Bending Spoons, the acquisitive Italian software conglomerate, is acquiring US video sharing platform Vimeo for around $1.38bn, in a deal which will take Vimeo private.
Milan-based Bending Spoons has been in talks about a potential bid for Vimeo since last year, according to Bloomberg. According to a statement, Vimeo shareholders will receive $7.85 for each share they own, in the all-cash deal.
Unicorn Bending Spoons plans to expand Vimeo’s product across over-the-top streaming and for enterprise customers, Philip Moyer, Vimeo CEO said. Moyer added: “We are excited about this partnership, which we believe will unlock even greater focus for our team and customers."
Luca Ferrari, Bending Spoons CEO and co-founder, said: “At Bending Spoons, we acquire companies with the expectation of owning and operating them indefinitely, and we look forward to realising Vimeo’s full potential as we reach new heights together.
"We’re determined to make ambitious investments in the US and other priority markets, and all key areas of the business, spanning both the creator and enterprise offerings.”
Bending Spoons, founded in 2013, is known for acquiring tech startups, and then trying to improve their finances, sometimes by laying off staff. Its previous acquisitions include WeTransfer, Evernote, MeetUp, Brightcove and Komoot.
Vimeo, founded in 2004, is headquartered in New York.
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