"WeTransfer Collaboration with Bending Spoons: Italian Software Giants Unite"

02 Aug, 2024

"WeTransfer Collaboration with Bending Spoons: Italian Software Giants Unite"

Italian mobile app developer Bending Spoons SpA has acquired Dutch file-sharing service WeTransfer. The deal, finalized on Wednesday, marks a significant move for the Milan-based Bending Spoons, which has recently expanded its portfolio through several software acquisitions. Bending Spoons, valued at $2.6 billion following a February financing round, previously acquired Evernote in 2022. Despite pursuing Vimeo Inc., Bending Spoons dropped the bid due to price disagreements.

WeTransfer, established in 2009, had aimed for an initial public offering in Amsterdam with a valuation of up to €716 million ($776 million) but withdrew in early 2022 due to unfavorable market conditions. The service boasts 600,000 subscribers and 80 million monthly active users, favored by artists and filmmakers for transferring large files online. CEO Alexandar Vassilev reported a 25% sales increase last year, reaching €132 million, with over half from advertising and the rest from subscriptions.

Bending Spoons also owns Remini, an AI-powered photo and video editing app. CEO Luca Ferrari noted that Bending Spoons now generates over $600 million in revenue before including WeTransfer’s figures. The company plans to invest $3 million in WeTransfer’s artist support foundation over the next two years but has not disclosed how many employees will be retained.