Owned by IAC, a huge tech and media company, Vimeo will become a standalone company after its rapid rise during the pandemic.
IAC which has other companies like Angie’s List and Ask in its portfolio, is planning to spin off Vimeo during the second quarter of 2021.
Joey Levin, IAC CEO, said in a press release, “It’s time for Vimeo to spread its wings and become a great independent public company.”
The reason behind giving Vimeo its independence lies in the fact that it is expected to raise money for investments to strengthen its products and sales capabilities.
Founded in 2004, Vimeo’s paid version, has been considered to be a professional alternative to YouTube. Paying members customize their sites and cater to team and professional needs, with password protection. Its free version has limitations.
Vimeo said that it has 200 million users. Last month, Vimeo CEO Anjali Sud said, “In the last 7 months, we’ve welcomed over 30 million new members, seen over 60 million new videos created and uploaded, and powered millions of live events that went digital for the first time — more than the prior 3 years combined.”
According to NBC, Vimeo raised $150 million in November, with the company’s valuation being pegged at $2.75 billion.
Today, in a press release, Sud remarked, “We’re ready for this next chapter and focused on making video far easier and more effective than ever before.”
This content is being provided to you for informational purposes only. The content has been prepared by third parties not affiliated with CWEB Inc, a business. This content and any information contained therein, does not constitute a recommendation by CWEB to buy, sell or hold any security, financial product or instrument referenced in the content. This information neither is, nor should be construed as an offer, or a solicitation of an offer, to buy or sell securities by CWEB Inc. CWEB Inc. does not offer or provide any opinion regarding the nature, potential, value, suitability or profitability of any particular investment or investment strategy, and you shall be fully responsible for any investment decisions you make, and such decisions will be based solely on your evaluation of your financial circumstances, investment objectives, risk tolerance, and liquidity needs.
Unless stated otherwise, the web content provided by the CWEB family of companies is for educational purposes only. The information and tools provided neither are, nor should be construed, as an offer, or a solicitation of an offer, to buy or sell securities by CWEB Inc. or its affiliates. Unless stated otherwise, no information presented constitutes a recommendation by CWEB Inc. or its affiliates to buy, sell or hold any security, financial product or instrument discussed therein or to engage in any specific investment strategy.