IAC plans to spin off Vimeo as an independent company – TechCrunch

IAC Announced today that it plans to fold Vimeo In an independent, publicly traded company.

Last month, the CEO of IAC Joy Levine wrote a letter to shareholders In which he stated that the holding company “has started considering Vimeo closing our shareholders.” The company appears to have moved beyond the contemplation phase, with plans to be submitted for stockholder approval in the first quarter of 2021 and actual spin offs in the second quarter.

“WeMo’s remarkable growth, solid leadership position and huge market opportunity have made its future clear,” Levin said in a statement today. “It’s time for WeMo to spread its wings and become a great independent public company.”

While Vimeo once competed with YouTube as a consumer video destination, its strategy has shifted to providing in recent years Video equipment for businesses. In November, the company said it had 1.5 million paying subscribers and 3,500 enterprise clients – and its most recent quarter with positive EBITDA, with year-over-year revenue growth of 44%.

The declaration states that it is the eleventh company that IAC has closed, a process in which it distributes its ownership stake to IAC shareholders. (Match group completed their separation From the summer IAC.)

“Today we have a rare opportunity for every team and organization in the world to integrate, collaborate and collaborate video in their operations,” Vimeo CEO Anjali Sood said in a statement. “Our all-in-one solution fundamentally reduces the time, cost and complexity constraints that previously made professional-quality video inaccessible. We are ready for this next chapter and are focused on making videos easier and more effective than ever. “