Prime Highlights
- Bending Spoons went public on Nasdaq this week, opening above an $18 billion valuation before its stock jumped 40%.
- The company owns AOL, Evernote, Vimeo, WeTransfer and other acquired internet brands.
Key Facts
- Bending Spoons is a Milan-based company founded 13 years ago that grows through acquisitions.
- The company was valued at $11 billion in a private funding round prior to its IPO.
Background
Bending Spoons, the Italian company that owns AOL, went public on the Nasdaq this week, opening at a valuation exceeding $18 billion before its stock surged 40% by market close. The Milan-headquartered firm has spent over a decade acquiring well-known but struggling internet brands, including Meetup, Eventbrite, Vimeo, WeTransfer and Evernote.
Unlike typical private equity strategies, Bending Spoons does not sell off the companies it buys. Co-founder and chief product officer Matteo Danieli said the company aimed to position itself as an operator that took beloved brands and made them significantly better. He noted that artificial intelligence had accelerated the pace at which the company could ship new features and create value for users over the past year and a half.
The company’s regulatory filing highlighted its early focus on AI, tracing its roots to an earlier failed startup called Evertale. Danieli explained that this experience shaped the founders’ belief that reducing the role of luck in business success required a strong focus on operational excellence and data-driven decision-making.
Bending Spoons had previously been valued at $11 billion in a private funding round before going public. Danieli acknowledged that investors were often sceptical of the company’s acquisition-heavy approach in its early years. He added that the company planned to continue acquiring firms, taking advantage of lower valuations across the software industry following its stock market debut.