Milan-based Bending Spoons continues to expand its tech portfolio with the latest $1.38bn acquisition of video platform Vimeo.
Video platform Vimeo is just the latest major acquisition by Italy’s Bending Spoons, whose previous acquisitions have included WeTransfer, Evernote and more recently, US video streaming platform Brightcove.
The agreement which is subject to the usual closing conditions sees Vimeo taken private, and stockholders receiving $7.85 per share, according to Vimeo, bringing the all-cash transaction to around $1.38bn.
Just last month, Bending Spoons said it had raised more than €500m in debt to continue expanding its business through software acquisitions, and promised another acquisition by early next year, so the deal would appear to be well ahead of schedule.
Reports suggested that this debt raise included a €350m loan the company leveraged earlier this year and is supported by an additional €100m facility aimed at enabling further investments.
Headquartered in Milan, the 2013-founded Bending Spoons develops and manages a suite of tech applications with around 300m monthly active users. Over the years, it has acquired popular products including WeTransfer, Streamyard, Evernote, Meetup and Splice. Last year, the company acquired the US-based streaming tech Brightcove for $233m.
“Bending Spoons has tremendous respect for the Vimeo team, our customers and the creator community we serve,” said Philip Moyer, Vimeo CEO. “Luca and his team are committed to expanding our product across all segments: Self-Serve, OTT/Vimeo Streaming and Vimeo Enterprise.”
“We are excited about this partnership, which we believe will unlock even greater focus for our team and customers as we continue to strive towards our global mission to be the most innovative and trusted video platform in the world for businesses.”
Luca Ferrari, Bending Spoons CEO and co-founder, said he was looking forward to welcoming Vimeo into the Bending Spoon’s growing portfolio.
“Vimeo is a pioneering brand in the video space, serving a passionate, global community of creators and businesses,” he 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.”
Ferrari added that once the deal was closed, Bending Spoons intends to make “ambitious investments” in the US and other priority markets, in areas of the business that span both the creator and enterprise offerings.
“We’ll focus on achieving even more stellar levels of performance and reliability, bringing advanced features to more customers, and continuing to release powerful and responsible AI-enabled features,” he said.
The transaction was unanimously approved by Vimeo’s board of directors, subject to the usual closing conditions and approvals, including of course approval by Vimeo’s stockholders, and regulatory authorities.
“After a disciplined review of strategic alternatives, the board unanimously determined that this all-cash transaction delivers compelling, certain value to Vimeo shareholders and positions the company to accelerate its strategic roadmap as part of Bending Spoons,” said Glenn H Schiffman, chair of Vimeo’s board.
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