Private Equity Hipsters Are Coming for Your Favorite Apps

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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