Vimeo, the IAC-owned platform for hosting, sharing and monetizing streamed video, has made an acquisition to expand into providing more creation and editing tools. The company has acquired Magisto, a startup founded in Israel that currently has over 100 million users that focuses on providing tools to create and edit short-form videos, providing not just editing but sourcing of music, stock photos and other elements as part of the mix.
Vimeo — which itself has 90 million members in over 150 countries — says that the two will work together “to develop entirely new short-form video creation capabilities for the Vimeo platform, with the goal of helping any individual or business tell their stories with professionalism and ease.”
Terms of the deal were not disclosed — but we are trying to find out. Magisto had raised around $23 million since 2010 from a mix of financial and strategic investors. The list includes Magma Venture Parnters, Horizons Ventures, Kreos Capital, Qualcomm, SanDisk and the Mail.Ru Group. Notably, it hadn’t raised any funding since 2014, according to Pitchbook data. The deal is set to close in Q2 of this year.
Magisto has around 75 employees in California and Israel, all of whichRead the rest of this post here