Anjali Sud, CEO of Vimo
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Shares of IAC jumped 16.6% after the company announced on Tuesday morning that it was cutting its entire stake in video software software company Insurance.
Vimeo will become an independent publicly traded company after the expected deal closes in the second quarter of 2021.
The transaction will take the form of a reclassification of IAC shares, the company said.
As planned spin-off software comes in as service (sas) stocks rise, its share being boosted by the Covid-19 epidemic. Insurance has recorded strong user growth over the past year, with subscribers growing 24% in November. Vimeo, which previously focused on streaming entertainment, especially from independent filmmakers, launched its plan several years ago to provide video services for businesses.
IIAC said the company had a valuation of 2. 75.275 billion in early November, after raising $ 150 million in equities from Thrive Capital and GIC.
This will make Vimeo the 11th public company to spin out of the IAC. The company finally agreed to spin all its shares in dating online dating company Match Group.
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