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Fifty Acquisitions of BenchmarksNarrow moat

Bending Spoons (BSP) — moat facet

Fifty transformations have given Bending Spoons a file of what a neglected software business can be made to earn, which makes it a better bidder without keeping any rival out.

The least visible part of the Platform is the one that would be hardest to copy. Bending Spoons says that across more than 50 acquisitions and subsequent operations it has accumulated extensive data, so that when assessing a potential acquisition it can draw on benchmarks that indicate estimated achievable performance levels in areas such as subscription conversion and revenue retention1.

Experiments and tests run200+Evernote, 2023 to 20251,000+Remini, monetisation140+StreamYard,2024 to 20253,000+Group, 2025Bending Spoons Form 424B4; periods differ by business, as disclosed
Three thousand experiments in one year.

That is a direct answer to the hardest question in acquiring: what should this business be earning. A buyer with fifty prior transformations knows what conversion rate a note-taking app can reach, what a video platform's infrastructure should cost and how much of a price rise a ten-year customer will absorb. A first-time buyer is guessing.

The experiment count is the clearest evidence it is being used. More than 200 experiments were run on Evernote between 2023 and 20252, more than 1,000 monetisation-related experiments at Remini3, more than 140 tests at StreamYard in 2024 and 20254, and more than 3,000 experiments group-wide in 20255. The data infrastructure behind them processes more than 3.8 billion data points per day on average6.

The limit is that a benchmark file is an estimate of what is achievable, not a wall that keeps anyone out. It makes Bending Spoons a better bidder and a better operator; it does nothing to stop a rival from bidding against it, and the company lists exactly that: attempts from others to emulate our Playbook7.

Artificial intelligence is expected to improve the data pillar from both ends. The company says AI may let it do more with fewer people, so this operational constraint may ease, thereby improving the scalability of our acquisition and transformation model8, while also making the targets cheaper, because many businesses in its addressable market lack the foundations required to fully capitalize on AI9. The same force that threatens the products supplies them.

The data pillar also decays if the portfolio changes character. Fifty consumer-app transformations are weaker guidance for Airtable and Miro, which sell to enterprises. Experiments run per year is the proxy for whether the engine is still learning: 3,000 in 2025 against a portfolio roughly twice as large a year later.

Moat trajectory: Widening

More than 50 deals of benchmarks; 3,000 experiments in 2025.

The number that tests this moat
Reported
Data points processed per day
More than 3.8 billion on average in Q1 2026

The scale of the measurement layer; a stall while the portfolio grows would mean the benchmarks stop improving.

Source: Bending Spoons Form 424B4 prospectus ↗
⚠ Threats to the moat
⚠ THREAT 01
Others May Copy the Playbook
Bending Spoons published its method, its hurdles and its criteria in a prospectus, and names imitation by other acquirers as a risk to the prices it…
References
  1. ReportedBending Spoons says that across more than 50 acquisitions and subsequent operations it has accumulated extensive data, so that when assessing a potential acquisition it can draw on benchmarks that indicate estimated achievable performance levels in areas such as subscription conversion and revenue retention.
    Bending Spoons S.p.A. Form 424B4, the final initial-public-offering prospectus dated 30 June 2026 - the master document, covering the business, the Playbook, the Platform, the audited financial statements for 2023-2025, the Q1 2026 interim, the acquisitions, customers, risk factors and legal proceedings - the Business section on the Platform: proprietary technologies, proprietary data and artificial intelligence. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  2. ReportedMore than 200 experiments were run on Evernote between 2023 and 2025, more than 1,000 monetisation-related experiments at Remini, more than 140 tests at StreamYard in 2024 and 2025, and more than 3,000 experiments group-wide in 2025.
    Bending Spoons S.p.A. Form 424B4, the final initial-public-offering prospectus dated 30 June 2026 - the master document, covering the business, the Playbook, the Platform, the audited financial statements for 2023-2025, the Q1 2026 interim, the acquisitions, customers, risk factors and legal proceedings - the letter from the team and the Business section on capital allocation, holding period and addressable market. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  3. ReportedMore than 200 experiments were run on Evernote between 2023 and 2025, more than 1,000 monetisation-related experiments at Remini, more than 140 tests at StreamYard in 2024 and 2025, and more than 3,000 experiments group-wide in 2025.
    Bending Spoons S.p.A. Form 424B4, the final initial-public-offering prospectus dated 30 June 2026 - the master document, covering the business, the Playbook, the Platform, the audited financial statements for 2023-2025, the Q1 2026 interim, the acquisitions, customers, risk factors and legal proceedings - the letter from the team and the Business section on capital allocation, holding period and addressable market. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  4. ReportedMore than 200 experiments were run on Evernote between 2023 and 2025, more than 1,000 monetisation-related experiments at Remini, more than 140 tests at StreamYard in 2024 and 2025, and more than 3,000 experiments group-wide in 2025.
    Bending Spoons S.p.A. Form 424B4, the final initial-public-offering prospectus dated 30 June 2026 - the master document, covering the business, the Playbook, the Platform, the audited financial statements for 2023-2025, the Q1 2026 interim, the acquisitions, customers, risk factors and legal proceedings - the letter from the team and the Business section on capital allocation, holding period and addressable market. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  5. ReportedMore than 200 experiments were run on Evernote between 2023 and 2025, more than 1,000 monetisation-related experiments at Remini, more than 140 tests at StreamYard in 2024 and 2025, and more than 3,000 experiments group-wide in 2025.
    Bending Spoons S.p.A. Form 424B4, the final initial-public-offering prospectus dated 30 June 2026 - the master document, covering the business, the Playbook, the Platform, the audited financial statements for 2023-2025, the Q1 2026 interim, the acquisitions, customers, risk factors and legal proceedings - the letter from the team and the Business section on capital allocation, holding period and addressable market. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  6. ReportedThe data infrastructure behind them processes more than 3.8 billion data points per day on average.
    Bending Spoons S.p.A. Form 424B4, the final initial-public-offering prospectus dated 30 June 2026 - the master document, covering the business, the Playbook, the Platform, the audited financial statements for 2023-2025, the Q1 2026 interim, the acquisitions, customers, risk factors and legal proceedings - the Business section on the Platform: proprietary technologies, proprietary data and artificial intelligence. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  7. ReportedIt makes Bending Spoons a better bidder and a better operator; it does nothing to stop a rival from bidding against it, and the company lists exactly that: attempts from others to emulate our Playbook.
    Bending Spoons S.p.A. Form 424B4, the final initial-public-offering prospectus dated 30 June 2026 - the master document, covering the business, the Playbook, the Platform, the audited financial statements for 2023-2025, the Q1 2026 interim, the acquisitions, customers, risk factors and legal proceedings - the letter from the team and the Business section on the Playbook, return hurdles and acquisition criteria. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  8. ReportedThe company says AI may let it do more with fewer people, so this operational constraint may ease, thereby improving the scalability of our acquisition and transformation model, while also making the targets cheaper, because many businesses in its addressable market lack the foundations required to fully capitalize on AI.
    Bending Spoons S.p.A. Form 424B4, the final initial-public-offering prospectus dated 30 June 2026 - the master document, covering the business, the Playbook, the Platform, the audited financial statements for 2023-2025, the Q1 2026 interim, the acquisitions, customers, risk factors and legal proceedings - the letter from the team and the Business section on capital allocation, holding period and addressable market. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  9. ReportedThe company says AI may let it do more with fewer people, so this operational constraint may ease, thereby improving the scalability of our acquisition and transformation model, while also making the targets cheaper, because many businesses in its addressable market lack the foundations required to fully capitalize on AI.
    Bending Spoons S.p.A. Form 424B4, the final initial-public-offering prospectus dated 30 June 2026 - the master document, covering the business, the Playbook, the Platform, the audited financial statements for 2023-2025, the Q1 2026 interim, the acquisitions, customers, risk factors and legal proceedings - the letter from the team and the Business section on capital allocation, holding period and addressable market. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
Sources
Generated October 20, 2026