Vimeo Centers Storytelling with Magisto Acquisition
The Magisto acquisition, Vimeo’s third, will allow them to add powerful video editing to their suite of offerings for their creative community.
Vimeo’s latest acquisition was made with the power of storytelling in mind- which, naturally, makes it an attractive move for us to cover.
This week, Vimeo CEO Anjali Sud shared news of the company’s purchase of Israeli video company Magisto, for an undisclosed amount (but is rumored to be approximately $200 million). Sud praised their team of employees and engineers for their “brilliant group of video technologists who have spent the last decade helping over 100 million people create videos online.” She went on to praise several of the features of their service that likely made them attractive as a target for Vimeo:
During that time, they developed proprietary technology and a deep expertise in short-form video storytelling — everything from intuitive mobile experiences to cutting edge AI to powerful video editing tools.
According to TechCrunch, this deal “underscores Vimeo’s strategy to position itself as a one-stop shop for companies and individuals that publish videos online—either as part of publicity campaigns or as the basis of a bigger process.” But for Sud, the goal is far loftier; with more powerful tools and easier access, these campaign developers and other users can not just create more video, but tell better and more interesting stories.
Building on the debut of Vimeo Stock, and leaning on the expertise of the creative community that currently buoys the platform, Sud is eager for “[the] creative community [being] partners in bringing quality and craft to those stories. These are ambitious goals, but entirely possible with the combined force of two companies who believe in the power of technology to lower the barriers for quality storytelling.”
Magisto’s founder and CEO, Oren Boiman, will continue to head Magisto, reporting to Vimeo’s Chief Product Officer Mark Kornfilt. Magisto’s 75 employees, currently based in Israel and California, will all be joining Vimeo. Boiman echoes the excitement that Sud shared: “we’re thrilled to join Vimeo’s industry-leading platform, and to power their vision to make professional quality video creation accessible to all.”
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