Bending Spoons buys Airtable for $1.2bn after IPO listing

Airtable's valuation dropped from $11.7bn in 2021 following the rise of generative AI. Italy's Bending Spoons plans to acquire the US-based automation company at an implied equity value of about $2.25bn in its first deal since going public. The all-cash transaction is valued at $1.28bn. Airtable, founded in 2013, enables teams to create custom applications without coding.

The platform is used by over 500,000 organizations, including 80% of the Fortune 100. Airtable was valued at $11.7bn after a $735m funding round in 2021, achieving profitability for the first time. CEO Howie Liu announced the company's intention to go public, but the emergence of AI tools has diminished Airtable's market share. Liu stated that partnering with Bending Spoons will provide the necessary resources to advance the AI-native platform.

Founded in 2013, Bending Spoons acquires and revitalizes struggling digital businesses, with a portfolio of over 50 companies. The recent public listing of Bending Spoons raised $1.68bn at a valuation of $18.4bn, as investor focus shifted towards AI. The CEO of Bending Spoons, Matteo Danieli, Luca Ferrari, Francesco Patarnello, and Luca Querella, expressed their commitment to invest in Airtable for the long term and expand its capabilities across various work domains.