Video platform Vimeo introduced on Wednesday that it has agreed to be acquired by Bending Spoons, one in all Europe’s largest cell app builders, in an all-cash deal valued at roughly $1.38 billion.
The deal is predicted to shut within the fourth quarter of 2025, topic to customary closing situations and regulatory approvals. Vimeo will probably be delisted from exchanges as soon as the deal closes.
The announcement comes as Bending Spoons was desirous about a possible takeover of Vimeo way back to March 2024.
“At Bending Spoons, we purchase firms with the expectation of proudly owning and working them indefinitely, and we stay up for realizing Vimeo’s full potential as we attain new heights collectively,” mentioned Bending Spoons CEO and co-founder Luca Ferrari in a press launch.
“Specifically, after closing, we’re decided to make formidable investments within the US and different precedence markets, and all key areas of the enterprise, spanning each the creator and enterprise choices,” he continued. “We’ll deal with attaining much more stellar ranges of efficiency and reliability, bringing superior options to extra prospects, and persevering with to launch highly effective and accountable AI-enabled options.”
Bending Spoons has a sample of buying firms, then shedding employees and slicing options. For instance, Bending Spoons acquired note-taking and activity administration app Evernote in 2022, after which the corporate laid off most of its U.S. and Chile employees and moved operations to Europe in 2023. Evernote then shut down the Linux and older legacy variations of the app, after which proceeded to position heavy restrictions on the app’s free tier in 2024.
In one other instance, Bending Spoons acquired WeTransfer in July 2024 after which laid off 75% of its employees just a few weeks after. A few months later, WeTransfer started limiting free customers to 10 transfers per thirty days.
Based in 2004, Vimeo spun off from IAC (InterActiveCorp) in 2021, changing into an unbiased, publicly traded firm. Since then, the corporate has misplaced nearly 90% of its market worth, prompting management to think about strategic choices, in response to Bloomberg.
Vimeo CEO Philip Moyer mentioned within the press launch that Bending Spoons is dedicated to increasing Vimeo’s product throughout all segments, which embrace Self-Serve, OTT/Vimeo Streaming, and Vimeo Enterprise.
“We’re enthusiastic about this partnership, which we consider will unlock even better focus for our group and prospects as we proceed to try in the direction of our world mission to be essentially the most revolutionary and trusted video platform on the earth for companies,” Moyer mentioned.
