Evernote and WeTransfer owner Bending Spoons is set to buy Vimeo for $1.38 billion

Vimeo is set to get a new owner. Bending Spoons — the parent of Evernote, WeTransfer, Meetup and fellow video streaming platform Brightcove — plans to take the company into private ownership in an all-cash, $1.38 billion deal. Stockholders will receive $7.85 per share, quite a bit more than the $4.82 Vimeo closed at on Tuesday (the price jumped significantly after the announcement, of course).

Vimeo’s directors unanimously approved the takeover. The acquisition is expected to close by the end of the calendar year, pending shareholder approval, closing conditions and regulatory approval.

Once seen as a competitor to YouTube, Vimeo has shifted focus over the two decades it’s been around. It used to be a go-to hosting option for filmmakers, but these days it’s more oriented toward business users. Vimeo does not permit content scraping or generative AI models to train on any video it hosts without the uploader’s permission, perhaps making it an enticing video-hosting service for enterprise users. More recently, Vimeo started bringing back its TV apps, two years after killing those off in an ill-advised move.

Bending Spoons, meanwhile, has a track record of gutting the companies it takes over. It bought Evernote in 2022 and laid off most of the note-taking service’s workers the following year. Bending Spoons bought WeTransfer last year and a few weeks later, it announced plans to fire three-quarters of the file-sharing platform’s staff.