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Photo by Jaap Arriens/NurPhoto via Getty Images

IAC, the internet holding company chaired by media mogul Barry Diller, announced to shareholders on Tuesday that it plans to spin off video service Vimeo.

Why it matters: It's the second major company that IAC has spun off this year, having done so with dating company Match Group in July. The 15-year-old Vimeo started as a platform for indie filmmakers, and now mostly makes money selling enterprise video software to companies.

Details: The effort comes months after Vimeo raised $150 million from outside investors to boost the software licensing business that it launched in 2018. The enterprise software licensing business that has contributed to much of the company's growth was launched in 2019.

  • The round valued Vimeo at $2.75 billion — 10 times the company's revenue.
  • Vimeo now has over 3,500 enterprise customers, including Amazon, Starbucks. Deloitte, Zendesk, Rite Aid and Siemens, according to a statement about the spin-off.

The big picture: IAC's playbook is to grow companies within its holding group and spin them out for greater value when they mature. There have been reports that IAC also plans to spin out ANGI Homeservices, which houses Angie's List.

What they're saying: "The combination of Vimeo’s remarkable growth, solid leadership position, and enormous market opportunity have made clear its future," said Joey Levin, CEO of IAC. "It’s time for Vimeo to spread its wings and become a great independent public company."

Go deeper:

Go deeper

Dec 23, 2020 - Economy & Business

Communication tech companies are booming

Data: Yahoo Finance; Chart: Axios Visuals

Software firms that help other companies communicate are booming this year thanks to pandemic-driven remote-work.

Why it matters: Even when a vaccine is rolled out and lockdown provisions are lifted, most companies will likely maintain at least some work-from-home flexibility, which will bode well for software firms like Zoom, DocuSign, Twilio, Microsoft, Slack and others.

Kaine, Collins' censure resolution seeks to bar Trump from holding office again

Sen. Tim Kaine (center) and Sen. Susan Collins (right). Photo: Andrew Harnik/Pool via Getty Images

Sens. Tim Kaine (D-Va.) and Susan Collins (R-Maine) are forging ahead with a draft proposal to censure former President Trump, and are considering introducing the resolution on the Senate floor next week.

Why it matters: Senators are looking for a way to condemn Trump on the record as it becomes increasingly unlikely Democrats will obtain the 17 Republican votes needed to gain a conviction, Axios Alayna Treene writes. "I think it’s important for the Senate's leadership to understand that there are alternatives," Kaine told CNN on Wednesday.

Stark reminder for America's corporate leaders

Rosalind "Roz" Brewer is about to become only the second Black woman to permanently lead a Fortune 500 company. She starts as Walgreens CEO on March 15.

Why it matters: It's a stark reminder of how far corporate America's top decision-makers have to go during an unprecedented push by politicians, employees and even a stock exchange to diversify their top ranks.