Italian Firm Bending Spoons Thrives by Reviving Forgotten Internet Brands

Bending Spoons, an Italian software company, has built a multi-billion-dollar enterprise by acquiring and revitalizing digital brands that were once prominent but have since faded from public attention. The company recently made its debut on the Nasdaq stock market, raising $1.68 billion and achieving a valuation of approximately $18.4 billion, marking one of Europe's largest technology listings in recent years.

Milan-based Bending Spoons has focused on acquiring internet names such as AOL, Evernote, Vimeo, WeTransfer, Meetup, Brightcove, and Eventbrite, which once defined significant eras of the web. The company's strategy involves rebuilding the software, cutting costs, and aiming to revive these businesses.

For many Americans, AOL remains a surprising survivor among these acquired brands. Although its iconic dial-up internet service ceased operations last year, AOL continues to attract around 30 million monthly users through advertising, cybersecurity subscriptions, and tech support services. Bending Spoons acquired AOL earlier this year for $1.5 billion.

Chief Executive Luca Ferrari described the company's approach as a hybrid between a private equity firm and Google, stating that Bending Spoons is focused on building technologies and products. Unlike traditional investment firms that may seek to sell businesses after a period, Ferrari indicated that Bending Spoons intends to retain the companies it acquires, noting, "If someone wants to see nothing change, we're not a good buyer."

This approach has led to Bending Spoons being described as a technology "scrap yard" for aging internet brands. Instead of pursuing the latest artificial intelligence startups, the company seeks out older applications and websites with established user bases that have ceased growing. The company then reworks the software and implements cost-saving measures to foster revival.

The strategy has not been without controversy. Following its acquisition of Evernote, Bending Spoons implemented significant price increases for subscriptions and reduced its workforce. Similar restructuring measures were observed after the acquisitions of Vimeo, WeTransfer, and other platforms, drawing criticism from former employees.

Despite these criticisms, the company's financial performance indicates the model's success. In 2025, Bending Spoons generated $1.3 billion in revenue. The company reports that nearly half of its subscription income comes from customers who have remained with its products for over five years. Bending Spoons currently owns more than 50 software products and has identified over 1,000 potential acquisition targets.

Joe Hyrkin, who sold the digital publishing platform Issuu to Bending Spoons, believes that many of these older technology companies still possess untapped potential, stating, "These are not walking dead companies. They are simply no longer of interest to venture capital investors."

The company's name, inspired by a scene in the film