Shares of IAC/InterActiveCorp. /zigman2/quotes/205118493/composite IAC -5.17% soared 12.7% toward a record Tuesday, after the technology company incubator said it approved a plan to spin off its stake in video software company Vimeo into a separately traded public company. The announcement comes after IAC had announced in early November that it was "contemplating" a move. IAC said Vimeo will become the 11th company which it has incubated and then spun off, like it did with Expedia Group Inc. /zigman2/quotes/202291990/composite EXPE +1.97% and Match Group Inc. /zigman2/quotes/207178501/composite MTCH -3.39% . "The combination of Vimeo's remarkable growth, solid leadership position, and enormous market opportunity have made clear its future," said IAC Chief Executive Joey Levin. "It's time for Vimeo to spread its wings and become a great independent public company." IAC's stock has run up 53.0% over the past three months, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -1.31% has gained 11.4%.