Bending Spoons defies market skepticism with 40% IPO surge

The company raised $1.68 billion in the offering, a successful exit for major backers including Baillie Gifford, Renaissance Partners, and Fidelity. Bending Spoons maintains a distinct business model: it acquires aging tech brands such as Evernote, Vimeo, and Meetup, then restores profitability through aggressive cost-cutting and pricing adjustments. Unlike traditional private equity firms that aim for a quick resale, the company intends to hold its portfolio of assets indefinitely.

Financial disclosures highlight a sharp reversal in performance. For the first quarter, the firm reported $601 million in revenue and $27.4 million in net income, a stark improvement from the $112 million loss recorded during the same period last year. This strategy of revitalizing "venture zombie" companies places Bending Spoons alongside firms like Constellation Software and Tiny, though its focus remains heavily anchored in subscription models, which accounted for 84% of its business last year. The IPO marks a significant liquidity event for co-founders Luca Ferrari, Francesco Patarnello, Matteo Danieli, Luca Querella, and Tomasz Greber.