Vimeo, the B2B video platform, is hoping to deepen its commitment to the digital marketing space by acquiring short-form AI-based video creation platform Wibbitz and shoppable video tech maker Wirewax. The financial terms of the deals were not disclosed to the media.
The US-based B2B video platform has added a pair of acquisitions to its growing arsenal of marketing tools it offers to businesses to create and run their video Marketing strategies. Vimeo is adding London-based Wirewax, which provides video creation tools for online marketers and other non-technical creatives to make objects in videos “shoppable” or linkable to other outside content, according to TechCrunch. Wirewax’s financial backers include BBC, Passion Capital, and the Plug and Play incubator. The London-based startup has raised around $7 million in funding.
Vimeo’s other acquisition is Wibbitz, the New York-based startup that makes AI-based technology that automatically turned the text into videos. Wibbitz’s investors include Associated Press, France’s TF1, Bertelsmann, the Weather Channel, as well as traditional VC companies like Kima Ventures and Horizons Ventures. Wibbitz, which originally made its name as an Israeli startup, has already raised $30 million from strategic investors and leading brands, like Associated Press and Bertelsmann.
Both startups are expected to bring more video technology chops to Vimeo. The New York-based Wibbitz is more focused on video creation technology and specialized tools for marketing and media teams. Wirewax’s innovative drag-and-drop interface will bring more interactive video functionality, and possibly open new business opportunities to Vimeo.
One of the most obvious business applications, according to the company, will be in the ecommerce business. Using Wirewax’s technology, users will be able to use Wirewax’s technology to build “shoppable” videos with links within the videos themselves to buying featured products or services. In addition to ecommerce, Wirewax’s video technology can also be used in product demonstration, education, and employees training.
Vimeo is taking a huge splash in B2B space, targeting a wide range of businesses, ranging from SMB, startups, and big-name enterprises like Starbucks and Spotify. The company is doing well, posting quarterly revenues of $100 million in Q3 alone and claiming over 1.6 million paying users. With these latest acquisitions, Vimeo CEO Anjali Sud is looking for a bright future for the company.
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