Bending Spoons Poised to Acquire Vimeo for $1.38 Billion

Vimeo is on the cusp of obtaining a new proprietor, with Bending Spoons—known for owning Evernote, WeTransfer, Meetup, and the video streaming platform Brightcove—intending to acquire Vimeo for $1.38 billion in cash. Shareholders are designated to receive $7.85 per share, which is notably higher than Vimeo's previous closing price of $4.82 earlier this week, a figure that surged with the news.

The board of directors at Vimeo have given unanimous consent to the acquisition, which is anticipated to finalize before the year's closure, contingent upon the approval of shareholders, fulfillment of other conditions, and obtaining necessary regulatory consents.

Originally envisioned as a rival to YouTube, Vimeo has evolved significantly over the course of its two-decade history. What once was a preferred hosting choice for filmmakers has since pivoted towards servicing businesses. Crucially, Vimeo prohibits the scraping of content or the use of generative AI models on its hosted videos without explicit consent from the uploader, enhancing its appeal as a secure video-hosting service for enterprises. Recently, Vimeo reinstated its television applications, reversing a previously criticized decision from two years back.

Bending Spoons is known for substantially altering the companies it acquires. After buying Evernote in 2022, the company proceeded to release a majority of the note-taking service's employees the following year. Similarly, after the acquisition of WeTransfer, it soon announced plans to significantly reduce the workforce, aiming to dismiss nearly 75% of the staff.