Bending Spoons, the Milan-based technology company known for its distinctive strategy of acquiring underperforming or stagnating tech ventures and breathing new life into them, has officially reached an agreement to purchase Eventbrite for approximately $500 million. This figure stands in stark contrast to the lofty $1.76 billion valuation that Eventbrite commanded in 2018 when it first entered the public markets through its much-anticipated IPO. The striking difference between these two valuations illustrates not only the volatility of the tech sector but also the steep decline in market confidence that has shadowed Eventbrite’s recent years of stagnant growth and unfulfilled potential.
This acquisition mirrors the pattern evident in several of Bending Spoons’ earlier purchases—among them well-known names such as Evernote, Meetup, Vimeo, and AOL. Each of these companies once carried immense brand recognition, industry respect, and a devoted user base, yet they eventually struggled to sustain momentum or evolve profitably in hypercompetitive markets. According to verified financial disclosures, Eventbrite now finds itself in a comparable position: strong in brand identity but faltering in measurable growth. The company’s excellent market awareness has not been enough to counter its plateauing business metrics, a scenario that Bending Spoons has repeatedly targeted and transformed into long-term opportunities.
Eventbrite’s origins can be traced back to 2006, when it was founded by Julia and Kevin Hartz—a husband-and-wife team—and their co-founder, Renaud Visage. Their vision was to revolutionize the events industry by enabling anyone to plan, market, and manage live gatherings of any scale through an accessible online platform. Over the course of twelve years operating as a private enterprise, Eventbrite emerged as one of the most celebrated startups within the technology and live-events ecosystem. During this period, it raised about $330 million in venture capital financing, attracting backing from influential investors including Sequoia Capital and Tiger Global Management. This level of investor confidence reflected optimism around Eventbrite’s potential for massive scalability as digital experiences became an integral component of modern culture.
In contrast to the operational philosophy typically associated with traditional private equity firms, which often focus on quick turnarounds, divestitures, or short-term financial engineering, Bending Spoons adheres to a long-term, ownership-oriented approach. The company seeks to acquire businesses it plans to retain indefinitely, emphasizing sustainable profitability achieved through detailed cost rationalization, strategic price adjustments, and the thoughtful introduction of product enhancements that expand user engagement. This method distinguishes Bending Spoons from conventional buyout models, positioning it as both investor and curator of software enterprises that might otherwise fade from relevance. In October, the company underscored its strong financial footing when it secured an additional $270 million in funding, an investment round that valued Bending Spoons itself at an impressive $11 billion—a testament to investor faith in its unconventional strategy.
Bending Spoons is not alone in this emerging niche of the technology acquisition landscape. A growing cluster of investors has adopted a similar philosophy centered on the acquisition, revitalization, and permanent stewardship of underperforming yet intrinsically valuable software companies—colloquially dubbed “venture zombies.” These firms, while once high-flying startups, now exhibit slow or negligible growth and limited investor enthusiasm. Among the notable participants in this space are Constellation Software, Curious, Tiny, SaaS.group, Arising Ventures, and Calm Capital. Each of these holds a reputation for pragmatically identifying overlooked digital assets and reengineering them into sustainable businesses. Andrew Dumont, the founder and chief executive officer of Curious, told TechCrunch that his firm specifically seeks to obtain what he describes as “great companies” at significantly reduced prices, rejuvenating them rapidly to achieve robust profitability margins in the range of 20% to 30%—a performance metric that reflects disciplined cost management paired with operational rejuvenation.
Eventbrite’s financial disclosures offer a revealing snapshot of its current condition. Audited annual revenue remained effectively stagnant at approximately $325 million across both fiscal year 2023 and fiscal year 2024, a clear symptom of the company’s struggle to rekindle growth in a post-pandemic environment that has both reshaped and constrained the global live-events industry. Under the terms of the acquisition agreement, Bending Spoons will pay roughly 1.7 times Eventbrite’s trailing twelve-month revenue of $295 million. On the surface, this revenue multiple might appear modest relative to historic software acquisition benchmarks; however, it reflects pragmatic valuation reasoning in light of Eventbrite’s slowed expansion and uncertain profitability trajectory. Nonetheless, for existing stockholders, the arrangement is far from disheartening: shareholders will receive $4.50 in cash for each Eventbrite share—representing an 81% premium over the preceding day’s closing price of $2.48. This premium underscores Bending Spoons’ willingness to reward investors promptly while signaling its confidence in the platform’s long-term potential under its stewardship.
Collectively, this transaction not only exemplifies the changing dynamics of contemporary software investment but also highlights the evolving perception of legacy digital platforms. What was once dismissed as a sunsetting business can, through strategic realignment and visionary management, become a resource for enduring value creation. As the deal moves toward completion, many within both the financial and technology sectors will watch closely to see whether Bending Spoons can once again orchestrate a successful turnaround—reviving Eventbrite’s essence as the world’s premier marketplace for live experiences.
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