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New Delhi: Video platform Vimeo is set to be acquired by Italian app developer Bending Spoons for approximately $1.38 billion, a deal that would take the company private after more than four years as a publicly traded firm, according to the report.
Under the terms, shareholders will receive $7.85 in cash for each share, representing a 63% premium to the stock’s last closing price. Following the announcement, Vimeo shares rose more than 60% to $7.74.
Vimeo, spun off from media executive Barry Diller’s IAC, has lost around 90% of its market value since going public in 2021. The company has struggled to distinguish itself in a competitive video market dominated by YouTube, alongside smaller rivals targeting professional and enterprise clients, according to the report.
“Once the deal gets approved, we should expect to see significant cost-cutting measures implemented and a razor-sharp focus on revenue generation by leveraging Vimeo's technology assets,” said PP Foresight analyst Paolo Pescatore.
Bending Spoons, based in Milan, specialises in revamping and developing the companies and products it acquires. The firm previously purchased file-sharing service WeTransfer in July last year. The Vimeo acquisition represents the largest deal in Bending Spoons’ history.
The company owns services including note-taking tool Evernote and photo editor Remini and plans to expand Vimeo’s self-service tools, OTT streaming via Vimeo Streaming, and enterprise offerings, Vimeo CEO Philip Moyer said.
Vimeo has recently announced job cuts of nearly 10% of its full-time workforce, following previous rounds of 11% in 2023 and 6% in 2022. Allen & Company LLC is acting as financial adviser to Vimeo, while J.P. Morgan, Wells Fargo, and BNP advised Bending Spoons. The transaction is expected to close in the fourth quarter.
Bending Spoons was valued at $2.55 billion in a funding round last year and raised 500 million euros in venture debt to support its merger and acquisition strategy, according to the report.