Introduction to Bending Spoons
Bending Spoons, an Italian software group, is a significant yet under-the-radar player in the tech world. With over 300 million monthly active users, it’s one of Europe’s largest mobile app developers. The company owns popular services such as Evernote, Remini, Meetup, Komoot, and WeTransfer. Recently, Bending Spoons acquired the American video platform Vimeo for $1.38 billion, making it one of the year’s major tech deals in Europe.
Background and Recent Activities
Founded in 2013, Bending Spoons has become a disruptor in the mergers and acquisitions market. This year alone, they’ve purchased six tech companies and plan to continue expanding their portfolio. CEO Luca Ferrari states, “We expect to invest approximately $2,000 million in acquisitions over the next six months.”
In August, Bending Spoons raised $585 million in debt through a JP Morgan-led operation, valuing the company at $2.6 billion. Their strategy focuses on acquiring digital businesses with high revenue potential, where their expertise can make a significant difference—either by halting decline or accelerating growth.
Acquisition Strategy and Diversity
Bending Spoons’ acquisition strategy is characterized by its wide range of startups in their portfolio. There’s little connection between Komoot (outdoor activities app), Evernote (popular note-taking tool), and Meetup (social network for like-minded individuals). Instead of pursuing synergies between acquisitions, Bending Spoons follows a strategy similar to consumer brand conglomerates like Procter & Gamble, applying their tech development, optimization, and marketing know-how to promising digital businesses, regardless of industry differences.
Business Model and Future Plans
Bending Spoons’ business model lies between a tech company and private equity. Unlike private equity firms that typically buy with the intention of selling later, Bending Spoons assures they never acquire with the goal of divesting. Ferrari explains, “80% of our resources are dedicated to building technology and developing products, and we have never sold any of our companies.”
This unique approach makes Bending Spoons an attractive destination for tech professionals. Over 600,000 have applied to work with the company, which plans to open its first office outside Italy in London next year.
Key Questions and Answers
- Who is Bending Spoons? An Italian software group founded in 2013, specializing in rescuing struggling tech companies.
- What is their recent acquisition? Bending Spoons acquired the American video platform Vimeo for $1.38 billion.
- What is their acquisition strategy? They target digital businesses with high revenue potential, applying their tech development and marketing expertise.
- What sets Bending Spoons apart? Unlike private equity firms, they don’t intend to sell their acquired companies.
- How many applicants have they had? Over 600,000 have applied to work with Bending Spoons.
