180 Degree Capital Notes Its Portfolio Company Brightcove, Inc., Entered into an Agreement to be Acquired by Bending Spoons
180 Degree Capital (NASDAQ:TURN) announced that its portfolio company Brightcove (BCOV) has entered into a definitive agreement to be acquired by Bending Spoons for approximately $233 million, or $4.45 per share. 180 Degree Capital owns approximately 1.35 million shares of BCOV. The company views this acquisition as validation of their investment thesis in BCOV, which was based on the company's strong balance sheet, differentiated platform, and recurring revenue. This aligns with 180 Degree Capital's strategy of investing in undervalued companies with strong management teams and potential for material value appreciation.
180 Degree Capital (NASDAQ:TURN) ha annunciato che la sua società in portafoglio Brightcove (BCOV) ha stipulato un accordo definitivo per essere acquisita da Bending Spoons per circa 233 milioni di dollari, ovvero 4,45 dollari per azione. 180 Degree Capital possiede circa 1,35 milioni di azioni di BCOV. L'azienda considera questa acquisizione come una convalida della propria tesi di investimento in BCOV, basata su un bilancio solido, una piattaforma differenziata e entrate ricorrenti. Questo si allinea con la strategia di 180 Degree Capital di investire in aziende sottovalutate con forti team di gestione e potenziale di apprezzamento del valore significativo.
180 Degree Capital (NASDAQ:TURN) anunció que su empresa de cartera Brightcove (BCOV) ha firmado un acuerdo definitivo para ser adquirida por Bending Spoons por aproximadamente 233 millones de dólares, o 4.45 dólares por acción. 180 Degree Capital posee aproximadamente 1.35 millones de acciones de BCOV. La empresa ve esta adquisición como una validación de su tesis de inversión en BCOV, que se basó en el sólido balance de la empresa, su plataforma diferenciada y ingresos recurrentes. Esto se alinea con la estrategia de 180 Degree Capital de invertir en empresas infravaloradas con equipos de gestión fuertes y potencial de apreciación de valor significativo.
180 Degree Capital (NASDAQ:TURN)은 포트폴리오 회사 Brightcove (BCOV)가 Bending Spoons에 약 2억 3천 3백만 달러, 즉 주당 4.45달러에 인수되기 위한 확정 계약을 체결했다고 발표했습니다. 180 Degree Capital은 약 135만 주의 BCOV 주식을 보유하고 있습니다. 이 회사는 이번 인수를 BCOV에 대한 투자 thesis의 정당성으로 보고 있으며, 이는 회사의 강력한 대차대조표, 차별화된 플랫폼 및 반복 수익에 기반하고 있습니다. 이는 180 Degree Capital이 강력한 경영 팀과 물질적 가치 상승 가능성을 가진 저평가된 기업에 투자하는 전략과 일치합니다.
180 Degree Capital (NASDAQ:TURN) a annoncé que sa société de portefeuille Brightcove (BCOV) a conclu un accord définitif pour être acquise par Bending Spoons pour environ 233 millions de dollars, soit 4,45 dollars par action. 180 Degree Capital détient environ 1,35 million d'actions de BCOV. La société considère cette acquisition comme une validation de sa thèse d'investissement dans BCOV, qui était basée sur le solide bilan de l'entreprise, sa plateforme différenciée et ses revenus récurrents. Cela s'aligne avec la stratégie de 180 Degree Capital d'investir dans des entreprises sous-évaluées dotées d'équipes de direction solides et d'un potentiel d'appréciation de la valeur significatif.
180 Degree Capital (NASDAQ:TURN) gab bekannt, dass ihr Portfoliounternehmen Brightcove (BCOV) eine verbindliche Vereinbarung getroffen hat, um von Bending Spoons für etwa 233 Millionen Dollar oder 4,45 Dollar pro Aktie übernommen zu werden. 180 Degree Capital besitzt etwa 1,35 Millionen Aktien von BCOV. Das Unternehmen sieht diese Übernahme als Bestätigung ihrer Investmentthese in BCOV, die auf der starken Bilanz des Unternehmens, der differenzierten Plattform und wiederkehrenden Einnahmen basierte. Dies steht im Einklang mit der Strategie von 180 Degree Capital, in unterbewertete Unternehmen mit starken Managementteams und Potenzial für eine wesentliche Wertsteigerung zu investieren.
- Portfolio company Brightcove to be acquired for $233 million ($4.45 per share)
- 180 Degree Capital holds significant position of 1.35 million BCOV shares
- Exit validates investment strategy in undervalued companies
- None.
Insights
The acquisition of Brightcove by Bending Spoons at
The deal highlights TURN's investment strategy of focusing on companies with strong fundamentals, including solid balance sheets and recurring revenue streams. For TURN shareholders, this exit provides tangible evidence of management's ability to identify and capitalize on undervalued opportunities. The success of this investment could strengthen investor confidence in TURN's activist investment approach and its ability to generate returns through strategic positions in small-cap companies.
MONTCLAIR, N.J., Nov. 26, 2024 (GLOBE NEWSWIRE) -- 180 Degree Capital Corp. (NASDAQ:TURN) (“180 Degree Capital”), is pleased to note that its portfolio company, Brightcove, Inc. (BCOV), announced yesterday that it has entered into a definitive agreement to be acquired by Bending Spoons for approximately
“We would like to congratulate Marc, John, and the entire BCOV team on today’s announcement,” said Kevin M. Rendino, Chief Executive Officer of 180 Degree Capital. “We began building our position in BCOV when Marc joined as CEO, and we continued to add to it based on our belief that BCOV’s strong balance sheet, differentiated platform, and recurring revenue would ultimately be fairly valued by the market or through an acquisition of the company. Today’s announcement validates our belief that BCOV was a deeply undervalued company. We have repeatedly stated we own a portfolio of what we believe to be deeply undervalued companies. We also stated that we have been ramping up our constructive activism. We believe this combination has positioned us well for potential additional value-creating events in the future.”
“BCOV is a great example of the types of companies we seek to invest in at 180 Degree Capital,” continued Daniel B. Wolfe, President of 180 Degree Capital. “BCOV has a strong management team with a solid foundation that we believe can lead to material value appreciation for all stakeholders in the business. We seek to build a concentrated portfolio of large core positions in these types of companies as we believe they can lead to outsized returns in our typical investment horizon of one-to-three years. This is a perfect example of how our permanent, patient capital can enable favorable risk-adjusted returns. Congratulations again to the BCOV team.”
About 180 Degree Capital Corp.
180 Degree Capital Corp. is a publicly traded registered closed-end fund focused on investing in and providing value-added assistance through constructive activism to what we believe are substantially undervalued small, publicly traded companies that have potential for significant turnarounds. Our goal is that the result of our constructive activism leads to a reversal in direction for the share price of these investee companies, i.e., a 180-degree turn. Detailed information about 180 and its holdings can be found on its website at www.180degreecapital.com.
Press Contact:
Daniel B. Wolfe
Robert E. Bigelow
180 Degree Capital Corp.
973-746-4500
ir@180degreecapital.com
Forward-Looking Statements
This press release may contain statements of a forward-looking nature relating to future events. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. These statements reflect the Company's current beliefs, and a number of important factors could cause actual results to differ materially from those expressed in this press release. Please see the Company's securities filings filed with the Securities and Exchange Commission for a more detailed discussion of the risks and uncertainties associated with the Company's business and other significant factors that could affect the Company's actual results. Except as otherwise required by Federal securities laws, the Company undertakes no obligation to update or revise these forward-looking statements to reflect new events or uncertainties. The reference and link to the website www.180degreecapital.com has been provided as a convenience, and the information contained on such website is not incorporated by reference into this press release. 180 is not responsible for the contents of third-party websites.
FAQ
What is the acquisition price for Brightcove (BCOV) by Bending Spoons?
How many Brightcove shares does 180 Degree Capital (TURN) own?
What was 180 Degree Capital's (TURN) investment thesis for Brightcove?
