Topic overview
In brief
- Bending Spoons has agreed to acquire Airtable for approximately $1.2 billion.
- Airtable's valuation has significantly decreased from $11.7 billion in 2021 due to competition from AI tools.
- The acquisition aims to enhance Airtable's platform and expand its capabilities in the evolving tech landscape.
Summary
In Italy, Bending Spoons has made a significant move by agreeing to acquire the US automation company Airtable for approximately $1.2 billion. This acquisition marks Bending Spoons' first deal since its public listing, which occurred last month. Airtable, once valued at $11.7 billion in 2021, has seen its valuation decline due to increased competition from generative AI tools like ChatGPT and Claude. Despite this, Airtable has reported a year-over-year revenue growth of over 20%, reaching around $480 million as of June this year.
The acquisition is seen as a strategic partnership that will provide Airtable with the necessary resources and long-term commitment to enhance its platform. Airtable's CEO, Howie Liu, expressed optimism about the collaboration, stating that it would allow the company to pursue its vision of building an AI-native platform more boldly. Bending Spoons, led by Matteo Danieli and others, has a history of acquiring and revitalizing struggling digital businesses, with a portfolio that includes well-known companies like Evernote and WeTransfer.