Bending Spoons, an Italian holding company that recently debuted on Nasdaq, has secured a major endorsement from Berkshire Hathaway, which invested over $900 million in the firm, including a newly disclosed $330 million stake. This investment validates Bending Spoons' strategy of acquiring distressed software companies displaced by the artificial intelligence boom, often referred to as the "SaaSpocalypse." Following the announcement, Bending Spoons' stock surged 41%, bringing its market capitalization to approximately $30 billion.
The company’s acquisition model differs significantly from traditional private equity firms like Thoma Bravo or Vista Equity Partners. Instead of seeking eventual exits, Bending Spoons aims to generate long-term profits through operational improvements and product changes, mirroring Warren Buffett’s approach but with a hands-on technological focus. Recent deals include the purchase of Airtable for about $1.3 billion—nearly 90% below its peak valuation—and Miro for $1.36 billion, down from a previous valuation of $17.5 billion. These acquisitions have been accompanied by significant workforce reductions, with Bending Spoons stating that a large portion of Airtable’s pre-acquisition team would leave with separation packages.
Bending Spoons’ rise coincides with a broader industry shift where AI agents are displacing traditional software-as-a-service (SaaS) products. Public SaaS stocks such as Intuit, HubSpot, and Adobe have declined at least 30% this year, while many private venture-backed SaaS firms struggle to find capital. The company, founded in 2013 by Luca Ferrari, Matteo Danieli, and Francesco Patarnello, previously acquired Evernote, Brightcove, Vimeo, AOL, and Eventbrite. In its first public earnings report, Bending Spoons noted revenue more than doubled to over $700 million, driven largely by acquisitions, with net income rising 171% to $177 million.
Berkshire Hathaway’s substantial investment in Bending Spoons signals institutional confidence in a contrarian strategy: acquiring undervalued legacy software assets during a period of rapid AI-driven disruption. Unlike traditional private equity, which often relies on financial engineering and exit strategies, Bending Spoons employs deep operational integration and aggressive cost restructuring to extract value from these targets. This approach has created a new dynamic in the tech M&A landscape, where former high-growth startups are sold at steep discounts due to perceived obsolescence in the face of generative AI capabilities.
However, this model carries inherent risks regarding customer retention and brand integrity. The strategy involves raising prices and reducing headcount, tactics that can alienate user bases if not managed carefully. While switching costs currently protect some portfolio companies like Evernote, the long-term viability of this playbook depends on whether customers remain willing to pay premium prices for legacy tools when AI-native alternatives are emerging. The success of Bending Spoons will likely be measured by its ability to sustain profitability across its expanding portfolio without triggering mass churn, a challenge that remains unproven despite recent financial gains.
