Bending Spoons: 50+ Acquisitions and the $1.38B Vimeo Deal Behind the AI-Driven Roll-Up Machine
pdamodaran · x · 2026-10-03
DalalBytes published a strategy deep-dive on Nasdaq-listed Bending Spoons (BSP), decoding its acquisition-machine playbook:
- Core template: buy digital businesses with proven product-market fit, rebuild them on a centralized AI-driven operating platform, raise prices on sticky installed bases, and hold forever. Founders' doctrine: "luck finds fit, skill operates it — buy the fit and apply the skill."
- Scale: 50+ acquisitions, from a small 2018 Splice tuck-in (part of an 8.7M euro vintage) to the $1.38B Vimeo takeover.
- Consumer proof: Evernote grew revenue +30% with 48% fewer users.
- Open question: whether the playbook survives enterprise procurement, where the 2026 deals (Airtable, Miro, Vimeo, Brightcove) now live.
A companion investment report rates BSP 65/100 (Selective Positive); this piece covers the founders' words, every major deal, and the connecting strategy.
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