IAC (IAC) Completes Spin-Off Of Vimeo (VMEO)
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Vimeo, the world's leading all-in-one video software solution, will begin trading today 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.
Vimeo is the 11th public company to emerge from IAC in a continuation of a model that has created $100 billion of shareholder value over the course of 25 years, dating back to when Barry Diller took the helm of Silver King Communications—an early predecessor to IAC—with a $250 million market capitalization in 1995.
"It appears there is validation in repetition," said Barry Diller, Chairman and Senior Executive of IAC. "On to the 12th."
"The evolution of Vimeo into a thriving independent public company is the embodiment of the IAC way," said IAC CEO and Vimeo Chairman Joey Levin. "We are enormously grateful to all the brilliant people, beginning with Jacob Lodwick many years ago, who've made this journey possible. Now we get back to our favorite part—building the next one."
Vimeo is the world's leading SaaS video company serving the essential video needs of every business—what is poised to become a $70 billion market opportunity by 2024. Vimeo is the video platform enabling any business in the world from Fortune 500s to local shops to harness the power of video in countless ways to better create, communicate, and collaborate. Vimeo recently announced its latest innovation for enterprise workforces, Video Library, a beautiful, centralized and secure video hub for companies of all sizes.
Said Anjali Sud, CEO of Vimeo, "As a video software solution serving more than 200 million professionals, teams, and organizations, Vimeo is making professional-quality video far easier and more effective than ever before. 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."
As previously announced under the terms of the spin-off and distribution transaction, IAC shareholders, as of close of business on May 24, received 1.6235 shares of VMEO stock for each IAC share held.
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