Bending Spoons’ Surprising Expansion After IPO, Supported by Berkshire Hathaway
- Bending Spoons debuted at Nasdaq in July 2026, acquiring older internet brands.
- Berkshire Hathaway invested over $900 million, boosting Bending Spoons’ market cap to $30 billion.
- The company faces layoffs following acquisitions, indicating a shift in the tech landscape.
Guests gathered at the Nasdaq MarketSite in New York on July 1, 2026, to witness the initial public offering (IPO) of Bending Spoons, an Italian holding company that owns notable internet brands such as AOL, Vimeo, Eventbrite, and Evernote. Since its Nasdaq debut, the company has surprisingly positioned itself as a haven for former software startups rendered obsolete by the artificial intelligence boom.
Just months after its IPO, Bending Spoons received significant backing from Berkshire Hathaway, which has invested over $900 million, including a recent disclosed stake of $330 million. This investment led to an immediate favor from Wall Street, propelling Bending Spoons’ stock up 41%, although the price later stabilized the company’s market capitalization at approximately $30 billion.
“Berkshire’s decision to add to its position just a few months after the IPO and at these levels provides another vote of confidence in the Bending Spoons model from one of the world’s most respected long-term investors,” noted analysts at Mizuho.
However, this growth and investment coincide with the announcement of job cuts, as Bending Spoons prepares to acquire workflow software provider Airtable for about $1.3 billion, significantly below Airtable’s peak valuation in late 2021. Following the acquisition, Bending Spoons stated that a “large portion of the pre-acquisition team” from Airtable would leave with “substantial separation packages,” further indicating potential layoffs across its portfolio, which also includes companies like Evernote and Vimeo.
In the current tech landscape, the rapid shifts brought about by AI advancements are impacting numerous sectors, displacing traditional software practices. Companies like Anthropic and OpenAI are rising sharply in value, while many software-as-a-service (SaaS) companies, experiencing what has been termed the “SaaSpocalypse,” are struggling due to reduced investor interest and valuations.
An App Turned Acquirer
Bending Spoons started in 2013 when co-founders Luca Ferrari, Matteo Danieli, and Francesco Patarnello pivoted from an unsuccessful mobile app, Evertale, to building an operational business. Their strategy focuses on acquiring established software companies rather than chasing short-term exits typical of private equity firms.
After its IPO, Bending Spoons garnered attention for a series of strategic acquisitions, including Evernote in 2022 and Brightcove in 2024, and planning to acquire Miro, previously valued at $17.5 billion, for $1.36 billion. The IPO raised approximately $1.7 billion, with shares initially priced at $29 closing at $47.07 shortly thereafter.
While private equity giants such as Thoma Bravo and Vista Equity Partners had targeted undervalued SaaS companies, Bending Spoons aims for operational improvements and profitability through direct engagement with its acquired entities. The firm plans to leverage profits from these acquisitions for ongoing growth, with Bending Spoons’ CEO Ferrari emphasizing the organic growth potential in the markets they are entering.
As the company delves deeper into enterprise software, it faces challenges in maintaining customer value amid evolving market dynamics. The initial results from its first earnings report post-IPO revealed revenue growth driven largely by these acquisitions, yet ongoing scrutiny will reveal if its structure can rejuvenate software offerings amidst tightening margins across the sector. “Most enterprise SaaS businesses were valued at irrationally high levels until somewhat recently,” Ferrari remarked, indicating a strategic approach to acquisitions in the current economic climate.
News Courtesy of CNBC
