Online video platform Vimeo is set to spin off from parent company IAC/Interactivecorp IAC, it was announced Tuesday.
This spin off is set to take place in the second quarter of 2021, and shareholders of IAC would automatically be credited with shares of Vimeo.
IAC stock jumped 14% in morning trading after this news was released.
Vimeo would be the 11th company to spin off from IAC, following Match Group Inc. MTCH and Expedia EXPE.
The fundraising round for Vimeo valued the company at over $2.75 billion, with revenue from 2020 being 40% higher on a year-over-year basis.
Vimeo is set to trade as a standalone public company with an unknown ticker on the Nasdaq in 2021.
Courtesy photo.
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