The Italian Tech Acquirer Backed by Buffett’s Empire
In a rapidly evolving tech landscape, where the artificial intelligence boom is reshaping fortunes, an unexpected player from Italy has emerged as a formidable force: Bending Spoons. This Milan-based holding company is making aggressive moves to acquire once high-flying, now ‘out-of-favor’ software companies, and its strategy has just received a monumental vote of confidence from none other than Warren Buffett’s Berkshire Hathaway.
Berkshire Hathaway, which Bending Spoons reveres as a “longstanding inspiration,” has significantly bolstered its investment, pouring over $900 million into the firm, including a recent $330 million stake. This endorsement sent Bending Spoons’ stock soaring by 41% on Wall Street, momentarily pushing its market capitalization to approximately $30 billion, signaling a powerful belief in its unique consolidation model.
Navigating the ‘SaaSpocalypse’: A New Era for Software
AI’s Disruptive Force and the SaaS Downturn
The rise of powerful AI agents, fueled by large language models from titans like Anthropic and OpenAI, is fundamentally altering the technology industry. This shift has led to what some are calling the “SaaSpocalypse,” a period where traditional Software-as-a-Service (SaaS) companies find their products and business models challenged. Many once-darling private SaaS firms are now struggling to secure capital, and public market darlings like Intuit, HubSpot, and Adobe have seen their shares tumble by at least 30% this year.
As veteran software investor Ethan Kurzweil aptly puts it, in this new environment, “You’re either like a hot thing or you’re nothing.” Companies that aren’t at the cutting edge of AI are finding themselves increasingly marginalized, creating a fertile ground for strategic acquisitions.
Bending Spoons’ Contrarian Playbook
Bending Spoons is capitalizing on this market dislocation. Since its Nasdaq debut, the company has swiftly moved to snap up undervalued assets. Notable acquisitions include workflow software provider Airtable for about $1.3 billion (nearly 90% below its 2021 peak valuation) and collaboration software vendor Miro for $1.36 billion (once valued at $17.5 billion). These deals highlight a clear strategy: acquire established but struggling software names at steep discounts.
Unlike traditional private equity firms such as Thoma Bravo and Vista Equity Partners, which often seek to buy, optimize, and then exit their investments, Bending Spoons adopts a different philosophy. Inspired by the Berkshire Hathaway model, it aims to generate long-term profits from the businesses it acquires, focusing on operational efficiency and sustainable growth rather than quick flips. However, this hands-on approach often comes with a tough reality: significant job cuts, as seen at Airtable, Evernote, Vimeo, and WeTransfer post-acquisition.
The Genesis of an Unlikely Acquirer
Bending Spoons’ journey began in 2013, founded by friends Luca Ferrari (CEO), Matteo Danieli, and Francesco Patarnello. After a mobile app called Evertale failed to gain traction, the founders pivoted. With just $40,000 remaining, they decided to build an operating company focused on acquiring and improving existing products, rather than creating “products nobody wanted.”
The company has accelerated its acquisition spree in recent years, starting with Evernote in 2022, followed by Brightcove in 2024, and then Vimeo, AOL, and Eventbrite in 2025. Its initial public offering in July, which raised approximately $1.7 billion, further fueled its ambitious growth plans.
A New Model for Tech Consolidation
Bending Spoons represents a fascinating and potentially disruptive model in the technology sector. By strategically acquiring undervalued software assets and applying a long-term, profit-focused operational strategy, it is carving out a unique niche. With the powerful backing of Berkshire Hathaway, Bending Spoons is not just surviving the ‘SaaSpocalypse’ – it’s building an empire from its remnants, signaling a significant shift in how tech value is perceived and consolidated in the AI age.
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