alt Hacker NewsWhat is Bending Spoons? The little-known AOL and Vimeo owner that's now public
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Is it not just a private equity fund masquerading as a tech firm?
Whatever they are, they let Evernote devolve into a buggy pile of crap -- especially on Android. I migrated to Joplin, stopped paying for my obscenely expensive plan ($$$ per year) and haven't looked back.
I'm a bit salty due to what they've done to the Komoot team. Komoot was (and still is) a great app for planing your outdoor activities.
After acquiring Komoot, they fired everybody. Watching their goodbye video is a bit heartbreaking: https://www.youtube.com/watch?v=qLJkK4Wn1HI
This is the Prospectus they used for the IPO which goes into all the details about them
https://bendingspoons.com/documents/financials/2026/Bending%...
I was reading a bit about their story, it feels like they managed to succeed by turning overly funded (and by then devalued) software products and restructuring them for long term profitability as they are not bounded to the classic 10 year time horizon of private funds. Wondering if we will see more plays like this as alternatives to traditional private equity and as fallback option for VC backed companies that bursted.
Very off topic - Just 2 days of for fun I tried to login to AOL.com with my username and PW from 1995. (Same username as on HN in fact)
It worked! That is one hell of a series of good DB migrations.
Sadly I was immediately forced to change my password. Still, 31 years is a good run for a password.
Related:
Italy's Bending Spoons, owner of AOL and Vimeo, files for Nasdaq IPO
https://news.ycombinator.com/item?id=48446310
Weird Italian loveletter about the IPO:
Bending Spoons just went public: Italy won the World Cup
https://news.ycombinator.com/item?id=48773549
Some history from only the past year in discussions:
Bending Spoons acquires Vimeo for $1.38B
https://news.ycombinator.com/item?id=45197302
AOL to be sold to Bending Spoons for $1.5B
https://news.ycombinator.com/item?id=45749161
Bending Spoons Acquires Eventbrite
https://news.ycombinator.com/item?id=46124673
Tell HN: Bending Spoons laid off almost everybody at Vimeo yesterday
Whenever I see Vimeo in a headline, it reminds me of my lack of foresight. In college, the creator of Vimeo was in my friend group. I went to his on-campus apartment to pick him up for a party once. He showed me this "video sharing website" that he was working on. Its title was an anagram of "movie." This was in 1999. Digitized video was barely a thing. I looked at it, didn't understand how it would be useful, and assumed it was another one of his eccentric creative outlets that would go nowhere. A few years later, he was a multimillionaire and I was not.
Remarkably on-brand, named after the signature trick of a well-known charlatan.
Down 13% in the last 5 days.
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Bending Spoons is a company that acquires SaaS companies/products that are not growing or losing users but have a well-known brand and customers who stick around.
The execs at Bending Spoon buy these SaaS services on the cheap, cut costs, jack up prices, and milk remaining users for as much cash as possible for as long as possible.
Rinse and repeat. The goal is to generate the highest possible rate of return on invested capital in a law-abiding manner.