The Italian entity Bending Spoons, proprietor of applications like Evernote and Meetup, announced its acquisition of the file-sharing service WeTransfer today. Details regarding the financial aspects and valuation of the acquisition have not been disclosed by the involved parties.
WeTransfer’s CEO, Alexandar Vassilev, detailed that the platform has seen considerable growth over the past decade, amassing 600,000 subscribers and boasting 80 million monthly active users.
“The fostering of creative communities and the elevation of their stories have been fundamental to our growth. Many of Bending Spoons’ prominent products are designed to support creativity. This alignment assures us that this new chapter will augment both entities, propel our expansion, and further our efforts to deliver greater value to the wide creative sectors,” stated Vassilev.
Previously, the Netherlands-based firm secured $25 million from Highland Capital Partners in 2015 aiming to widen its reach. In 2019, WeTransfer raised €35 million in a series B funding round led by HPE Growth, a European equity firm, complemented by notable secondary sales through Highland Europe. Although the startup contemplated an IPO, it eventually retracted its plans due to market volatility, as indicated by available sources and reports.
“We are thrilled to take WeTransfer under our wing. It commands immense respect within technology and creative domains. We are committed to nurturing its growth and preserving its legacy for the foreseeable future,” expressed Luca Ferrari, CEO of Bending Spoons.
Bending Spoons also made clear its intention to maintain WeTransfer’s policy of dedicating 30% of its advertising space for philanthropic initiatives and editorial content.
In a move to empower creators even further, WeTransfer recently introduced a feature that allows the sale of digital files directly through its service, supporting over 100 different currencies.
Implications for WeTransfer
Bending Spoon has a history of revamping the business models of its acquisitions. For instance, in November 2023, Evernote introduced restrictions, limiting its free plan to 50 notes. Currently, WeTransfer offers a Pro plan at $10 a month, featuring 1TB storage and up to 200GB file transfer capacity. They also offer a $19 monthly premium plan with unlimited capabilities. These offerings could potentially see transformation under Bending Spoons’ governance.
Furthermore, Bending Spoons is known to restructure the workforce of its acquisitions, having laid off 129 employees from Evernote in February 2023 and later in December, it dismissed the entire team of Filmic, a well-regarded photo and video editing application it purchased in 2022.
Bending Spoons has yet to unveil any plans regarding adjustments in WeTransfer’s pricing strategy or workforce management.
Earlier this year, Bending Spoons secured a significant $155 million in equity financing from Durable Capital Partners, in addition to funding from long-standing backers such as Baillie Gifford, Cox Enterprises, NB Renaissance, NUO Capital, and StarTIP (a venture by Tamburi Investment Partners).
Compiled by Techarena.au.
Fanpage: TechArena.au
Watch more about AI – Artificial Intelligence
