Bending Spoons Paid $3.3 Billion For AOL, Vimeo And Eventbrite. Its Pro Forma 2025 Profit …

Telekinesis getty The Nasdaq debut got a nostalgia headline. The prospectus raises the harder question: whether the acquisition math works once the restructuring, R&D and debt are put back into the story. The acquisition math behind the nostalgia headline Bending Spoons’ Nasdaq debut produced exactly the kind of story markets like: an Italian software company few public-market investors knew well now owns AOL, Vimeo, Evernote, WeTransfer and Eventbrite, after building a reputation for buying familiar digital brands, cutting deeply, optimizing aggressively and never selling a material business. The IPO priced at $29 a share, implying an IPO-price valuation of roughly $18.4 billion, and the stock closed its first trading day at $40.50, up nearly 40%. The story is real. But the cleaner question is whether the acquisition math already visible in the prospectus supports the public-market multiple. The most important number is not the AOL purchase price on its own. It is the pro forma combined result Bending Spoons was required to disclose. If the acquisitions of AOL, Eventbrite and Vimeo, together with the related financing and acquisition-accounting adjustments, had been reflected as though they occurred on January 1, 2025, Bending Spoons’ pro forma combined 2025 net income attributable to
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