In a remarkable market debut, Bending Spoons, the Milan-based technology company known for revitalizing legacy tech brands, saw its shares close at $40.50 on Wednesday, nearly 40% above its initial public offering (IPO) price of $29. This surge brings the company’s market capitalization to approximately $25.7 billion, more than doubling its last private valuation of $11 billion. The IPO raised $1.68 billion through the sale of 57.97 million shares.
Founded in 2013, Bending Spoons has built a diverse portfolio by acquiring and transforming aging yet recognizable brands such as AOL, Eventbrite, Evernote, Meetup, and Vimeo. The company’s strategy involves aggressive cost-cutting, introducing new features, and adjusting pricing models to turn these businesses profitable. Unlike traditional private equity firms, Bending Spoons intends to retain these companies long-term rather than selling them off.
The company’s financial performance reflects the success of this approach. In the first quarter of 2026, Bending Spoons reported revenues of $601 million and a net income of $27.4 million. This marks a significant turnaround from the same period in the previous year, which saw a net loss of $112 million on revenues of $259 million. Subscription services have been a major revenue driver, accounting for 84% of the company’s business in the past year.
Prior to the IPO, investment firm Baillie Gifford was the largest external shareholder, with other notable investors including Renaissance Partners, Cox Enterprises, Durable Capital Partners, Fidelity, and T. Rowe Price. The successful public offering also represents a substantial financial gain for Bending Spoons’ five co-founders: Luca Ferrari, Francesco Patarnello, Matteo Danieli, Luca Querella, and Tomasz Greber.
Bending Spoons’ approach aligns with a growing trend among investors who acquire, rehabilitate, and retain underperforming software firms, often referred to as “venture zombie” companies. Other firms employing similar strategies include Constellation Software, Curious, Tiny, SaaS.group, Arising Ventures, and Calm Capital.
The company’s impressive market debut comes at a time when traditional Software as a Service (SaaS) companies have faced investor skepticism due to concerns that AI-driven software could disrupt existing business models. Bending Spoons’ success suggests that a strategic focus on revitalizing established brands can yield significant returns, even amid broader market uncertainties.
Looking ahead, Bending Spoons’ ability to sustain growth will depend on its continued effectiveness in transforming acquired companies and maintaining profitability. The firm’s commitment to long-term ownership and operational improvement sets it apart in the tech industry, offering a unique model for success in a rapidly evolving market.
