Vimeo to be acquired by Bending Spoons for $1.38 billion

"Bending Spoons will pay $1.38 billion to acquire the video hosting platform, and it expects to close the deal later this year."

"Vimeo launched in 2004 as a spinoff of CollegeHumor and has long struggled to keep up with its biggest rival: YouTube."

"Just last week, Moyer announced that the platform is laying off around 10 percent of the company's workforce."

""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," Luca Ferrari, the CEO and co-founder of Bending Spoons, said in the press release."

Bending Spoons, a European software company with a portfolio including Evernote, WeTransfer, and Meetup, will acquire Vimeo for $1.38 billion and expects to close the deal later this year. Vimeo launched in 2004 as a CollegeHumor spinoff and has struggled to compete with YouTube. Vimeo has increased hosting fees and shifted focus toward enterprise customers and creators seeking monetization. Philip Moyer joined as CEO last year while the company began integrating AI tools. The platform announced roughly 10% workforce reductions last week. Bending Spoons has previously implemented layoffs at acquired companies and altered pricing and free-plan limits on other products.

Read at The Verge