Italy-based Bending Spoons, owner of apps like Evernote and Meetup, announced Wednesday its acquisition of file transfer service WeTransfer, though the terms and valuation of the deal were not disclosed
According to Alexandar Vassilev, CEO of WeTransfer, the platform’s development over the past decade has yielded 600,000 subscribers and 80 million monthly active users.
“Our success has been significantly influenced by cultivating creative communities and amplifying their voices.”
Vassilev stated, “We are confident that this milestone will complement both businesses, supercharge our growth, and help us create even more value for creative industries, as some of Bending Spoons’ most successful products are tools that serve creativity.”
In 2015, Highland Capital Partners Europe provided the Dutch company $25 million to expand its operations. In 2019, the company secured €35 million in a Series B round from HPE Growth, a European growth equity firm.
Highland Europe provided substantial support through secondary sales. At one point, the venture also contemplated going public; however, it ultimately abandoned its plans due to market volatility.
“WeTransfer is a highly esteemed brand in the creative and technology sectors.” “We are eager to assume ownership of the brand and business, and we are deeply committed to ensuring their continued success for years to come,” stated Luca Ferrari, CEO of Bending Spoons.
Bending Spoons has announced that it will maintain its commitment to donating 30% of WeTransfer’s advertising space to support editorial content and campaigns.
WeTransfer implemented a new feature earlier this year that enables creators to sell digital files directly on its platform. This feature is compatible with over 100 currencies.
What implications does this have for WeTransfer?
Bending Spoons typically transform the business models of the companies it acquires. For example, in November 2023, Evernote limited the number of notes saved under its free plan to 50.
Currently, the Pro plan of WeTransfer is priced at $10 per month and offers 1TB of storage and the capacity to transmit and receive files of up to 200GB.
A premium plan with no restrictions is also available for $19 monthly. This could potentially evolve under Bending Spoons’ leadership.
The company, headquartered in Italy, also frequently terminates employees from the companies it acquires. Evernote terminated 129 employees in February 2023.
Bending Spoons terminated all employees of Filmic, a prominent photo and video editing application it acquired in 2022, in December 2023.
Bending Spoons declined to respond immediately regarding its intentions to modify its pricing or implement reductions in connection with WeTransfer.
Bending Spoons secured $155 million in equity financing from Durable Capital Partners and its existing investors, which include Baillie Gifford, Cox Enterprises, NB Renaissance, NUO Capital, and StarTIP (controlled by Tamburi Investment Partners), earlier this year.
