Bending Spoons Bets on Software Revival with Berkshire Hathaway Backing

At its Nasdaq debut in July, Bending Spoons was a relatively unknown Italian holding company with a portfolio that included legacy internet brands like AOL, Vimeo, Eventbrite, and Evernote. Less than four months later, the Milan-based firm has transformed into a magnet for once-promising software startups caught in the AI-driven market downturn—bolstered by a major investment from one of the world’s most iconic investors.

Berkshire Hathaway, which Bending Spoons calls a “longstanding inspiration,” has committed over $900 million to the company, including a $330 million stake recently disclosed. Investors welcomed the news, driving shares up 41%, though part of those gains softened later in the week. The company now carries a market valuation of roughly $30 billion.

“Berkshire’s decision to increase its stake so soon after the IPO sends a strong signal of confidence in Bending Spoons’ approach,” noted analysts at Mizuho in a client note following the announcement.

However, Bending Spoons’ aggressive acquisition strategy comes with a stark reality for employees. In August, the company agreed to acquire workflow platform Airtable for approximately $1.3 billion—a fraction of its previous peak valuation of over $11 billion in 2021. A spokesperson confirmed that most of Airtable’s pre-deal staff will depart, receiving generous severance packages. Similar layoffs have occurred across other holdings, including Evernote, Vimeo, and WeTransfer.

This trend reflects broader shifts in the tech landscape, where generative AI is reshaping demand for traditional software tools. As companies like Anthropic and OpenAI approach trillion-dollar valuations, many software-as-a-service firms face declining investor interest and shrinking IPO opportunities. Shares of major players such as Intuit, HubSpot, and Adobe have dropped over 30% this year, while private SaaS unicorns struggle to secure funding.

“It’s either ‘hot’ or you’re irrelevant,” said Ethan Kurzweil, founder of Chemistry VC. “Even solid teams behind good products aren’t considered cutting-edge anymore.”

From Product Maker to Acquisition Machine

Founded in 2013 by Luca Ferrari, Matteo Danieli, and Francesco Patarnello, Bending Spoons began after their first app, Evertale, failed to gain traction. With just $40,000 remaining, they pivoted toward building an operational holding model rather than launching new products.

The firm has since executed several high-profile acquisitions, starting with Evernote in 2022, followed by Brightcove in 2024, and Vimeo, AOL, and Eventbrite in 2025. Its initial public offering took place on June 30, raising about $1.7 billion at $29 per share. Shares closed at $47.07 by Friday.

In contrast to private equity giants like Thoma Bravo and Vista Equity Partners—who typically seek eventual exits—Bending Spoons aims to hold and grow its portfolio companies for steady returns, mirroring Warren Buffett’s approach at Berkshire Hathaway. However, it distinguishes itself through deep operational involvement in each acquired firm.

“They’re willing to make real changes—not just cost-cutting but meaningful product evolution,” explained Lloyd Walmsley, an analyst at Mizuho. “That’s not something you often see from traditional PE firms.” He added that industry insiders now refer to getting acquired by Bending Spoons as being “Bending Spooned,” especially when deals close at steep discounts.

For customers, rapid transformations sometimes mean higher prices. After acquiring Evernote, Bending Spoons raised individual subscriptions from $70 to $130 annually. It also restructured tiers, introducing a $100 starter plan and a $250 premium option called Evernote Advanced.

“Switching isn’t easy, even if prices rise,” Walmsley admitted. “When you’re embedded in a tool, the cost of moving usually outweighs the savings.”

Bending Spoons funds growth primarily through internal cash flow generated by its diverse portfolio. CEO Ferrari told CNBC that short-term gains come from optimizing acquired businesses, while long-term value stems from sustainable performance within each sector.

Still, challenges remain. Maintaining customer loyalty amid rising costs and evolving AI tools will be key to proving the viability of Bending Spoons’ revival model—particularly as Wall Street watches closely.

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