Vimeo
Days after laying off 10%, Vimeo acquired for $1.38 billion
Just one week after CEO Philip Moyer took to Linkedin to spin the company’s decision to axe 10% of its workforce, Vimeo is being sold off. The struggling video platform is getting scooped up by European app developer Bending Spoons in an all-cash deal valued at $1.38 billion.
On paper, the acquisition looks rich: a 70% premium to Vimeo’s battered stock price. But investors who bought into the hype at its 2021 IPO won’t be celebrating. Even with today’s 60% pop, shares are still down nearly 85% from their debut.
For laid-off employees and long-suffering shareholders, the sale feels less like a comeback story and more like the last gasp of a once-hyped platform that never lived up to its promise.
In its article about the acquisition, TechCrunch points out why Vimeo employees shouldn’t be popping champagne for their salvation. Bending Spoons’ playbook is simple—buy broken companies (see: Evernote, WeTransfer) and then slash jobs and features until there’s nothing left but a logo.
Vimeo to be acquired by Bending Spoons in $1.38B all-cash deal
