AOL has made its return to the public eye through its parent company, Bending Spoons. This Italian firm, known for its strategic acquisitions of beloved but struggling internet brands, debuted on the Nasdaq today with a valuation exceeding $18 billion, witnessing a remarkable 40% increase in stock value by the end of trading.
Based in Milan, Bending Spoons has utilized private equity tactics to acquire various companies, including Meetup, Eventbrite, Vimeo, and WeTransfer. Unlike typical buy-and-flip practices, the company aims to enhance these brands with technology and maintain ownership.
Matteo Danieli, co-founder and chief product officer, stated his vision for the company, saying, “We aspire to be operators who revive cherished brands and improve them significantly.”
However, the company’s approach has faced scrutiny over the years, particularly concerning workforce reductions. Nevertheless, Bending Spoons has managed to boost revenue, partly due to advancements in AI. “In the last 18 months, we’ve experienced a remarkable acceleration in our ability to develop new features and enhance user value,” Danieli said.
Amidst growing investor interest in AI, Bending Spoons has made a compelling case for its business model. Its initial public offering documentation features a section titled “AI before it was trendy,” referring to its foundational work.
Before establishing Bending Spoons, the founders had a venture called Evertale, which aimed to create an automatic life diary using what was then known as machine learning. Although it failed, the experience provided valuable insights for the current leadership team, which includes Danieli, Luca Ferrari, Francesco Patarnello, and Luca Querella.
Danieli reflected on lessons learned, observing that success doesn’t always correlate with entrepreneurial talent, especially in the initial stages. He emphasized that chance plays a significant role in startup growth, prompting them to develop strategies that mitigate this unpredictability.
This philosophy is echoed in the company’s filings, where they state that while luck influences product-market fit, operational excellence remains unaffected by it.
Their approach also extends to product pricing. “We leverage advanced data analytics and a comprehensive experimentation toolkit,” Danieli noted. This strategy allows for the occasional release of more complimentary features to encourage user growth, but it has also resulted in price hikes, sparking dissatisfaction among long-time subscribers. Still, he claims customer retention has remained impressively consistent.
One acquisition, Evernote, drew particular attention. Danieli expressed pride in this purchase, especially following the AI-rich version 11 update that garnered positive feedback, including praise from Evernote’s co-founder, Phil Libin.
Over time, Bending Spoons secured increasing support, achieving an $11 billion valuation in a recent private equity round prior to its IPO, attracting VIP investors from both tech and entertainment fields. Initially, however, venture capitalists were skeptical of its unconventional strategy, with Danieli recalling numerous dismissive reactions.
This sentiment is reflected in the company’s motto, “Impossible. Maybe.”
A strong focus on talent acquisition also stemmed from lessons learned during the Evertale experience. Co-founder Ferrari dedicated significant time in the early years to establishing a robust company culture and hiring practices, leading to their current strength in talent identification, even among newcomers without notable resumes.
The results speak for themselves; according to their SEC filings, boosted by advancements in AI, revenue per full-time employee increased from $1.12 million in 2023 to $2.57 million in 2025, with a reported figure of $0.97 million in the first quarter of 2026.
Bending Spoons made the unique decision to gather the entire team in New York to celebrate its stock market debut. Danieli noted, “This approach helps us access the necessary liquidity for our acquisition strategy, and we believed it was essential to take a moment to enjoy this achievement with everyone.”
Yet, this celebration is just a brief interlude. Following the festivities, Bending Spoons will resume its acquisition strategy, particularly taking advantage of reduced valuations in the SaaS space, which it has successfully navigated away from, according to Danieli. “For us as buyers looking to grow through acquisitions, this presents a fantastic opportunity to invest.”
