NEW YORK, Jan. 25, 2021 /PRNewswire/ -- Vimeo, an IAC
(NASDAQ: IAC) business and the world's leading video software
company, today announced it raised $300
million in primary equity from T. Rowe Price Group, Inc. and
Oberndorf Enterprises, LLC at a valuation in excess of $5 billion. This follows the November 2020 announcement of the company's
$150 million equity raise and IAC's
plan to spin-off Vimeo into an independent, separately-traded
public company.
The new investment occurred in two tranches, consisting of
$200 million at a $5.2 billion pre-money valuation and $100 million at a $5.7
billion pre-money valuation. The capital will provide Vimeo
with additional cash to accelerate its investments in growth,
innovation and talent. Subject to necessary stockholder approvals
and the final approval of the IAC board of directors, IAC expects
to complete the spin-off of Vimeo to IAC shareholders early in the
second quarter of 2021.
Demand for Vimeo's cloud-based software—which offers businesses
a turnkey solution for essential video needs—continues to see
record growth among corporate and business customers such as
Amazon, Starbucks, Deloitte, Zendesk, Rite Aid and Siemens. In
December, Vimeo saw its highest month of year-over-year revenue
growth—57 percent—for all of 2020.
"As the world embraces video like never before, Vimeo is in an
incredibly strong position to help more businesses take
advantage of this powerful medium," said Anjali Sud, CEO, Vimeo. "We have built an
industry-leading solution that the market needs, and we intend to
move swiftly to bring our professional-quality tools to millions
more users."
"Vimeo is the quintessential IAC success story," said
Joey Levin, CEO, IAC. "With
patience, discipline, and ambition, Vimeo has transformed from a
tiny seed to a large global enterprise making its mark on the
world, and Anjali Sud is an
exceptional leader."
About Vimeo
Vimeo is the world's leading all-in-one
video software solution. Our platform enables any professional,
team, and organization to unlock the power of video to create,
collaborate and communicate. We proudly serve our growing community
of over 200 million users — from creatives to entrepreneurs to the
world's largest companies. 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.
Safe Harbor Statement Under the Private Securities Litigation
Reform Act of 1995
This press release may contain "forward-looking statements"
within the meaning of the Federal Private Securities Litigation
Reform Act of 1995. Forward-looking statements may include, but are
not limited to, statements relating to IAC/InterActiveCorp's
("IAC") and Vimeo, Inc.'s ("Vimeo") anticipated financial
performance, objectives, plans and strategies, and all statements
(other than statements of historical facts) that address
activities, events or developments that IAC and Vimeo intend,
expect, project, believe or anticipate will or may occur in the
future. These statements are often characterized by terminology
such as "believe," "may," "anticipate," "should," "intend," "plan,"
"will," "expect," "estimate," "project," "positioned," "strategy"
and similar expressions, and are based on assumptions and
assessments made by IAC's and Vimeo's management in light of their
experience and their perception of historical trends, current
conditions, expected future developments, and other factors they
believe to be appropriate. IAC and Vimeo undertake no duty to
update or revise any such statements, whether as a result of new
information, future events or otherwise. Forward-looking statements
are not guarantees of future performance. Whether actual results
will conform to expectations and predictions is subject to known
and unknown risks and uncertainties, including: risks and
uncertainties discussed in reports that IAC has filed with the SEC;
the risks inherent in separating Vimeo from IAC, including
uncertainties related to, among other things, the costs and
expected benefits of the proposed transaction, the expected timing
of the transaction or whether it will be completed, whether the
conditions to the transaction can be satisfied or any event, change
or other circumstance occurs that could give rise to the
abandonment of the proposed spin-off (including the failure to
receive any required approvals from the stockholders of IAC), any
litigation arising out of or relating to the proposed transaction,
the expected tax treatment of the transaction, and the impact of
the transaction on the businesses of IAC and Vimeo; and other
circumstances beyond IAC's and Vimeo's control. You should not
place undue reliance on these forward-looking statements. For more
details on factors that could affect these expectations, please see
IAC's filings with the SEC, including a joint registration
statement on Form S-4 filed by IAC and Vimeo Holdings, Inc.
("Holdings") on December 23, 2020
that includes a preliminary proxy statement of IAC and a
preliminary consent solicitation statement of Vimeo.
No Offer or Solicitation / Additional Information and Where
To Find It
This communication is for informational purposes only and does
not constitute an offer to sell or the solicitation of an offer to
buy any securities, or a solicitation of any vote or approval, nor
shall there be any sale, issuance or transfer of securities in any
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. No offer of securities
shall be made except by means of a prospectus meeting the
requirements of Section 10 of the Securities Act of 1933, as
amended.
This communication is being made in respect of a proposed
separation of Vimeo from the remaining businesses of IAC through
the spin-off (the "Spin-off") of Holdings, a new Vimeo holding
company, and a merger of Vimeo with a subsidiary of Holdings (the
"Merger"). In connection with the Spin-off and the Merger, IAC and
Holdings intend to file relevant materials with the Securities and
Exchange Commission (the "SEC"), and have filed a joint
registration statement on Form S-4 that includes a preliminary
proxy statement of IAC and a preliminary consent solicitation
statement of Vimeo. The information in the preliminary proxy
statement/consent solicitation statement/prospectus is not complete
and may be changed. IAC will deliver the definitive proxy statement
and Vimeo will deliver the definitive consent solicitation
statement to their respective stockholders as required by
applicable law. This communication is not a substitute for any
proxy statement, consent solicitation statement or any other
document that may be filed with the SEC in connection with the
Spin-off or the Merger.
INVESTORS AND SECURITY HOLDERS OF IAC AND VIMEO ARE URGED TO
READ THE DEFINITIVE PROXY STATEMENT/CONSENT SOLICITATION
STATEMENT/PROSPECTUS AND OTHER DOCUMENTS FILED WITH THE SEC
CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE
THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED SPIN-OFF
AND MERGER.
Investors and security holders will be able to obtain these
materials (when they are available) and other documents filed with
the SEC free of charge at the SEC's website, www.sec.gov. Copies of
documents filed with the SEC by IAC (when they become available)
may be obtained free of charge on IAC's website at www.iac.com.
Participants in the Solicitation
IAC, Vimeo, Holdings and IAC's directors and executive officers
may be deemed to be participants in the solicitation of proxies
from IAC's stockholders in favor of the proposed Spin-off and the
solicitation of consents from Vimeo's stockholders in favor of the
proposed Merger under the rules of the SEC. Information about IAC's
directors and executive officers is available in the joint
registration statement on Form S-4 which was filed with the SEC by
IAC and Holdings on December 23,
2020. Additional information regarding participants in the
solicitations and a description of their direct and indirect
interests will be included in the proxy statement/consent
solicitation statement/prospectus and the other relevant documents
filed with the SEC when they become available.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/vimeo-raises-300-million-of-equity-301214394.html
SOURCE Vimeo