Video software platform Vimeo valued at nearly $6 billion in a new round of fundraising – Business News , Firstpost

In December, Vimeo noticed its highest month of yr-over-yr income development—57 p.c—for all of 2020.

Vimeo on 25 January introduced in an official launch that it raised $300 million in major fairness from funds and accounts suggested by T. Rowe Price Associates, Inc. and Oberndorf Enterprises, LLC at a valuation in extra of $5 billion. This follows the November 2020 announcement of the corporate’s $150 million fairness elevate and IAC’s plan to spin-off Vimeo into an impartial, individually-traded public firm.

The new funding occurred in two tranches, consisting of $200 million at a $5.2 billion pre-cash valuation and $100 million at a $5.7 billion pre-cash valuation. The capital will present Vimeo with extra money to speed up its investments in development, innovation and expertise. Subject to vital stockholder approvals and the ultimate approval of the IAC board of administrators, IAC expects to finish the spin-off of Vimeo to IAC shareholders early in the second quarter of 2021.

“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,” stated 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,” stated 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.”

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