Vimeo to Acquire WIREWAX and Wibbitz, Further Expanding Its Video Software Solution for the Enterprise

Rhea-AI Summary

Vimeo (NASDAQ:VMEO) announced its acquisition of WIREWAX and Wibbitz, enhancing its video software solutions for enterprises. WIREWAX specializes in interactive video technology, while Wibbitz offers an enterprise-grade video creation suite. These acquisitions will allow Vimeo to innovate and better serve over 6,000 enterprises, bolstering its position in the market. In Q3 2021, Vimeo reported over $100 million in quarterly revenue, with a 60% increase in Enterprise revenue year-over-year. Both acquisitions are anticipated to close this quarter.

Positive

• Acquisition of WIREWAX enhances interactive video capabilities.
• Wibbitz acquisition expands enterprise video creation suite.
• Over 60% year-over-year growth in Enterprise revenue.
• Reached over $100 million in quarterly revenue for the first time.

Negative

• None.

NEW YORK, Nov. 10, 2021 /PRNewswire/ -- Vimeo (NASDAQ:VMEO), the world's leading all-in-one video software solution, today announced agreements to acquire WIREWAX, a leader in interactive and shoppable video, and Wibbitz, a leading enterprise video creation suite. The two companies bring proprietary technology and products to Vimeo's all-in-one video solution, extending its position as the professional video software solution for any business.

"Vimeo now serves over six thousand enterprises with our video software, and we've only just begun to unlock the myriad ways video can be used at work to communicate, collaborate and connect better," said Anjali Sud, CEO, Vimeo. "Both WIREWAX and Wibbitz bring industry-leading technology and products to Vimeo, along with impressive teams and deep institutional knowledge in strategic areas of enterprise video. Together, we'll be able to innovate faster and go farther in empowering every company to realize the power of professional-quality video."

WIREWAX combines powerful AI-based object tracking with an intuitive drag-and-drop interface to help enterprises create engaging interactive video experiences—from shoppable videos for e-commerce to immersive product demos to employee education and training modules. Their interactive studio is designed for users to easily add shoppable touchpoints and customizable overlays directly into any video, gamify the experience so viewers can choose their own journey as they watch, seamlessly embed content on websites and blogs, and track audience engagement and performance in real-time. Companies like Walmart, Disney, Google, and Nike have used WIREWAX's tools to successfully bring interactive content to their employees, customers, and communities.  

Wibbitz provides an enterprise-grade video creation suite for marketing, internal communications, and media teams to produce and collaborate on company-branded videos at scale. Wibbitz has helped companies like HubSpot, Bloomberg, Condé Nast, and Harvard University produce thousands of videos while maintaining the strict brand control and supporting the collaboration needs that large organizations require: from team-based approval workflows, shared workspaces, and account management to company-branded templates with consistent logos, fonts, color palettes, and transitions.

Vimeo's enterprise video software traction continues as more companies use video to communicate, collaborate, and connect. In Q3 2021, Vimeo exceeded $100M in quarterly revenue for the first time, driven by year-over-year Enterprise revenue growth of over 60%. The company recently launched Vimeo Events, its new virtual events platform for marketers to easily produce and promote stunning live experiences and webinars, and Video Library, a centralized, secure hub that makes communication and collaboration with video easy and accessible to every employee.

"WIREWAX was built for the video-first future, evolving video to be a lean-in, fully engaging experience," said Steve Callanan, CEO, WIREWAX. "Marrying WIREWAX with Vimeo's video leadership and global scale will put the power of next-generation interactive video into the hands of millions of users. It's an exciting step to be joining Vimeo and contributing to helping organizations unleash their creativity and produce engaging experiences that drive better business outcomes, from shoppable videos to boost sales, to entirely new ways to improve training, education, and customer service."

"Wibbitz and Vimeo have a shared goal of making video creation so simple that any employee can easily and quickly make beautiful, professional-quality videos at scale," said Zohar Dayan, CEO, Wibbitz. "We have spent over 10 years honing our product to serve marketing, HR, and communications teams at some of the largest companies in the world, and are thrilled to join Vimeo's world-class platform to accelerate the video transformation taking place across the enterprise."

Both acquisitions are expected to close this quarter. No financial terms were disclosed. WIREWAX and Wibbitz capabilities are expected to be added to the Vimeo platform in 2022, and existing customers will be able to continue to use the tools uninterrupted.

About Vimeo
Vimeo (NASDAQ:VMEO) is the world's leading all-in-one video software solution. Our platform enables any professional, team, and organization to unlock the power of video to create, collaborate and communicate. We proudly serve our growing community of over 230 million users — from creatives to entrepreneurs to the world's largest companies. Learn more at www.vimeo.com.

About WIREWAX
WIREWAX is award-winning interactive TV technology at the forefront of a paradigm shift to viewer-centric technologies that empower audiences and inspire creators to lean-in. Used today by more than 39,000 brands, broadcasters, studios, and publishers including Disney, Nike, Walmart, NBC, Salesforce, Samsung, Lexus & Google. Founded in 2008, WIREWAX is headquartered in London, with an office in New York. Learn more at www.wirewax.com.

About Wibbitz
Wibbitz gives teams the freedom to quickly and easily create short-form videos using automated video creation technology. Wibbitz works with global brands including Bloomberg, HubSpot, Condé Nast, Panasonic, Meredith, Teladoc, Cox Media, and Bertlesmann. Founded in 2011, Wibbitz has offices in New York City, Tel Aviv, and Paris. For more information, visit www.wibbitz.com.

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SOURCE Vimeo

FAQ

What companies did Vimeo acquire?

Vimeo acquired WIREWAX and Wibbitz to enhance its video software solutions.

When is the acquisition of WIREWAX and Wibbitz expected to close?

The acquisitions are expected to close in Q4 2021.

What is the significance of the acquisitions for Vimeo?

The acquisitions will expand Vimeo's interactive video capabilities and enhance its enterprise video creation suite.

How did Vimeo perform financially in Q3 2021?

In Q3 2021, Vimeo exceeded $100 million in quarterly revenue, marking a 60% increase in Enterprise revenue year-over-year.

What benefits do WIREWAX and Wibbitz bring to Vimeo?

WIREWAX offers advanced interactive video technology, while Wibbitz provides a streamlined video creation suite for enterprises.