Bending Spoons, an Italian startup, continues its build-up strategy through targeted acquisitions by purchasing Brightcove for $233 million (approximately €220 million). This American company, specializing in video content monetization and marketing, will be delisted after the transaction. This model, already applied to WeTransfer, Evernote, and Meetup, reflects Bending Spoons’ structured approach: acquiring struggling companies to integrate and revive them.
A hybrid model between Private Equity and tech
Bending Spoons stands out with a strategy akin to Private Equity funds. It targets companies with declining valuations or organizational challenges, such as Brightcove, recently valued at $72 million. Unlike traditional funds, Bending Spoons retains and directly operates the acquired assets. The company restructures, streamlines costs, and unlocks long-term potential. Post-acquisition layoffs, already seen with Filmic, Meetup, and Evernote, underline this reorganization strategy.
A coherent build-up for a strategic portfolio
Bending Spoons’ acquisitions follow a clear objective: diversifying revenue streams while creating synergies across its assets. Brightcove strengthens video expertise, WeTransfer and Meetup enhance collaborative services, and Evernote contributes to productivity.
A build-up not without challenges
The operational challenges are significant: restructurings, necessary to optimize costs, inevitably impact the corporate culture of acquired companies—if any remains, given some are in highly deteriorated states. Moreover, managing such a heterogeneous portfolio requires operational expertise across multiple sectors. This, however, seems to pose no issue for Bending Spoons’ founders, Luca Ferrari and Federico Simionato.
A model build-up
Bending Spoons represents an original model in the European tech ecosystem. In contrast to scale-ups focused on organic growth, it relies on an acquisition strategy that could inspire other European players seeking to compete with American or international giants.
