B2B and creator-led platform Vimeo is to be acquired by digital tech giant Bending Spoons, in a deal valued at approximately $1.38 billion.
Glenn H. Schiffman, chairman of the Vimeo board, said: “After a disciplined review of strategic alternatives, the Board unanimously determined that this all-cash transaction delivers compelling, certain value to Vimeo shareholders and positions the company to accelerate its strategic roadmap as part of Bending Spoons.”
Vimeo CEO Philip Moyer (pictured) added: “Bending Spoons has tremendous respect for the Vimeo team, our customers and the creator community we serve. (The company) is committed to expanding our product across all segments: Self-Serve, OTT/Vimeo Streaming, and Vimeo Enterprise. We are excited about this partnership, which we believe will unlock even greater focus as we continue to strive towards our global mission to be the most innovative and trusted video platform for businesses.”
Vimeo plays a key role for creators looking to grow their businesses. Creators can sell videos for a one-time purchase or offer them as rentals through Vimeo On Demand. The Vimeo OTT platform also allows creators to build their own branded streaming services with subscription options. From a content creation perspective, Vimeo offers tools like an AI script creator, caption generator, and video translator.
Bending Spoons says it has served a billion people across the globe through its suite of digital technology businesses, including Brightcove, Evernote, Meetup, komoot, Remini, and WeTransfer. Its products are currently used by more than 300 million people and 10 million paying customers each month.
“We’re looking forward to welcoming Vimeo into the Bending Spoons portfolio,” said Luca Ferrari, Bending Spoons CEO and co-founder. “Vimeo is a pioneering brand in the video space, serving a passionate, global community of creators and businesses. At Bending Spoons, we acquire companies with the expectation of owning and operating them indefinitely, and we look forward to realizing Vimeo’s full potential as we reach new heights together. In particular, we’re determined to make ambitious investments in the US and other priority markets, and all key areas of the business, spanning both the creator and enterprise offerings.”
