Bending Spoons, the Italian software group that owns Vimeo, WeTransfer, and Evernote, experienced a significant surge in its Nasdaq debut, with shares opening at $40.60, a 40% increase from its IPO price. The company had priced its initial public offering (IPO) above the marketed range, selling 57.97 million shares at $29 each, raising $1.68 billion. This strong performance, which valued the company at roughly $18.4 billion, indicates robust demand for one of Europe's largest listings this year.
The Milan-based company operates by acquiring established but underperforming digital products, such as Vimeo, Eventbrite, Brightcove, and Meetup, and then cutting costs and applying its in-house engineering expertise to scale them. This strategy, described as a hybrid between a private equity firm and a technology company, has led to substantial growth, with revenues increasing from $387 million in 2023 to $671 million in 2024, and $1.31 billion in 2025. The company reported a compound annual growth rate of approximately 84% between 2023 and 2025.
The successful IPO provides Bending Spoons with significant capital for future acquisitions, which is crucial for its roll-up strategy. The company has identified over 1,000 potential acquisition targets. Early investors, including Baillie Gifford, also achieved a liquidity event. The debut is seen as a key indicator for the European tech sector and investor appetite for software companies, especially as the industry navigates potential disruption from artificial intelligence. Bending Spoons' model involves not selling acquired businesses, but rather integrating and optimizing them, often followed by significant restructuring and job cuts, a strategy that has drawn some criticism from former employees.
Goldman Sachs Group, JPMorgan Chase, and Allen & Co were the lead underwriters for the IPO. The company's ticker symbol on the Nasdaq Global Select Market is "BSP".
