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Bending Spoons defies SaaS slump, surges 40% on first day of trading
TechCrunch • • general
Key Points:
- Bending Spoons, a Milan-based company that acquires and revitalizes aging tech brands, saw its shares surge nearly 40% above its $29 IPO price, closing at $40.50 and valuing the company at $25.7 billion.
- The company raised $1.68 billion in its IPO, more than doubling its last private valuation of $11 billion.
- Bending Spoons has turned profitable by acquiring well-known but stagnating brands like AOL, Eventbrite, Evernote, Meetup, and Vimeo, improving them through cost-cutting, new features, and price increases, without plans to sell these businesses.
- Financially, Bending Spoons reported $601 million in Q1 revenue with $27.4 million net income, a major turnaround from a $112 million net loss on $259 million revenue in the same period last year.
- The majority of the company’s revenue (84%) comes from subscriptions, and the IPO has provided a significant financial gain for its five co-founders.
