The Ledger
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O'Driscoll: Bending Spoons grows via price hikes and cost cuts, not users
“When you read the S one, you realize they don't get organic growth. They don't get new users. They have raised prices, cut costs, and suddenly that's being valued at You know, eight, nine, 10 times revenue”
Evernote's 2023 price hike caused its largest subscription churn event
“The thing we did on Evernote that produced the biggest churn was when we raised prices in 23, which is something that we thoroughly analyzed, and we ultimately made the decision to do it nonetheless.”
Evernote's headcount dropped from hundreds to under 100 after Bending Spoons acquisition
“Evernote was a few hundred people and now it's less than a hundred.”
Bending Spoons pays identical salaries regardless of an employee's geographic location
“Currently we have the same salaries regardless of where you are.”
No shareholders in Bending Spoons have liquidation preferences
“All our share owners, myself, our institutional investors, our colleagues who got equity through their working at the company, nobody has any liquidation preferences, so we're all on equal terms economically.”
Lemkin: Bending Spoons raised Evernote's average subscription price from $75 to $250
“If they can do what they did with Evernote, which is raise the pricing from 75 to 250 dollars a year on average, right?”
Lemkin: Bending Spoons reaccelerated Evernote growth with 20% of staff
“Evernote reaccelerate, Evernote was dead and they reaccelerated the growth of Evernote, right? With a fifth of the employees.”
Bending Spoons monetizes WeTransfer by paywalling expired file recovery
“On WeTransfer, we built a feature that allows you to recover expired transfers, which wasn't available before. We noticed that many people were hitting this page where basically would tell you the transfer has expired. You cannot download anymore because of co…”
Stebbings: Airtable acquired by Bending Spoons for $1.285B at $485M ARR
“The company was doing four hundred and eighty five million ARR, growing 20% year on year, ultimately at a 1.285 billion dollar acquisition price.”
Stebbings: Bending Spoons filing US IPO at $20B valuation
“Evernote, Vimeo, WeTransfer, AOL, Eventbrite, a very massively executed roll-up strategy, a 1,000,000,003 in revenue, and they're filing to go public at twenty billion dollars on in the US from Italy.”
Bending Spoons will announce Evernote V-Eleven with new AI features next week
“Next week, we are announcing Evernote V-Eleven, and it's going to be a significant change compared to what Evernote is today. It's mostly a reflection of all the work that went through in the last three years, but it's also containing three advanced AI feature…”
Stebbings: Bending Spoons acquired Vimeo for $1.38 billion
“The European, the Italian buying the public American company for 1.38 billion dollars.”
Bending Spoons raised roughly $200M in equity over the past 10 months
“Now, more recently, we have raised more equity roughly two hundred million dollars over the past 10 months.”
Bending Spoons acquires growing, flat, or declining assets, not just distressed
“By the way, we don't acquire I don't necessarily acquire distressed assets. I know that people, some people have characterized it that way after Evernote, because Evernote, some people thought would qualify as such, but we have acquired a lot of products that …”
Bending Spoons made Evernote offline note access free for all users
“Offline is a big one, like offline availability of notes and notebooks used to be a premium feature and now it's free.”
Stebbings: Bending Spoons acquired Eventbrite for $500 million
“Just this week, they acquired Eventbrite for five hundred million dollars.”
Stebbings: Bending Spoons acquired Vimeo for $1 billion
“Last month, they acquired Vimeo for a billion dollars.”