Sept 10 (Reuters) - Technology conglomerate Bending

Spoons will buy video hosting platform Vimeo ( VMEO ) for about

$1.38 billion in cash and take it private, the companies said on

Wednesday.

Vimeo ( VMEO ) shareholders will get $7.85 in cash for each share

they own, according to the statement.

Bending Spoons plans to expand Vimeo's ( VMEO ) products across

self-service tools, over-the-top (OTT) streaming via Vimeo

Streaming and enterprise offerings for businesses, Vimeo ( VMEO ) CEO

Philip Moyer said.