Elvira Pollina
MILAN (Reuters) – The head of Italy’s Bending Spoons says Milan is a great location for startups, but if the technology company that owns services such as note-taking tool Evernote and photo editor Remini makes the list If so, he said he would probably prefer New York.
The Italian app developer, whose products reach 200 million monthly users, is seen as a potential candidate for a public listing following a series of acquisitions this year, including file-sharing service WeTransfer in July. are.
CEO Luca Ferrari, who co-founded the company in 2013, said there are no firm plans for an initial public offering (IPO), but Bending Spoons is preparing for one and is looking beyond Europe. He said he is putting it in.
“If we choose to pursue an IPO, we intend to evaluate all reasonable options.Currently, we have a slight preference for a U.S. listing, but our view may change. Ferrari told Reuters in emailed comments.
The Milan-based company closed a funding round in February, valuing it at $2.55 billion, making it a rare unicorn in Italy’s technology industry. A unicorn is a private company with a valuation of $1 billion or more.
High-tech companies often seek transatlantic listings because they can achieve higher valuations. A U.S. listing would be a setback for the Milan stock exchange, which has suffered a string of defections.
Limited access to capital and excessive regulation are among the main constraints faced by companies like Italy’s Bending Spoons, said Ferrari, 39.
However, he added that Milan has a good pool of skills and competition for talent is not as intense as elsewhere.
“Overall, I would still recommend starting and growing a business in Milan. If I were starting over, I would still recommend Milan over many of the cities most commonly associated with entrepreneurship. I would prefer Milan,” he said.
More deals coming?
Bending Spoons’ name comes from a scene from the science fiction movie “The Matrix,” and its business model centers on the restructuring and development of acquired companies and products.
Ferrari sees this strategy as a “hybrid” between private equity funds, the typical rivals with which Bending Spoons competes in asset bids, and decent tech companies like Alphabet’s Google. I explained that it was a thing.
He said the company is “focused on acquisitions” for private equity firms, but “we are engineers and scientists and spend almost all of our time building technology and products.” He added.
The WeTransfer deal resulted in a major restructuring, with 75% of employees being laid off.
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Ferrari has not ruled out further deals and is casting its net wide.
“In the last 12 months alone, we have added approximately 5,000 companies to our acquisition pipeline. Naturally, only a handful end up being suitable targets,” he said.
(Reporting by Elvira Pollina; Editing by Keith Weir and Emelia Sithole-Matarise)
