Bending Spoons, a prominent Italian tech company, is eyeing a potential initial public offering (IPO) while expanding its acquisition strategy, including its recent purchase of file-sharing service WeTransfer in July. CEO Luca Ferrari, a co-founder of the company since its inception in 2013, stated that while there are no definitive plans for an IPO, the company is preparing for the possibility and considering options beyond Europe.
“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,” Ferrari mentioned in an email to Reuters.
In February, Bending Spoons completed a funding round that valued the company at $2.55 billion, establishing it as a rare unicorn in Italy’s tech landscape. A unicorn is defined as an unlisted company valued at $1 billion or more. Tech companies often consider U.S. listings due to the potential for higher valuations, a move that could pose challenges for the Milan Stock Exchange amid a series of departures from the market.
Ferrari highlighted that limited access to capital and excessive regulation are significant hurdles for companies like Bending Spoons operating in Italy. However, he noted that Milan boasts a strong talent pool with less competition for skilled workers compared to other regions.
“Overall, I still recommend starting and growing a business in Milan. Were I to start over, I’d favour Milan over many cities commonly associated with entrepreneurship,” he remarked.
Bending Spoons, named after a scene in the film The Matrix, operates on a unique business model focused on acquiring and enhancing firms and their products. Ferrari described this approach as a hybrid between a private equity fund and a tech company, emphasizing that while the company adopts the acquisition focus of private equity, it is fundamentally driven by engineering and product development.
The acquisition of WeTransfer involved a significant restructuring, with approximately 75% of the staff facing layoffs. Looking ahead, Ferrari did not rule out further acquisitions this year, revealing that the company has identified around 5,000 potential targets over the past year. However, he acknowledged that only a select few will ultimately be deemed suitable for acquisition.
