The Italian holding company has added another software business to its roster of distressed assets.
Bending Spoons has snapped up Airtable to add to its portfolio of software companies, alongside AOL, Evernote, WeTransfer, Brightcove and Vimeo
Airtable made its name as a builder of low/no code database services, aimed particularly at non-technical staff, but is now one of many vendors facing financial difficulties in the face of the SaaS/AIpocalypse. The arrival of AI coding tools, which offer non-technical employees more flexible ways to build business applications, has hit demand for its services.
Bending Spoons bought Airtable in a deal it valued at just $1.285 billion, a far cry from the $11.7 billion Airtable was worth at its peak.
Bending Spoons has built its portfolio by buying once-successful companies like Airtable that have struggled to cope with newer, nimbler competitors or failed to adapt to emerging technologies. Bending Spoons takes these companies, cuts costs and markets them aggressively with the goal of returning them to profitability.
“Airtable is a pioneering brand reshaping how teams organize data and manage critical workflows. We’re committed to investing in Airtable for the long run, and doubling down on its core strength: bringing teams and workflows together in one flexible workspace. We plan to expand what can be done across the full spectrum of work and make Airtable even more valuable to customers at every scale,” said Luca Ferrari, Bending Spoons CEO and co-founder.
