Bending Spoons, Italy's most valuable technology firm, has experienced a roughly 20% decline in its valuation since its Wall Street initial public offering (IPO) earlier this summer. The company's shares initially surged by 40% on its market debut, reaching a valuation of $26 billion, according to the Financial Times.
Founded in 2013 and based in Milan, Bending Spoons has built its business by acquiring and revitalising struggling applications. Its portfolio includes well-known names such as the note-taking app Evernote, ticket-buying site Eventbrite, WeTransfer, Vimeo, and AOL.
The firm's strategy involves purchasing companies with a core of value, such as a brand or customer base, often using debt, before overhauling them and reinvesting earnings into new acquisitions. The Wall Street Journal notes that Bending Spoons operates more like a mid-1900s conglomerate.