Italian software business Bending Spoons has built a multi-billion-dollar empire by acquiring and reviving some of the internet's most forgotten brands, such as AOL, Evernote, and Vimeo. The company's unique strategy and recent $1.68 billion Nasdaq IPO have made it one of Europe's biggest technology listings in recent years.
Remember the distinctive dial-up tone of logging into AOL? Or perhaps you once relied on Evernote to organize your life or Eventbrite for event RSVPs?
You might assume these once-popular internet brands have faded into obscurity, but they're still generating billions for an unlikely company: Bending Spoons. This Italian software business has quietly amassed a multi-billion-dollar empire by acquiring and reviving some of the internet's most forgotten brands. Now, Bending Spoons is stepping into the limelight after raising $1.68 billion in a Nasdaq IPO, valuing the company at around $18.4 billion.
Its portfolio includes AOL, Evernote, Vimeo, WeTransfer, Meetup, Brightcove, and Eventbrite - companies that once defined different eras of the web. AOL, for instance, still attracts around 30 million monthly users through various digital services, despite its dial-up internet service shutting down last year. Bending Spoons bought AOL earlier this year for $1.5 billion.
The company's strategy, as described by CEO Luca Ferrari, is to be a hybrid between a private equity firm and Google, focusing on building technologies and products rather than selling businesses. Unlike traditional investment firms, Bending Spoons aims to keep its acquisitions, transforming them into profitable entities. This approach has led to comparisons with a technology 'scrap yard' for aging internet brands.
The company searches for older apps and websites with loyal user bases but stagnant growth, then rebuilds and optimizes their software. This strategy hasn't been without controversy, with price increases and job cuts following some acquisitions.
However, Bending Spoons' financial results suggest the model is working. In 2025, the company generated $1.3 billion in revenue, with nearly half of its subscription income coming from long-term customers. Bending Spoons now owns over 50 software products and has identified more than 1,000 additional acquisition targets. While Silicon Valley pursues the next big thing in AI, Bending Spoons is betting that yesterday's internet giants still have life left in them. Wall Street seems to agree, judging by the company's blockbuster IPO
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