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Boston-based streaming company Brightcove to lay off 198 workers
The layoffs, two-thirds of the company's U.S. staff, come a month after being acquired by an Italian company.
Following its February acquisition, video streaming company Brightcove is laying off two-thirds of its U.S.-based employees.
In a notice to the state, Brightcove announced that its mass layoff would affect 198 employees, with 65 of them in Massachusetts. As of December 2023, the company reported having about 300 employees in the U.S., with over 600 worldwide.
According to a Workers Adjustment and Retraining Notice filed last week, the layoffs will occur between mid-March and the end of July.
Companies are required to notify the state if it is laying off 50 or more employees.
The layoffs come after Brightcove was sold to Bending Spoons, an Italian developer, in a $233 million cash deal this year. Bending Spoons business includes apps such as Evernote, Issuu, Meetup, Splice, and WeTransfer.
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Brightcove was founded in 2004 and is headquartered in Boston with offices in the Seaport. The company went public in 2012 and remained on the NASDAQ Global Market under the symbol “BCOV” until it was acquired earlier this year.
Brightcove also has offices in London, England; Tokyo, Japan; Sydney, Australia; and Seoul, South Korea.
Bending Spoons did not respond to a request for comment about the layoffs.
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