An Italian company named Bending Spoons is making waves by purchasing older internet brands, including AOL, Vimeo, and several others, as the artificial intelligence boom continues. This company is set to enter the public market with an IPO that may be valued at $19 billion. Bending Spoons acquired AOL for $1.5 billion, a significant drop from its past value during its merger with Time Warner in 2001.
While many focus on fast-growing AI companies, Bending Spoons targets familiar but aging tech names like Evernote, WeTransfer, Brightcove, and Eventbrite. The company plans to raise as much as $1.62 billion through an IPO. This move is contrary to the current industry focus, as AI companies are expected to lead with high valuations, demonstrated by SpaceX’s recent $1.77 trillion listing and the anticipation for companies like Anthropic and OpenAI.
Bending Spoons employs a unique strategy. It quickly reduces staff from acquired companies, increases service prices, and relies on its engineers, based in Milan, to enhance the old products, catalyzing growth. According to Luca Ferrari, the CEO, Bending Spoons aims to merge elements of a private equity firm with tech giants like Google.
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