Bending Spoons: 50+ acquisitions in 13 years, $23.8B market cap, never sold one
SucceededMind · x · 2026-09-14
A filings-based deep dive into Bending Spoons (Nasdaq: BSP, $23.8B market cap) breaks down its buy-transform-hold model:
- TTM revenue $2.04B, 3-year CAGR 84%, but organic growth only 3%
- 50+ acquisitions in 13 years (Evernote, Vimeo, AOL, WeTransfer, Eventbrite, Miro), none ever sold
- Post-acquisition headcount cuts of 80%+ (1,830 down to a few hundred); revenue per employee $930K
- Evernote net revenue retention of 99%; AOL bought at a 4.4× operating-profit multiple
- Leverage 2.2× covenant / 5.2× accounting; net margin 0.86%; 318.5M shares unlock Nov 2026
The playbook: an in-house AI platform slashes costs and squeezes monetisation from ageing digital assets with loyal users, held forever on cash flow.
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