IAC to Spin Off Video Software Company Vimeo Next Year
IAC’s announcement Tuesday it plans to spin off video software company Vimeo as an independent company next year will allow Vimeo to capitalize on “investor appetite” for software-as-a-service businesses, Cowen analyst John Blackledge wrote investors Tuesday. IAC plans a shareholder…
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meeting in Q1 to review and approve the Vimeo proposal, with the transaction expected to happen in Q2, IAC said. IAC shareholders would receive a proportionate share of the new company. Upon completion, Vimeo will become an independent, separately traded public company, the 11th to emerge from IAC and its predecessors. The separation is expected to allow Vimeo to raise capital more effectively to invest in product, technology, enterprise sales and international expansion -- and to pursue strategic acquisitions, IAC said.