Israeli video creation company Magisto of Ness Ziona and Mountain View, California, will be bought out by ad-free open video platform Vimeo in a deal reportedly worth about $200 million.
Founded in 2010, Magisto offers apps that have been used by 13 million people to make 450 million videos in 24 languages.
“To our Magisto family: For nearly a decade, we have focused on building tools that guide both consumers and business owners through the video creation process, so that they can more effectively share their stories with the world. Today we are THRILLED to announce that we’ve agreed to be acquired by Vimeo. Yes, Vimeo – the video community that is home to more than 90 million video creators in over 150 countries,” blogged Magisto founder and CEO Oren Boiman on April 15.
Boiman wrote that the two companies “share a similar belief in the power of technology to lower the barriers to quality storytelling, and we seek to build intuitive user experiences and simple, powerful video tools that are accessible to all.”
Magisto’s apps and service will continue to operate as usual. “By combining forces with Vimeo, we will be able to offer you a more valuable all-in-one video marketing solution that goes way beyond creation to include collaboration, hosting and management, distribution, analytics, monetization, live streaming and more,” said Boiman.
Fighting for Israel's truth
We cover what makes life in Israel so special — it's people. A non-profit organization, ISRAEL21c's team of journalists are committed to telling stories that humanize Israelis and show their positive impact on our world. You can bring these stories to life by making a donation of $6/month.
