Italian software company Bending Spoons has agreed to acquire US workflow software company Airtable for $2.25bn, marking its first acquisition since listing on the Nasdaq last month.
The deal, announced on Tuesday, continues the Milan-based company's rapid acquisition spree as it seeks to build what CEO Luca Ferrari has described as a “legendary institution” by buying, rebuilding and integrating software businesses.
Founded in 2013, Airtable develops software that combines spreadsheet and database functionality, enabling companies to build internal applications and manage workflows without coding expertise. The acquisition is expected to close by the end of the year, subject to regulatory approvals.
Bending Spoons has become one of Europe's most prolific software acquirers, snapping up companies including Evernote, Meetup, WeTransfer, Brightcove, Vimeo, Eventbrite and AOL. Its acquisition-led strategy has often drawn comparisons with private equity firms, though Ferrari has argued the similarities are superficial.
"There is one obvious similarity: we acquire companies to grow them," Ferrari told Sifted in an interview last month, following the company’s IPO. Unlike private equity firms, he said, Bending Spoons has "never sold" a business and instead integrates acquisitions into a shared technology platform, operating model and culture.
The company says around 80% of its 700-strong workforce consists of engineers, researchers, product designers and operators focused on rebuilding acquired products.
Bending Spoons debuted on the Nasdaq in July at an $18bn valuation before shares surged on their first day of trading.
