Video Platform Vimeo announced Wednesday that Bending Spoons, one of Europe’s largest mobile app developers, has agreed to be acquired in all-cash transactions worth around $1.38 billion.
The transaction is expected to close in the fourth quarter of 2025 subject to customary closure conditions and regulatory approval. Vimeo will be delisted from the exchange upon completion of trading.
The announcement comes as it was interested in a potential acquisition of Vimeo dating back to March 2024.
“When we bend the spoons, we buy companies in the hopes of owning and operating them indefinitely. We look forward to achieving Vimeo’s full potential as we reach new heights together.”
“In particular, after the closure, we are determined to make ambitious investments in all critical areas, spanning both creators and enterprises, in the US and other priority markets and in all important areas of business,” he continued. “We will focus on achieving even better levels of performance and reliability, bringing advanced features to more customers, and continuing to release powerful, responsible AI-enabled features.”
Bending Spoon has a pattern of acquisition companies, followed by a pattern of firing staff and cutting off functions. For example, Bending Spoons acquired Evernote, a note-taking and task management app, in 2022. The company then fired most of its US and Chilean staff in 2023 and moved operations to Europe. Evernote closed down Linux and older legacy versions of the app, setting heavy limits on the free tier of the app in 2024.
In another example, Bending Spoon obtained Wetransfer in July 2024 and fired 75% of its staff a few weeks later. A few months later, Wetransfer began limiting free users to 10 transfers per month.
Founded in 2004, Vimeo spun off from IAC (Interactive Corp) in 2021 and became an independent public company. Since then, the company has lost almost 90% of its market value, urging its leadership to consider strategic options, according to Bloomberg.
Vimeo CEO Philip Moyer said in a press release that Bending Spoons is working to expand Vimeo’s offerings across all segments, including Self-Serve, OTT/Vimeo Streaming and Vimeo Enterprise.
“We are thrilled with this partnership. We believe that we will unleash an even greater focus for our teams and our customers. We continue to strive for our global mission to become the most innovative and reliable video platform in the world,” says Moyer.
Source link
