Ad-free video platform Vimeo has agreed to acquire Livestream, a Brooklyn-based live video provider that powers events from high-profile clients like Spotify, the Dow Jones, the Philadelphia Eagles, and Tough Mudder.

While terms of the deal were not disclosed, Vimeo is also rolling out its first-ever live product on the heels of the acquisition called Vimeo Live, which will offer end-to-end professional livestreaming capabilities — including capturing, editing, archiving, hosting, and monetizing broadcasts — for businesses, organizations, and creators. Initially, Vimeo Live will operate separately from Livestream, but after the transaction completes in the fourth quarter, Livestream’s tools will be incorporated into the Vimeo Live product.

“Live streaming is the No. 1 request from our creator community this year, and we’re focused on bringing a new level of quality, convenience and craft to this evolving medium,” said Vimeo’s newly-tapped CEO Anjali Sud in a statement. “We are excited to take a leadership role in this large and growing market.”

The deal marks largest the acquisition in Vimeo’s history, Techcrunch reports. Last year, the company acquired VHX, a white label service that enables publishers to create their own SVOD services. In June, IAC-owned Vimeo shelved plans to launch its own subscription service.

Some of the tools that Vimeo Live will offer include the ability to broadcast in 1080p and auto-archive live videos in 4K. In terms of monetization, the service will enable creators to vend post-event videos as rentals, purchases, or subscriptions worldwide.

A subscription to Vimeo Live begins at $75 per month.

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