# Private Equity Hipsters Target Your Favorite Apps: The Bending Spoons Approach! 📱 **URL:** \ **Category:** News & Articles\ **Tags:** business, gaming\ **Created:** [October 29, 2024, 1:42pm UTC](https://onehack.st/t/private-equity-hipsters-target-your-favorite-apps-the-bending-spoons-approach/294696 "2024-10-29T13:42:09Z")\ **Posts on this page:** 1\ **Page:** 1
**Author:** ![TheJoker](https://onehack.st/user_avatar/onehack.st/thejoker/32/22660_2.png) [@TheJoker](https://onehack.st/u/TheJoker)\ **Post date:** [October 29, 2024, 1:42pm UTC](https://onehack.st/t/private-equity-hipsters-target-your-favorite-apps-the-bending-spoons-approach/294696/1 "2024-10-29T13:42:09Z")
**Summary:** 1. **Emerging Private Equity Player** Italian tech firm **Bending Spoons** has gained attention as an unconventional private equity player by acquiring struggling tech companies and restructuring them for profitability. 2. **Acquisition of Evernote** Notably, Bending Spoons purchased the note-taking app **Evernote** , among other acquisitions, as part of its strategy to enhance cash flow and profitability. 3. **Aggressive Cost-Cutting** Post-acquisition, Bending Spoons has implemented steep price hikes and significant workforce reductions, dismissing over half of Evernote’s staff while increasing annual subscription costs by **63%** to **$130**. 4. **Rapid Growth and Profitability** This strategy has yielded results, with Bending Spoons reporting annual sales growth from **$162 million** in 2022 to **$700 million** , and Evernote achieving profitability earlier this year. 5. **Future Acquisition Plans** CEO **Luca Ferrari** indicated that the company could invest up to **$2 billion** in future acquisitions, targeting subscription-based software companies with stable revenue. **Read more at:** [Bloomberg](https://www.bloomberg.com/news/articles/2024-10-28/private-equity-for-apps-evernote-s-owner-has-big-plans)