Less high profile than SPCX but an interesting tech roll-up play in consumer tech. Similar to CSU but with consumer apps.
Summary:
Bending Spoons (BSP) is a Milan-based serial acquirer of established digital businesses (Evernote, AOL, Vimeo, Eventbrite, WeTransfer, Meetup, Brightcove, Remini, StreamYard). It buys long-tenured installed bases at 1.2-3.5x revenue, cuts 70-85% of acquired headcount, re-architects pricing, and redeploys the cash into the next purchase.
Pro forma FY2025 revenue is $2.61 billion; 500M+ monthly active users; 9M+ paying customers; \~8.0-year average subscriber tenure.
Description and numbers sourced from:
[https://research.aardvarklabs.co/research/bsp/earnings/2026-s1/bsp-2026-s1-analysis](https://research.aardvarklabs.co/research/bsp/earnings/2026-s1/bsp-2026-s1-analysis)
What is pretty interesting is that they're emulating a lot of the companies that have done value strategies before:
"Along the way, we learned about Henry Singleton at Teledyne and Tom Murphy at Capital Cities, whose examples were inspiring and instructive. In recent years, we studied Broadcom, Danaher, and TransDigm, each of which demonstrated how excellence in operating businesses can generate attractive financial outcomes through acquisitions."
And as a result are aiming for 65% levered IRRs:
"We have consistently scaled the capital invested in acquisitions. The aggregate enterprise value of acquisitions was $194 million in 2023, $876 million in 2024, $1.92 billion in 2025, and $2.01 billion in Q1 2026. For acquisitions closed from 2023 through Q1 2026, we generally applied internal-rate-of-return hurdles of 65% on a levered basis and 25% on an unlevered basis."
This is the consumer tech version of Constellation. If we're talking about the saaspocalypse impacting CSU, BSP is much more insulated from that (as most consumers aren't going to bother coding up and running their own tools).
What is interesting is that they've been able to get to roughly 1/3rd the size of CSU in much less time (CSU founded in 1995 vs BSP founded in 2013).
Also, this seems to be the rare tech company that actually has shown positive / breakeven GAAP net income historically (2023 through 2026).
Aiming for a $20B valuation for their IPO, stacked together with about $4B in debt, comes out to \~18x EV/EBITDA, for an asset that's been able to add 2x revenue via acquisitions in the past year.
Filing here:
[https://www.sec.gov/Archives/edgar/data/2004711/000110465926071170/tm2613674-7\_f1.htm](https://www.sec.gov/Archives/edgar/data/2004711/000110465926071170/tm2613674-7_f1.htm)
