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Bending Spoons CEO Sees Buying Opportunities Amid the “SaaSpocalypse”

Bending Spoons CEO Luca Ferrari describes a broad search for predictable businesses with room for improvement, but his comments do not prove the “SaaSpocalypse” makes software broadly cheap to buy.
From TheFinanceBase Team4 min to read

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Bending Spoons co-founder and CEO Luca Ferrari says the company looks broadly for acquisition targets it believes are predictable and can be improved substantially after integration. His comments describe the company’s own strategy—not proof that software businesses generally are bargains in a so-called “SaaSpocalypse.”

What Ferrari means by a buying opportunity

In an edited interview published by Axios on July 1, 2026, Ferrari described Bending Spoons’ target search as a “fairly broad net.” He said the first characteristic the company looks for is predictability, together with confidence that a business could be improved dramatically over a long horizon after joining its platform. Axios published interview with Luca Ferrari.

That is a company-specific investment thesis: buy businesses whose future performance seems sufficiently understandable, then try to increase their value through operational changes. It is not a claim that every software company facing disruption is a good acquisition target, or that Bending Spoons has verified that all of its identified targets can be bought at attractive prices.

How Bending Spoons says it chooses and changes targets

Selection: predictability and room to improve

Ferrari said the company does not primarily choose businesses because they complement other holdings, and that it does not really cross-sell its products. He described experience with consumer, small and medium-sized business, and enterprise companies. Subscriptions are the predominant revenue model among the businesses he discussed, with some advertising revenue.

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Those remarks help explain why Ferrari calls the target search broad: the stated approach is not limited to one customer segment or to companies that can sell alongside one another. The criteria below are an interpretation of Ferrari’s account, not a published Bending Spoons scoring system.

  • Predictability: Can the company’s direction be understood well enough to plan for it over a long horizon?
  • Improvement potential: Does the buyer believe it can materially improve the business?
  • Integration effort: How much rebuilding of technology, product, monetization, or team would be required?
  • Time: Can the expected improvement justify the time-consuming transformation?

Integration: a rebuild, not just ownership

Ferrari characterized the operating model as deeply integrating acquired companies onto Bending Spoons’ platform and rebuilding them in areas such as technology, product, monetization, and parts of the team. He said, “The thesis of what we do is to integrate these companies very deeply onto our platform and rebuild them almost from the ground up.” These are management’s descriptions of its strategy, not independent evidence that each integration has succeeded.

What the acquisition pipeline figures do—and do not—show

Ferrari told Axios that Bending Spoons had identified more than 1,000 public and private targets. He estimated that 90% might be buyable over the next five or six years if the company offered an adequate price. That percentage is Ferrari’s estimate, not a completed-deal count, a forecast verified by Axios, or evidence that those businesses would be purchased at a price that meets Bending Spoons’ investment criteria.

Ferrari also said the company had generally acquired four or five companies a year, with deal size growing alongside its top line. In the same interview, he called the time required for transformation a major drawback: “The biggest flaw or downside in our strategy is that these transformations are extremely time-consuming.” That constraint matters: identifying many possible targets does not mean the buyer can acquire and integrate them all quickly.

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Financing and acquisition plans: keep the dates attached

Bloomberg reported on August 14, 2025, that Bending Spoons had raised more than €500 million ($585 million) in debt to fund acquisitions. The reported financing package included a €350 million leveraged loan received in July 2025. Bloomberg said Ferrari planned to use the funds to close another acquisition by early 2026; that was a historical target date, not a current plan or an update on the company’s present debt capacity. Bloomberg’s August 2025 financing report.

Sifted’s April 23, 2025 article introduction said Bending Spoons had bought six startups in the preceding 12 months, most recently Komoot, and that Ferrari hoped to buy three more over the following nine months with more than $1 billion to invest. Those were statements visible in the article introduction at that time, not current acquisition targets or a present-day financing figure. Sifted’s April 2025 interview.

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Does the “SaaSpocalypse” make software a buying opportunity?

The available reporting supports a narrower conclusion than the headline’s broad market framing. Ferrari says Bending Spoons sees opportunities in businesses it considers predictable and believes it can improve through intensive integration. The sources cited here do not establish that software companies as a sector are being mispriced, that disruption makes them broadly attractive acquisitions, or that Bending Spoons’ approach will deliver a particular financial outcome.

For a personal-finance reader, the distinction is important: a buyer’s stated interest in acquiring companies is not, on its own, a signal that an individual should invest in a software company or expect a takeover. Ferrari’s comments explain Bending Spoons’ acquisition logic; they do not provide a market-wide valuation measure or an investment recommendation.

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