Vimeo to be acquired by Bending Spoons for $1.38 billion

Vimeo is getting bought up by Bending Spoons, a European bundle institution that has amassed a increasing portfolio of businesses, including Evernote, WeTransfer, and Meetup. Bending Spoons will wage $1.38 billion to get the video hosting platform, and it expects to adjacent the woody aboriginal this year.

Vimeo launched successful 2004 arsenic a spinoff of CollegeHumor and has agelong struggled to support up with its biggest rival: YouTube. In caller years, Vimeo has hiked video hosting fees and shifted toward catering to endeavor businesses arsenic good arsenic creators who privation to monetize their content. Philip Moyer joined Vimeo arsenic CEO past twelvemonth arsenic the institution began dipping into AI tools. Just past week, Moyer announced that the level is laying disconnected astir 10 percent of the company’s workforce.

Bending Spoon’s woody to get Vimeo volition instrumentality the video hosting level private. Over the years, Bending Spoons hasn’t garnered the champion reputation, arsenic it has issued layoffs across many of the companies it acquired and introduced new limitations connected Evernote’s free plan, portion besides raising the terms of TapeACall’s subscription. 

“At Bending Spoons, we get companies with the anticipation of owning and operating them indefinitely, and we look guardant to realizing Vimeo’s afloat imaginable arsenic we scope caller heights together,” Luca Ferrari, the CEO and co-founder of Bending Spoons, said successful the property release.