Vimeo is getting bought up by Bending Spoons, a European software company that has amassed a growing portfolio of businesses, including Evernote, WeTransfer, and Meetup. Bending Spoons will pay $1.38 billion to acquire the video hosting platform, and it expects to close the deal later this year.

“At Bending Spoons, we acquire companies with the expectation of owning and operating them indefinitely, and we look forward to realizing Vimeo’s full potential as we reach new heights together,” Luca Ferrari, the CEO and co-founder of Bending Spoons, said in the press release.