NEW YORK, Nov. 5, 2020 /PRNewswire/ -- Vimeo, an IAC
(NASDAQ: IAC) company and the world's leading professional video
platform, today announced a $150
million equity investment from technology investment firm
Thrive Capital and GIC. The funding comes on the heels of record
growth at Vimeo—heavily driven by demand from business and
corporate customers —and values the software-as-a-service (SaaS)
company at $2.75 billion. The new
capital will enable Vimeo to drive deeper investments in R&D,
sales and international expansion.
Vimeo's cloud platform is designed to be the single video
solution for every business—from local SMBs to global enterprises —
to create engaging videos, collaborate with colleagues, and
broadcast live events securely to audiences around the world. In
the last year, Vimeo materially expanded its product suite with the
launch of Vimeo Enterprise (internal broadcast and collaboration
tools for larger organizations), Vimeo Create (a quick, easy video
maker for SMBs) and Vimeo Record (a free video messaging tool for
teams).
Anjali Sud, CEO of Vimeo, said,
"Our goal is to radically simplify how businesses create and share
video, with tools that are far more intuitive and cost effective
than they've been historically. We're energized to access
additional capital to pursue this enormous opportunity with the
full focus and scale of the Vimeo platform."
"We are thrilled to partner with Vimeo and help accelerate its
unique position as the single platform that can serve every
individual's, team's and enterprise's video needs, from creation to
marketing, corporate communication, live events and
more," said Miles Grimshaw,
General Partner, Thrive Capital.
Vimeo has seen a significant increase in demand for its
software in 2020: since the pandemic, the platform has scaled to
over 200 million users globally and the company is seeing
particularly strong traction with its enterprise and collaboration
products, with over 3,500 enterprise customers including Amazon,
Starbucks, Deloitte, Zendesk, Rite Aid and Siemens, and 1.5 million
paying subscribers, of which almost 10% are currently using
multiple seats per account. According to IAC third quarter results
announced today, Vimeo was profitable in the third quarter and grew
overall revenue 44% year over year.
"Fourteen years ago, we acquired Vimeo as part of a small
collection of assets for very little capital, and through the
creativity, grit, and sheer talent of a group of leaders at Vimeo,
the business has become a real leader in a large and growing
market, and in control of its own destiny," said Joey Levin, CEO, IAC.
For more detail, please see IAC's Q3 2020 Shareholder Letter,
available on IAC's website and a Letter from Vimeo's CEO
Anjali Sud, available here.
About Vimeo
Vimeo is the world's leading video
platform and community. With over 200 million members across more
than 150 countries, we help anyone grow their business by making it
easy to create and market high-quality, impactful videos. Vimeo is
headquartered in New York City
with offices around the world, and is an operating business of IAC
(NASDAQ: IAC). Learn more at www.vimeo.com.
About IAC
IAC (NASDAQ: IAC) builds companies. We
are guided by curiosity, a questioning of the status quo, and a
desire to invent or acquire new products and brands. From the
single seed that started as IAC over two decades ago have emerged
10 public companies and generations of exceptional leaders.
We will always evolve, but our basic principles of
financially-disciplined opportunism will never change. IAC
today operates Vimeo, Dotdash and Care.com, among many others, and
has majority ownership of ANGI Homeservices, which includes
HomeAdvisor, Angie's List and Handy. The Company is
headquartered in New York City and
has business operations and satellite offices worldwide.
Contact Us
IAC Investor Relations
Mark
Schneider
(212) 314-7400
IAC Corporate Communications
Valerie Combs
(212) 314-7361
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SOURCE IAC