Case Study: Exploration into Bending Spoons’ Acquisition Strategy and Product-Led Growth Model
This case study draws from verified public sources, press coverage, product updates, and leadership statements surrounding Bending Spoons’ acquisition of Evernote and other well-known consumer apps. The analysis highlights strategic patterns, core principles, and actionable insights for ecosystem builders, founders, and digital product operators exploring innovation through acquisition.
In Brief: What You’ll Learn
Bending Spoons is a Milan-based tech company building world-class digital products through strategic acquisitions and operational excellence.
In 2023, it acquired Evernote, one of the most recognizable productivity apps, and has since rebuilt it from the ground up.
Its model combines deep product expertise with centralized operational infrastructure.
The company manages a portfolio of widely-used apps like Remini and Splice, reaching over 200 million monthly users.
This case offers a proven roadmap for scaling software companies through bold acquisitions and thoughtful integration.
Bending Spoons quietly built one of Europe’s most downloaded app portfolios, then acquired Evernote
Founded in 2013 and headquartered in Milan, Bending Spoons spent years outside the spotlight building a portfolio of globally used mobile applications. Known for hits like Remini (AI photo enhancement), Splice (video editing), and 30 Day Fitness, the company had become a quiet juggernaut in the consumer tech world.
Then, in late 2022, Bending Spoons made a bold move: it acquired Evernote, the note-taking pioneer that helped define modern productivity. The acquisition was completed in early 2023, marking a turning point, not just for Evernote, but for Bending Spoons’ position in global tech..
It acquired Evernote to reimagine a product millions still rely on
By the time of acquisition, Evernote was no longer top of mind for many users. Once a category-defining app, it had suffered from technical issues, lagging updates, and rising competition from Notion, OneNote, and others.
Bending Spoons didn’t see a legacy product; they saw a foundation worth rebuilding. They immediately began reengineering Evernote’s infrastructure, launching performance upgrades and revamping the user experience. It wasn’t a brand reboot, it was a full product overhaul aimed at returning Evernote to form.
Bending Spoons combines product obsession with an operator-first model
What sets Bending Spoons apart is its ability to operate like a modern tech company and a disciplined acquisition firm all in one.
Its Milan-based team is engineering-led, product-centric, and deeply analytical. When it acquires a product, it doesn’t just rebrand or bundle it reinvests. From core code to monetization mechanics, the company takes ownership of every layer. It centralizes operations, HR, marketing, and infrastructure, to allow product teams to focus.
It’s this blend of operational control and creative freedom that has made it possible to run multiple high-performing apps with small, efficient teams.
Evernote was just one move in a bigger playbook, and more are coming
The Evernote acquisition wasn’t a one-off bet. It was part of a larger strategy. Bending Spoons now manages a portfolio with more than a dozen active products and over 200 million monthly users. These include:
In 2024, Reuters reported that Bending Spoons had raised capital at a $2.55 billion valuation and was considering a U.S. IPO. It now sits among Europe’s most valuable and profitable consumer app builders.
Bending Spoons moves quickly, reinvests deeply, and builds for longevity
Key advantages of the Bending Spoons model:
Centralized operations: Core functions like finance, HR, and data science are shared across apps.
Deep product refactoring: Legacy apps are rebuilt to perform like new.
Cohesive team culture: Hiring is rigorous, and most team members work from the Milan HQ.
Focus on long-term retention: Rather than chase installs, apps are optimized for subscriber lifetime value.
Selective M&A: The company acquires only when it sees lasting product potential.
This model gives acquired products like Evernote a true second life, not just a rebrand, but a re-foundation.
Bending Spoons offers a powerful case for European tech leadership
In a world where most top consumer apps are based in the U.S. or China, Bending Spoons is a standout. It's proving that European tech companies can scale globally without leaving their principles or their headquarters behind.
Its approach is neither flashy nor growth-at-all-costs. It's deliberate, product-led, and relentlessly operational. For other tech ecosystems looking to nurture world-class innovation, Bending Spoons offers a blueprint grounded in smart talent, long-term thinking, and conviction around product excellence
Conclusion: Bending Spoons isn’t chasing headlines; it’s rewriting playbooks
What’s most impressive about Bending Spoons isn’t just what it’s built, it’s how quietly and intentionally it has done it.
While others chase blitz-scaling or viral hype, this Milanese firm is quietly transforming well-known software products and returning them to best-in-class quality. And it’s doing so while building a company that’s profitable, disciplined, and increasingly global.
The future of consumer software doesn’t belong only to Silicon Valley. And if Bending Spoons has anything to say about it, the next great productivity revolution may just start in Milan.