In 15 years, WeTransfer grew into one of the largest tech companies in the Netherlands. Now, it is being acquired by Italy’s Bending Spoons.
According to WeTransfer, the integration into Bending Spoons is necessary for the next growth phase. Several years ago, the file-transfer service began adding new features to keep the platform simple but also expand it. This led to the introduction of the all-new collaboration tool Portals & Reviews and the ability to earn money by selling products directly on WeTransfer. WeTransfer wants to develop this line of new innovations further.
In 2022, the Dutch company had plans to go public, with expected proceeds of up to €716 million. However, these IPO plans were cancelled, as it was an unfavourable time for tech companies to go public.
Instead of stock market capital, the money comes through Bending Spoons. It is unknown how much the Italian party is paying for the acquisition.
Size of WeTransfer
WeTransfer reports positive operating results, such as profitability. In 2021, WeTransfer crossed the €100 million revenue mark. Every month, two billion files are sent through the file-transfer service by 80 million active users. The platform has more than 600,000 subscribers, who, with a subscription, can send larger files and get extra storage space. That can come in handy in business situations.
For Italy’s Bending Spoons, this is the second major acquisition in a short time. Two weeks ago, the company bought the publishing platform Issuu. In 2022, Bending Spoons also acquired Evernote. Other companies under Bending Spoons include Meetup and Remini.
Tip: WeTransfer is rushing IPO due to poor investment climate