We have officially entered the spin cycle.
Internet holding company IAC, chaired by media mogul Barry Diller, announced yesterday it will spin-off its Vimeo video unit to shareholders.
Strictly Business For Vimeo
Vimeo was started in 2004 as a side project for employees of the online comedy platform CollegeHumor. The project was quickly scooped-up by IAC in 2006 as part of a larger acquisition.
Now known as the other YouTube, Vimeo sells a suite of video-creation and editing tools to content creators and businesses to help build their online presence.
The pandemic has driven a surge in demand for software-as-a-service (SaaS) companies like Vimeo, which now boasts 1.5 million paying subscribers. That includes over 3,500 enterprise customers like Amazon, Starbucks, and Rite Aid.
Vimeo أصبحت شركة مستقلة بعد ازدهارها | البوابة العربية للأخبار التقنية
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منصة الفيديو فيميو تنفصل إلى شركة | جريدة الأنباء
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“The combination of Vimeo’s remarkable growth, solid leadership position, and enormous market opportunity have made clear its future,” IAC Chief Executive Joey Levin said in a statement. “It’s time for Vimeo to spread its wings and become a great independent public company.”
IAC said that Vimeo will be able to raise capital more effectively as an independent company to invest further in products, technology, enterprise sales, and international expansion. It will also be able to use that capital to pursue strategic acquisitions.
“We have long believed in the power of video to advance human expression and transform businesses,” said Anjali Sud, Vimeo’s CEO, in a statement. “Today we have a rare opportunity to help every team and organization in the world integrate video throughout their operations, across all the ways they communicate and collaborate.. We’re ready for this next chapter and focused on making video far easier and more effective than ever before.�