IAC completes Vimeo spin-off

Our Bureau Mumbai | Updated on May 26, 2021

Post-spin-off, IAC’s interest in Vimeo is held directly by its shareholders, and Vimeo is a separate, publicly-traded firm

InterActiveCorp (IAC) has completed the spin-off of Vimeo, the all-in-one video software solution.

The company has now begun trading on Nasdaq under the symbol ‘VMEO’. As a result of the spin-off, IAC’s interest in Vimeo is now held directly by IAC shareholders, and Vimeo is a separate, publicly-traded company.

Also read: Vimeo reviewing use of its platform by Myanmar military-controlled TV network

The video software company is the 11th public company to emerge from IAC, joining Match Group Inc., Expedia Group Inc. and LendingTree Inc.

Founded in 2004 in NYC, the company is currently led by 37-year old Indian American CEO Anjali Sud. The platform currently has over 200 million users across more than 190 countries. In India, Vimeo’s operations are based in Bangalore, led by Dayananda Nanjundappa, SVP of Platform and Technology & Head of India Operations.

“This is a proud moment for Vimeo, but just the beginning. Looking ahead, as an independent public company, we are well-positioned to keep innovating with urgency to expand our software suite and put the full power of video in the hands of every business and team in the world,” said Sud.

“This is a huge milestone for Vimeo that speaks of the power of video and its profound impact on people and businesses around the world. We’re thrilled by the opportunity to expand our local footprint in India and help take Vimeo into the future by building best-in-class video tools,’ said Nanjundappa.

Vimeo Holdings Inc plunged 13 per cent at its trading debut as a standalone company. The stock closed at $45.39.

Published on May 26, 2021

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