Italian technology firm Bending Spoons has emerged as an unconventional private equity player, acquiring struggling tech companies and dramatically restructuring them for profitability, most notably with its purchase of note-taking app Evernote.
The Milan-based company, valued at $2.6 billion, has acquired six companies since 2022, including WeTransfer and Meetup's assets. CEO Luca Ferrari has told investors the company could deploy up to $2 billion for future acquisitions. Bending Spoons typically targets subscription-based software companies with steady cash flow, implementing steep price hikes and significant staff reductions post-acquisition.
At Evernote, the company dismissed over half the workforce and increased annual subscription costs by 63% to $130. The strategy appears to be working. Bending Spoons reports annual sales have surged to $700 million from $162 million in 2022, with Evernote turning profitable earlier this year.

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