The companies did not disclose financial terms, but the figure comes from sources cited by Globes. The deal is expected to close by the end of the second quarter. Magisto has 75 employees across its offices in California and Israel.
“Social media has sparked an insatiable demand for video – audiences today expect high-quality video content from every business, regardless of size or budget. But we’ve found that most small businesses don’t have the tools, resources or expertise to meet this increased demand,” explains Anjali Sud, CEO of Vimeo.
“Magisto’s proprietary technology enables cutting edge mobile apps and AI-powered editing tools which, combined with Vimeo’s scale and unmatched creator community, will empower more people to tell compelling stories through video.”
Following the acquisition, Vimeo and Magisto will work together to develop entirely new short-form video creation capabilities for the Vimeo platform. Magisto users will also be able to access Vimeo’s full suite of workflow tools, so they can deploy their videos across platforms with a click of a button and measure performance all in one place.
Oren Boiman, founder and CEO of Magisto, adds, “Magisto guides entrepreneurs and small business owners through the video storytelling process, helping them use video effectively to grow their business and engage with audiences. We level the playing field so that any business can move fast and compete in today’s video-first world. We’re thrilled to join Vimeo’s industry-leading platform, and to power their vision to make professional quality video creation accessible to all.”