AOL Returns to Wall Street as Bending Spoons Targets $1.6B IPO | citybiz

The iconic internet pioneer joins Vimeo, WeTransfer, Evernote and Eventbrite in the Milan-based software company’s public market debut. Milan-based Bending Spoons is preparing to raise up to $1.6 billion in an initial public offering, with pricing and trading expected next week. The company has built its business by acquiring well-known but underperforming software and digital media brands, including Vimeo, WeTransfer, Evernote, Eventbrite and, most recently, AOL. Founded in 2013, Bending Spoons has pursued a digital roll-up strategy centered on acquiring mature software businesses and improving their performance through product optimization, subscription-based monetization, artificial intelligence and data-driven operations. The IPO will also mark AOL’s return to the public markets as part of Bending Spoons’ portfolio. AOL’s roots date to 1983, when it was founded as Control Video Corp. After reorganizing as Quantum Computer Services, the company launched Quantum Link, an online service for Commodore computers. In 1989, the service was renamed America Online, or AOL, and focused on making online access simple for mainstream consumers rather than just technology enthusiasts. Throughout the 1990s, AOL became synonymous with the consumer internet. Its aggressive distribution of free trial CDs, dial-up internet service, email platform, chat rooms and AOL Instant Messenger helped introduce millions of households to life online. By 2000, AOL had more
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