Evernote

Bending Spoons IPO: Acquirer of AOL and Vimeo Goes Public

Milan-based Bending Spoons went public on the Nasdaq in early July 2026, briefly reaching a market capitalization above $25 billion, roughly double its prior private valuation. The company has built a portfolio of well-known digital brands — including Vimeo, AOL, Meetup, Eventbrite and WeTransfer — and reported $1.31 billion in revenue for 2025. Bending Spoons pursues an acquisition-led growth strategy described as PE-like but with an intention to hold and transform assets, often applying tech and AI alongside pricing and headcount changes that have drawn criticism. As of March 2026 the group said its portfolio served over 500 million monthly active users and more than 9 million monthly paying customers. Founders retain control of voting power and the company signals continued acquisitiveness backed by substantial operational centralization.

Bending Spoons IPO Tests Buy‑Gut‑Hold Strategy

This analysis examines Bending Spoons’ serial-acquirer strategy—buy, cut, raise prices, and “hold forever”—in the context of its recent US IPO. The company has acquired roughly 50 businesses (Evernote, Vimeo, WeTransfer, Eventbrite, AOL among them) and reported rapid headline growth (revenue from $387M in 2023 to $1.31B in 2025) and high margins. Much of that growth was acquisition-driven: organic revenue growth was ~13% in 2025 (7% in 2024), blended net revenue retention is 94%, and capital deployed on deals jumped from $194M in 2023 to $2.01B in Q1 2026. Large purchases include Vimeo ($1.38B) and AOL ($1.45B); the IPO priced above its reference range and finished its first trading day with a multibillion-dollar valuation. The piece questions whether the model is durable in an AI-driven era and whether the public markets are correctly valuing a highly levered, consumer-exposed rollup.

Bending Spoons IPO Valued Above $18B

Bending Spoons, the 13-year-old Milan-headquartered acquirer of consumer internet brands, went public on the Nasdaq on July 1, 2026 with an opening valuation above $18 billion and a roughly 40% intraday stock increase. The company has pursued a buy-and-operate strategy—acquiring properties such as Meetup, Eventbrite, Vimeo, WeTransfer and Evernote—and emphasizes operational rigor, data-driven experimentation and AI to accelerate feature development and revenue growth. Its SEC F-1 highlights an AI-first history and states revenue per full-time employee rose materially between 2023 and 2025. Founders include Matteo Danieli (co-founder & CPO), Luca Ferrari, Francesco Patarnello and Luca Querella.