Bending Spoons to acquire productivity software startup Airtable for $1.285B

Technology holding company Bending Spoons S.p.A. announced plans to acquire Airtable Inc., the developer of a popular cloud-based spreadsheet platform, for $1.285 billion in an all-cash deal. This acquisition is less than the approximately $1.4 billion in funding Airtable raised since its last series deal. Valued at $11.7 billion after its most recent funding round in 2021, Bending Spoons plans to enhance Airtable's financial performance by improving its products.

With over 30 additional features added to Vimeo and 200 improvements to Evernote since their acquisitions, Bending Spoons has a proven track record of improving tech firms. The company went public on the Nasdaq last month, raising $1.68 billion.

Airtable's platform allows workers to organize to-do items, leads, and business data in spreadsheets. Customers can speed up routine tasks by creating automation workflows, and the platform doubles as an application development platform. Airtable applications are connected to spreadsheets that users keep in the platform, with a default storage limit of 10 million rows, which can be increased to 100 million through HyperDB feature.

Airtable's platform is used by over 500,000 organizations, including most of the Fortune 100, with annual recurring revenue growing more than 20% to $480 million. Bending Spoons CEO Luca Ferrari stated that they are committed to investing in Airtable for the long run, doubling down on its core strength of bringing teams and workflows together in a flexible workspace. The acquisition is expected to be closed by the end of the year.