Indian-American led video platform Vimeo goes public
Vimeo, a video hosting platform with Indian American Anjali Sud as CEO, was listed 28th May on the NASDAQ. It is a spinoff from InterActiveCorp or IAC. Sud said “dreams do come true.. We put the power of professional-quality video in the hands of millions...built an innovative software platform, a wildly creative community, and a strong and resilient business.” Vimeo is said to rival YouTube. On the first day of trading, however, the Vimeo stock dropped 12.85 percent to close at $45.39 from its price of $52.08 per share on May 24. Vimeo has a current market capitalization of about $8.5 billion. In January 2021, it raised $300 million in new equity funding, giving it a pre-money valuation of $5.7 billion. Sud has written in her blog that spurred by a global pandemic, video has become an essential medium for staying connected, productive, and informed—an essential medium for businesses to thrive. Vimeo reportedly provides a suite of video tools for businesses and independent creators. It has more than 200 million users and as of the end of March had 1.6 million paying subscribers, up 25 percent year over year. Sud was born in an Indian American family residing in Detroit, Michigan in 1983. She has been educated at the Phillips Andover Academy, Wharton School of The University of Pennsylvania, and Harvard Business School.