NEW YORK - Barry Diller's IAC/InterActive Corp said ts online video platform Vimeo raised US$150 million from Thrive Capital and Singapore's sovereign wealth fund GIC, valuing the unit at US$2.75 billion.
"Fourteen years ago, we acquired Vimeo as part of a small collection of assets for very little capital, and through the creativity, grit, and sheer talent of a group of leaders at Vimeo, the business has become a real leader in a large and growing market, and in control of its own destiny," IAC chief executive officer Joey Levin said in the statement.
IAC, a media and internet company with more than 150 brands and products, acquired Vimeo in 2006 as part of the deal to purchase comedy website CollegeHumor. Vimeo has since become a top performer in the conglomerate's portfolio of companies, which includes HomeAdvisor and The Daily Beast. Mr Diller, a 78-year-old billionaire media mogul, is IAC's chairman.