Bending Spoons CEO Discusses Future IPO Plans and Milan's Startup Landscape

By Elvira Pollina

MILAN (Reuters) – The head of Italy's Bending Spoons believes Milan is an excellent location for startups, yet favors New York for a potential stock listing of the tech company known for services like note-taking app Evernote and photo editor Remini.

As the app developer, boasting 200 million monthly users, eyes a public listing after various acquisitions this year, including the July purchase of WeTransfer, CEO Luca Ferrari indicated that there are currently no firm IPO plans. He noted that the company is preparing for such a move while considering options beyond Europe.

> "If and when we choose to pursue an IPO, we'll evaluate all reasonable options. Today, we have a slight preference for a listing in the United States, but our views may change," Ferrari told Reuters.

In February, Bending Spoons completed a funding round that valued it at $2.55 billion, establishing it as a rare unicorn within the Italian tech sector.

Tech firms often seek to list in the U.S. for higher valuations, posing a challenge for the Milan Stock Exchange amidst increasing defections. Ferrari cited limited capital access and a regulatory burden as significant hurdles for Italic startups.

Nevertheless, he praised Milan for its talent pool and less competitive environment, stating, "All in all, I still recommend starting and growing a business in Milan. Were I to start over, I'd favor Milan over many of the cities most commonly associated with entrepreneurship."

More Deals Ahead?

Bending Spoons, named after a iconic scene from The Matrix, operates by revamping and developing acquired firms and products. Ferrari described their strategy as a hybrid model combining aspects of private equity and technology firms.

Despite some restructuring, including significant layoffs at WeTransfer, Ferrari hinted at the possibility of further acquisitions this year with about 5,000 companies added to their acquisition pipeline over the last year.

> "Naturally, only a handful will prove a suitable target in the end," he concluded.

(This story has been refiled to amend the final bullet point.)