Bending Spoons buys Airtable in $1.3B deal
What's the story
Italian tech company Bending Spoons has announced its first acquisition since going public on NASDAQ last month. The company has agreed to buy US-based software firm Airtable in an all-cash deal worth $1.285 billion. The acquisition marks a major milestone for Bending Spoons as it continues its aggressive expansion strategy after previous acquisitions of internet brand AOL and ticketing platform Eventbrite this year.
Acquisition details
Airtable offers a software platform that combines spreadsheet and database
Founded in 2013, Airtable provides a software platform that merges spreadsheet and database capabilities.
This allows companies to create applications and manage operational workflows without needing coding expertise.
The deal with Airtable is in line with Bending Spoons's strategy of acquiring and restructuring digital businesses, blending tech operations with a private equity-style acquisition model.
Valuation insights
Transaction expected to be completed by end of this year
Bending Spoons has said that Airtable's current net cash position implies an equity value of around $2.25 billion.
The transaction is expected to be completed by the end of this year, pending regulatory approvals and closing conditions.
Despite the acquisition, Bending Spoons shares closed at $36.22 on Monday, significantly higher than their IPO price of $29.