Italian tech company Bending Spoons is considering a potential initial public offering (IPO) in the United States, as it continues to expand its portfolio and user base. With a valuation of $2.55 billion and a growing list of acquisitions, the company is positioning itself for future growth in the competitive tech landscape.
Founded in 2013, Bending Spoons has quickly established itself as a significant player in the tech industry, particularly in app development. The company is known for popular services such as the note-taking tool Evernote and the photo editor Remini. With a user base of 200 million monthly users, Bending Spoons is recognized as a unicorn in the Italian tech landscape, a term used for unlisted firms valued at over $1 billion.
While there are no firm plans for an IPO, CEO Luca Ferrari has indicated that the company is preparing for the possibility. He stated, "If and when we choose to pursue an IPO, we'll evaluate all reasonable options. Today, we have a slight preference for a listing in the United States, but our views may change."
The preference for a U.S. listing stems from the potential for higher valuations compared to Europe. This move could pose challenges for the Milan Stock Exchange, which has seen several tech companies opt for listings in the U.S. instead.
Ferrari highlighted several challenges that tech companies face in Italy, including limited access to capital and excessive regulation. Despite these hurdles, he believes that Milan offers a strong talent pool, with less competition for skilled workers compared to other major cities.
"All in all, I still recommend starting and growing a business in Milan. Were I to start over, I'd favor Milan over many of the cities most commonly associated with entrepreneurship," he remarked.
Bending Spoons has adopted a hybrid business model that combines elements of private equity and tech development. The company focuses on acquiring firms and revamping their products, which has been a key part of its growth strategy. Recent acquisitions, including WeTransfer, have involved significant restructuring efforts, with a notable reduction in staff as part of the integration process.
Ferrari described the company's approach as having the focus of a private equity firm while maintaining a strong emphasis on engineering and technology development. "We spend almost all of our time building technologies and products," he stated.
As Bending Spoons continues to explore its options for an IPO and further acquisitions, the company remains committed to its growth strategy. With a strong user base and innovative products, it is well-positioned to make a significant impact in the tech industry, both in Italy and internationally. The potential U.S. listing could mark a new chapter in the company's journey, opening doors to greater opportunities and challenges ahead.
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