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