300 people turned into 20: Bending Spoons is redefining software companies in the AI era
Luca Ferrari
co-founder of Bending Spoons
Original Statement
1. Core Business and Management Philosophy
• Fanatical Pursuit of Excellence and First Principles: Luca clearly states that Bending Spoons' ambition is to become "one of the best companies there ever was." Due to its early establishment in Europe, lacking connections and resources from Silicon Valley, the team was forced to abandon blind adherence to Silicon Valley mainstream dogma and instead deduce how to recruit talent, develop software, and allocate capital from first principles.
• "Potential and Drive" Far Outweighs "Past Qualifications":
• With the evolution of technology (from 2000s software to today's modern AI tool stack), technical experience accumulated years ago can quickly depreciate, even becoming dogma that hinders innovation.
• The years of experience from some large companies can even bring negative assets (such as office politics and a mindset of pleasing superiors). Young individuals with high IQ, strong hunger, and a capacity for lifelong learning have far greater growth potential and creativity than seasoned mediocrities lacking self-drive.
• Extreme Ownership and No-Title Culture:
• Abolishing traditional titles and implementing radical meritocracy.
• Intentionally assigning excellent employees workloads beyond their capacity, not to exploit them, but to force them to learn to calmly weigh options in uncertainty and accurately identify and focus on the few core tasks with the highest ROI among countless possibilities.
• Relentless Simplification:
• Complexity can non-linearly drag down an organization. Anyone proposing to add processes, rules, reporting layers, or complex functions must bear a high burden of proof.
• Advocating for "direct deletion" rather than "patching up" to solve efficiency bottlenecks, continuously questioning long-standing but neglected cumbersome processes within the organization.
2. Talent Selection System: Treating Recruitment as a "Predictive Science"
• 100+ Talent Signals Comprehensive Assessment Method:
• Rather than relying on the brief subjective impressions of interviewers or a single resume, a rigorous quantitative assessment system is established, collecting hundreds of independent signals such as applicants' test scores, academic and project practices, and communication styles to comprehensively predict their long-term potential.
• Geek-Level HR Team (Fully Engineer Configured):
• Unlike tech companies that generally undervalue human resources, Bending Spoons views recruitment as a core lifeline. Its centralized recruitment team is equipped with dozens of top engineers who screen global candidates using engineering thinking and automated tools.
• "Logistics Service Test" to Identify Hidden Collaborative Attitudes:
• Smart and arrogant individuals often know how to feign humility during formal interviews. Bending Spoons has found that observing candidates' attitudes and tone towards logistical support personnel, such as those arranging interviews and coordinating schedules, can more accurately predict their teamwork and character performance after joining than formal interviews.
• Long-Term Compounding of High Salaries and High Talent Density:
• Short-term A/B testing often cannot measure the immediate conversion brought by significantly increasing salaries; however, in the long run, establishing a brand reputation of "extremely high salaries and extremely high talent density" can create a powerful word-of-mouth flywheel, continuously attracting top talent and potential candidates.
3. Technological Leverage: AI Tooling and Eliminating Collaboration Friction
• Using AI to Eliminate Handoff Latency:
• In traditional agile development, the flow of requirements between product, design, front-end, back-end, and QA can cause severe context loss and long waits.
• Internally developed and popularized AI-assisted tools allow non-designers to directly generate product interaction flows, enabling engineers to analyze anomalies, debug code, or initiate experiments in seconds, significantly compressing individual execution and product iteration cycles.
• Small Teams Operating Large Acquisitions (e.g., Evernote, Meetup, etc.):
• Unlike traditional private equity funds or holding companies that maintain large-scale redundant staff, Bending Spoons relies on a highly engineered, automated underlying operating system and a small elite team to take over and reconstruct mature products.
• Team members regularly rotate between different business lines, bridging cross-product common experiences and continuously extracting operational efficiency.
4. Capital Allocation and Rational Decision-Making Principles
• Logic and Rationality Over Blind Faith in Data:
• Beware of "Metric Tyranny." Data reflects localized samples that have already occurred, while strategic decisions require holistic insights and rational deductions about future compounding.
• Data must be examined within a strict logic and global context to avoid abandoning strategically significant layouts with exponential potential due to short-term indicator fluctuations.
• Long-Term Holding and Transformation Acquisition Strategy:
• Tending to acquire software assets with strong user mindshare but low operational efficiency, thoroughly reconstructing underlying technology and optimizing commercialization after purchase, pursuing permanent holding and long-term compounding rather than short-term packaging for resale.
Video source link: https://www.youtube.com/watch?v=MCbHnlpwZf0
ABAB AI Insight
Bending Spoons has formed a very rare machine:
Find undervalued software assets → Buy them with capital → Significantly reduce organizational complexity → Reconstruct with extremely high talent density and a unified technology platform → Raise prices/product improvements/restart growth → Generate cash flow → Acquire another company.
So, I think this draft can be elevated further.
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1. First, update a few very important facts
It can no longer simply be referred to as "the European software unicorn."
It officially landed on Nasdaq on July 1, 2026, with the stock code BSP, at an IPO price of $29 per share, raising approximately $1.1 billion net through the IPO.
Moreover, it has entered a completely different scale.
2025:
Revenue: $1.31 billion
In just the first half of 2026:
Revenue: $1.305 billion
Among which, the revenue for Q2 2026 has already reached:
$704 million.
So when Luca said in an interview that the company has reached about a $3 billion Revenue Run Rate, it is not an outrageous statement—if we simply annualize Q2's $704 million, it is about $2.8 billion. The interview itself also provided the statement of "roughly $3 billion run-rate revenue."
This is no longer a "small and beautiful app company."
It is becoming a large software holding group.
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2. Moreover, Bending Spoons' recent acquisition speed has entered another phase
Many people know Bending Spoons because of:
Evernote
Meetup
WeTransfer
Komoot
Brightcove
But that was the previous phase.
Now it also owns:
Vimeo
AOL
Eventbrite
And just completed:
Airtable
And just a few days ago, on September 10, 2026, Bending Spoons announced the acquisition of Miro for an enterprise value of $1.355 billion; Miro currently has an ARR of about $600 million, used by over 250,000 organizations.
The Airtable deal is also significant:
Enterprise value of about $1.285 billion, with an ARR of about $480 million as of June this year, a year-on-year growth of over 20%.
So the real question is no longer:
How does Bending Spoons operate a few apps?
But rather:
Is Bending Spoons creating a new organizational form for large tech companies?
This is what deserves research.
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3. I would redefine Bending Spoons: it is neither a software company nor traditional PE
This is the core that should be added to this content.
Many media like to say it is:
Private Equity for Software.
This statement is half correct.
Because it indeed:
Acquires mature companies;
Cuts staff;
Improves efficiency;
Raises prices;
Improves cash flow;
Uses a lot of debt financing.
These things are very similar to PE.
But Luca emphasizes a core difference:
Bending Spoons does not intend to sell these companies.
He said they have never sold an important business and hope to:
Buy to own and operate forever.
The basic economic logic of traditional PE is usually:
Buy
↓
Improve
↓
Leverage
↓
Exit in 3-7 years
↓
IRR
Bending Spoons is closer to:
Buy
↓
Thorough integration
↓
Permanent operation
↓
Generate cash flow
↓
Reinvest
This is more like:
A combination of:
Berkshire Hathaway + Constellation Software + Private Equity + Technology Platform.
In the interview, Luca also clearly stated that one of their biggest differences from PE is long-term holding, deep restructuring, and integrating acquired companies into a shared technology platform.
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4. The real strength is not in acquisitions, but in "Operational Alpha"
The investment world often discusses:
Financial Alpha
You are better at selecting companies than others.
Or:
Information Alpha
You have more information than others.
What Bending Spoons truly forms is:
Operational Alpha
Meaning:
The same company, worth $1 billion in someone else's hands, might be worth $2 billion in mine.
Why?
Not because I predict better than you.
But because:
I can operate it better than you.
Luca mentioned in another interview a very important statement:
Their biggest advantage is not prediction, but "we can run them better."
This statement is very valuable.
Because it directly changes the logic of merger and acquisition valuation.
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5. If your operational ability is stronger than others, you can offer a higher price than others
This is where many people misunderstand Bending Spoons.
Assume a SaaS company:
Revenue of $100 million.
The original management can only generate:
$10 million in free cash flow.
An ordinary buyer calculates:
At most willing to offer $300 million.
But if Bending Spoons takes over and can generate:
$40 million in free cash flow.
Then:
It might be willing to offer:
$500 million.
$600 million.
Or even more.
Others might think:
"You paid too much."
But Bending Spoons might think:
"According to our operating model, it is actually very cheap."
This is why:
Operational capability ultimately becomes a capital allocation advantage.
And capital allocation advantage will bring:
More acquisitions.
More data.
Better technology platforms.
Stronger talent branding.
Then next time, even stronger operational capability.
This is a whole:
Acquisition Flywheel.
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6. The most worthy data to study is actually its IRR threshold
This point is particularly worth adding to your draft.
Bending Spoons disclosed in its IPO documents:
For most acquisitions from 2023 to Q1 2026, it typically requires internally:
Unlevered IRR: 25%
Levered IRR: 65%
These two numbers are very aggressive.
What does it mean?
Assuming no borrowing.
Buy a company.
After operational transformation.
Hope the asset itself achieves at least:
25% annualized internal rate of return.
If debt leverage is included:
The target even reaches:
65% IRR.
This tells us:
Bending Spoons does not casually buy "famous internet brands."
What it is calculating is:
In our operating system, what will the cash flow of this company look like in the next five years?
This is already a very professional capital allocation machine.
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7. But this also raises Bending Spoons' biggest risk: it is not a "risk-free efficiency miracle"
This layer must be written.
Otherwise, the whole article is likely to become a company promotional piece.
The high returns of Bending Spoons have a very important amplifier behind them:
Debt
As of Q2 2026:
Total long-term debt is approximately:
$4.88 billion
Cash:
About $793 million
Net debt:
About $4.09 billion
Net leverage ratio:
2.4×.
So its real formula is not:
Talented people + AI = High profits.
But rather:
Talent Density
× Operating System
× Pricing Power
× Acquisition Discipline
× Financial Leverage
These five things operate simultaneously.
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8. This is also why Bending Spoons is very much like "Berkshire of the tech era," but has not yet proven itself to be Berkshire
This distinction is very important.
Berkshire's biggest advantage is:
Massive low-cost permanent capital.
Insurance Float.
Extremely strong balance sheet.
Very long cycles.
Whereas Bending Spoons currently relies on debt for many acquisitions.
So what needs to be observed in the future is not:
Can it continue to buy companies?
But rather:
Can it continuously achieve returns above the cost of capital without letting leverage get out of control?
This is a problem that all roll-up models will eventually encounter.
Because the most dangerous phase for an acquisition machine is usually not the early stage.
But rather:
After success.
The larger the scale, the larger the companies that need to be acquired.
The larger the transactions.
The greater the capital demand.
If in the future:
Acquisition prices rise;
Interest rates rise;
Operational improvement margins decrease;
User churn accelerates;
Then IRR will quickly decline.
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9. I suggest not simply copying the title "Experience is depreciating"
Luca's original intention is very valuable, but it should be stated more accurately.
He is not saying:
Experience is no longer useful.
What he is saying is:
In the rapidly changing tech industry, the half-life of many specific experiences is getting shorter and shorter.
For example:
How to develop software in 2010.
How to create mobile apps in 2015.
How to do SEO in 2020.
How to write code in 2023.
By 2026, due to the development of AI Coding Agents, LLMs, and automated toolchains, many methods have undergone tremendous changes.
He stated very directly:
The effective software development methods of 2010 and 2026 have significant differences, and some old experiences can even be "thrown away."
This judgment is valuable.
But I want to add another layer.
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10. What is really happening is not the depreciation of Experience, but rather "experience differentiation"
In the future, experiences will be divided into two categories.
The first type: Tool Experience
Will depreciate quickly.
For example:
A certain framework.
A certain set of code.
A certain platform.
A certain growth technique.
A certain software process.
In the AI era, the half-life of these things is getting shorter and shorter.
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Second: Judgment Experience
Instead, it becomes more valuable.
For example:
Judging people.
Capital allocation.
Understanding consumers.
Negotiation.
Strategic choices.
Risk management.
Organizational design.
Crisis management.
Complex system judgment.
These cannot simply be replaced by AI writing a few lines of code.
So in the future, the most valuable people are not:
"People who have done the same thing for 20 years."
But possibly:
People with high-quality judgment who can quickly use new tools.
This distinction is very important.
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Eleven, therefore Bending Spoons is not really hiring young people, but rather "Learning Velocity"
This is the truly advanced aspect of the talent system.
On the surface:
Bending Spoons likes young people.
In reality, it does not.
What it is really looking for is:
High learning speed individuals.
That is:
Raw intelligence
× Drive
× Curiosity
× Adaptability
× Collaboration
They believe:
Experience can be given to you later.
But:
Brain quality.
Desire for knowledge.
Extreme self-drive.
Is difficult to manufacture later.
Luca clearly stated in the interview:
Talent essentially includes good thinking ability and a strong willingness to grow and influence, while experience can be quickly accumulated by giving employees excellent challenges and excellent colleagues.
This is the key point.
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Twelve, why does recruitment need to measure 100+ Signals?
This is very interesting.
Ordinary company recruitment:
Resume.
30-minute HR.
Hiring Manager.
Several rounds of interviews.
In the end:
"I feel this person is good."
This is an extremely low sample decision.
What Bending Spoons is trying to do is:
Turn recruitment issues into prediction issues.
Input:
100+ Signals.
For example:
School performance.
Personal projects.
Test scores.
Writing.
Email.
Communication style.
Problem-solving ability.
Collaborative behavior.
Past achievements.
Then predict:
This person's performance in the company over the next few years.
The interview clearly mentioned that they would collect over 100 signals from application materials, tests, email interactions, etc., and compare these signals with the actual performance of employees in the following years.
This is essentially very similar to:
Quant Investing.
It’s not about asking:
"Is this stock story good?"
But rather:
Which variables can truly predict future returns?
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Thirteen, the "logistics personnel test" actually reflects a deeper human nature issue
The case in your draft is worth keeping.
Because it is very brilliant.
Bending Spoons found that:
In formal interviews:
Everyone knows they are being evaluated.
So:
Smart people will act humble.
Cooperative.
Friendly.
The real information is very low.
But when candidates communicate with support staff who arrange schedules and assist in the interview process, they think:
"This person is not involved in the hiring decision."
Thus their behavior becomes more authentic.
Bending Spoons found that these interactions are actually more effective in predicting a person's true collaborative behavior.
The underlying management principle is:
A person's true personality is often not seen in how they treat those with more power than themselves, but in how they treat those who cannot bring them benefits.
This insight is very worth writing down.
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Fourteen, one of Bending Spoons' most counterintuitive management philosophies: deliberately making work never finished
I believe this idea is one of the most valuable lessons from the entire interview.
Traditional management:
Task list.
Complete.
Check.
100%.
Employees feel:
"My work is done."
Bending Spoons deliberately disrupts this mentality.
It hopes that an excellent employee will always face:
100 things that can be done.
But there is only enough time to do:
10 things.
Why?
Because the most important ability in the real business world is not:
Execution
But rather:
Prioritization
What true senior managers face every day is:
Where to invest capital?
Who will do it?
Which projects to cut?
Which clients to drop?
What not to do now?
A CEO can never finish everything.
So Bending Spoons trains employees early on to accept:
Tasks will never be finished.
Luca calls this ability to precisely find the "insanely high returns" among vast possibilities.
This is the mindset of capital allocation.
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Fifteen, this is actually an "internal capital market" of the enterprise
Once you understand this, you will find:
Bending Spoons employees are actually trained to be small capital allocators.
Everyone has every day:
Time capital.
Attention capital.
Engineering resources.
Design resources.
Marketing resources.
You are not asking:
"What does the boss want me to do?"
But rather:
Where should I invest my hour for the highest ROI?
This is the true meaning of Extreme Ownership.
It's not:
"Work hard and overtime."
But rather:
Allocate scarce resources like an Owner.
This is much deeper than the three words "sense of responsibility."
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Sixteen, Relentless Simplification is the foundation for the entire model to operate
Why do companies become slower and slower?
Because complexity has a terrible characteristic:
Complexity compounds.
The relationship between 5 departments is not 5 lines.
Every time a team is added:
Meetings increase.
Approvals increase.
Communication increases.
Permissions increase.
System interfaces increase.
Conflicts increase.
So complexity growth is usually not linear.
This is why Luca is extremely sensitive to:
Positions.
Processes.
Approvals.
Hierarchies.
Rules.
The most classic case is:
They simply deleted the traditional:
Junior
Senior
Staff
Director
VP
These titles altogether.
Internally, if managing products, it is:
Product Management Lead.
Managing 2 people is the same.
Managing 200 people is also the same.
LinkedIn can decide what reasonable title to write.
Why?
Because:
Organizations should not increase permanent complexity to satisfy the Status Game.
This idea is very harsh.
But very profound.
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Seventeen, what truly causes this organizational model to undergo a qualitative change is AI
This is the most worth amplifying point from this interview.
Bending Spoons is no longer:
"Employees using ChatGPT."
But rather reconstructing:
Company Operating System
They have established a unified system internally to handle:
Payments.
A/B Testing.
LTV predictions.
Recruiting.
Talent predictions.
AI Model Orchestration.
And so on.
This is very important.
Because ordinary groups, after acquiring a company:
System A.
System B.
System C.
Different HR.
Different data.
Different payments.
Different analytics.
Ultimately produce:
Huge Integration Cost.
Bending Spoons does the exact opposite:
Acquisition → Standardization
This is very similar to the logic of the Industrial Revolution.
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Eighteen, Evernote is the best example
The interview revealed:
When acquired, Evernote had about:
More than 300 people.
Bending Spoons initially sent about:
50 core Spooners
To reconstruct:
Code.
Cloud Infrastructure.
Monetization.
Organization.
Later:
Evernote only needed about:
20 people to operate.
This number is very exaggerated.
And Luca said:
Revenue has increased compared to when it was acquired, and the business is already "very, very profitable."
Note:
This is the true impact of AI on companies.
It’s not:
One person writing code 30% faster.
But rather:
Is it possible for an organization that used to require 300 people to maintain, to now be completed by 20 to 50 people?
If the answer gradually becomes "yes," then the entire cost structure of tech companies will be rewritten.
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Nineteen, the greatest economic value of AI may not be replacing employees, but rather eliminating Coordination Cost
I suggest you focus on writing this point.
Many people understand AI as:
Programmers write code faster.
Designers draw faster.
Customer service responds faster.
These are all first-level effects.
The real big change may be:
AI eliminates Handoff.
In the past:
PM
↓
Designer
↓
Engineer
↓
QA
↓
Data Analyst
↓
Manager approval
Every handover has:
Waiting.
Explanation.
Meetings.
Context loss.
After AI:
The product owner finds a bug.
Directly tells the Agent.
Agent:
Locates the code.
Modifies it.
Generates tests.
Submits it.
Notifies the engineer to review.
The Evernote case in the interview is just like this—one person completed a bug-fixing process that used to take a long time to advance through human coordination in just a few minutes through the internal Agent.
So the biggest productivity revolution in the future may not be:
Worker → AI.
But rather:
Workflow → AI.
These two are not on the same scale.
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Twenty, ultimately I believe Bending Spoons has truly created a new corporate structure
In the past, large companies:
Scale = More People
The larger the business.
The more employees.
The more departments.
The more management layers.
In the future, AI Native Companies may be:
Scale ≠ Headcount
What truly expands is:
Software.
Automation.
AI Agents.
Capital.
Brand.
Data.
Distribution.
And not the number of people.
Bending Spoons is trying to prove:
A software group managing billions in revenue and hundreds of millions of users can maintain a very small core organization.
If this can be proven to be scalable, the impact on the entire tech industry will be much greater than simply "AI coding efficiency improvements."
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21. However, we must see the controversy of the Bending Spoons model.
We cannot only talk about efficiency.
It has conducted extremely aggressive layoffs of acquired companies.
The SEC documents state very clearly:
By the end of 2025 to Q1 2026, the acquisitions of AOL, Eventbrite, and Vimeo brought in about 1,830 employees.
The company expects that after the transformation is completed:
Only a few hundred will remain.
This is not the ordinary sense of:
"Improving productivity by 10%."
But rather a complete restructuring of the organization.
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22. Moreover, increasing profits does not mean all users are more satisfied.
This point is also very important.
The latest analysis from The Wall Street Journal points out:
Evernote's revenue increased by about 30% from 2022 to 2025, but much of the growth came from an increase in ARPU; during the same period, the number of users significantly declined. The report also noted that several of the company's products had a Net Revenue Retention below 100%.
This represents a very important strategic trade-off:
Bending Spoons does not necessarily pursue:
Maximum Users
But is more inclined towards:
Maximum Economic Value
Fewer users.
But:
The remaining users pay more money.
Costs are lower.
Profits are higher.
This may be the right choice for the company's finances.
But whether it is always the right choice for the user ecosystem and the long-term value of the brand needs to be observed further.
This is also a side that cannot be ignored when analyzing this company.
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23. Therefore, what should really be studied about Bending Spoons is not "learning to lay off employees."
This is the easiest place to learn incorrectly.
Ordinary entrepreneurs see:
300 people → 20 people.
And then think:
"Then I will also cut people."
Completely wrong.
Before Bending Spoons laid off employees, it had:
Extremely high talent density.
Unified infrastructure.
More than a decade of software operation experience.
Data from dozens of acquisitions.
A mature A/B testing system.
AI infrastructure.
A centralized recruitment system.
Product growth capabilities.
Capital capabilities.
So the correct order is:
Capability ↑ → Complexity ↓
Not:
Headcount ↓ → Capability magically ↑
This distinction is huge.
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24. I believe the 10 insights that should be taken away from this interview are:
1. Talent density is more important than headcount.
100 ordinary people are not necessarily stronger than 10 top talents.
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2. The quality of experience is what truly matters, not the number of years.
10 years of repeating one year does not equal 10 years of experience.
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3. Recruitment is essentially a forecasting problem.
Do not ask:
"Do I like this candidate?"
But ask:
What signals can predict future performance?
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4. Great organizations do not add processes but continuously eliminate them.
Any added complexity should bear the burden of proof.
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5. Every employee should learn about capital allocation.
Time, attention, and resources are always limited.
Choices are more important than diligence.
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6. The real revolution of AI is not Chatbots, but Workflow Compression.
From dozens of handoffs between people:
To one person → Agent instruction.
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7. The marginal productivity of software companies may undergo significant changes.
Will a company with $1 billion in revenue still need thousands of people in the future?
Not necessarily.
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8. Operational Excellence will ultimately translate into Financial Advantage.
Because the stronger your operational capability:
The higher the acquisition price you can pay.
Yet you can still achieve high returns.
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9. Permanent capital is easier to form a true platform than short-term exits.
Because if you must sell in 5 years:
You will not deeply integrate all companies.
Permanent holding is what is worth building a shared Operating System.
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10. The most powerful companies in the AI era may simultaneously be three things:
Technology Company
Operating Company
Capital Allocation Machine
Bending Spoons is becoming a very typical case.
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I will elevate your title one level.
Among your original titles, "Building the Ultimate Software Machine" is actually very good.
I will give you a few stronger ones.
I highly recommend:
Bending Spoons: The Software Acquisition Machine Worth Studying in the AI Era, How to Operate Evernote with 20 People?
This one has the most viral potential.
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Business Depth Type
From Evernote to Airtable, Miro: How Bending Spoons Builds a Billion-Dollar Software Compounding Machine
This best reflects the current scale of the company.
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Capital Type
Not a software company, nor a private equity fund: Dissecting Bending Spoons' Talent, AI, and Capital Allocation Machine
This is the title I believe has the highest cognitive level.
Because it forces the reader to think:
What exactly is it?
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AI Organization Type
From 300 People to 20 People: Bending Spoons is Redefining Software Companies in the AI Era
Very strong in terms of virality, but needs to be explained clearly in the text, so it does not turn into a simple "layoff anthem."
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Entrepreneurial Management Type
Luca Ferrari: Why Experience is Devaluing, While Talent Density, Judgment, and AI Leverage are Becoming More Expensive
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If I had to choose one as the final title for this issue, I would choose:
Not a software company, nor a private equity fund: Dissecting Bending Spoons' Talent, AI, and Capital Allocation Machine
Because after truly understanding Bending Spoons, one will find:
Its most valuable asset is not Evernote, Vimeo, Airtable, or Miro.
But an invisible thing:
A system that can continuously transform low-efficiency digital assets into high cash flow assets, the "company manufacturing system."
If this system can indeed be replicated in the long term, then the ultimate value of Bending Spoons is not how many apps it has today, but:
How much capital it can allocate in the coming decades.
This is no longer just a product manager's story.
This is a convergence of Henry Singleton, Warren Buffett, Constellation Software, Private Equity, and AI-native organizations in the digital age.
L