Video giant Vimeo doubles Israeli workforce
The video platform company aims to go from 120 to more than 200 workers in its Ness Ziona R&D center in the coming year
Video platform Vimeo will double its Israeli-based workforce. The company currently employs 120 people at its Ness Ziona R&D center, its second-largest center and the largest outside the U.S, and it is planning to reach over 200 employees in the coming year.
Vimeo employees Photo: Vimeo Israel
The Israeli center was established following Vimeo’s 2019 acquisition of local company Magisto for about $100 million. Magisto has developed an automatic video editing app for home videos shot on a smartphone, which can serve as an alternative to expensive professional editing tools. The app allows users to define what are the most important objects in each frame, thus allowing the software to highlight them automatically.
“Originally, the local R&D center focused on artificial intelligence technology within video creation worlds. Currently, we are continuing this activity, as well as expanding to new areas of development," says Oren Boiman, co-founder of Magisto and a senior VP at Vimeo. “There have always been significant barriers to entry for those trying to produce quality video content, Vimeo was able to remove these barriers. The R&D center has teams that specialize in building the most advanced video tools in the world, including high-definition videos, streaming technology, video-player development, video infrastructure, and more. The team in Israel includes creative, music, and sound staff."
“The video market, which has been growing over the years, experienced an unbelievable spike in growth following the global Corona pandemic, as video for business became more crucial than ever. In less than a year, we registered a 100% rise in the number of videos uploaded to the platform, which means millions of videos," Boiman said. "Video has become the main format in communicating with customers, whether it is via digital marketing, social media, or video use in virtual events. The same is true in internal organizational communication for example when connecting between global teams and remote groups. Vimeo works globally, and here in the Israeli center in particular on developing advanced video solutions for the post-Corona era. Already today over 65% of Fortune 500 companies are Vimeo's business customers, and revenue from products targeting large companies and organizations has been growing by over 100% for three consecutive quarters."
Vimeo is a video platform with over 200 million users and billions of clips, which offers video products to creators, businesses, and organizations. Vimeo Global has been traded on Nasdaq since last May and its market value is about $8 billion. It has offices in New York,
Israel, Ukraine, India, London, and other locations, and employs over 800 workers.