How Does Bending Spoons Improve the Companies It Buys?

Luca Ferrari says Bending Spoons buys technology companies where it sees a chance to make them much more successful, then puts them on one platform with the same foundational technology and the same core team. The aim is to make each business more cash generative on a 10-year view. If that works, the extra earnings are levered up to buy larger companies, and the loop repeats.

The better-known deals he names are Airtable, AOL, Vimeo, Eventbrite, Komoot, and WeTransfer. The count is more than 50 acquisitions, and maybe 60. Anish Acharya quotes Mark Andreessen's line that there is no such thing as equities, only a bond that throws off cash or an option that may never pay. Luca calls that a bit click-baity and directionally true. Companies have reaccelerated after a plateau, and the statement is too simple to be the whole story.