What Bending Spoons S.p.A. paid

5 disclosed prices, what it deploys, what it owes and what its capital costs — every figure from a filed account.

The register tracks Bending Spoons S.p.A. as one of 13 European software serial acquirers, with accounts in USD. It is privately held at its 31 March 2026 balance sheet date; listed since 30 June 2026 (stated on the debt page). 5 of its acquisitions disclose enough to price. Those were paid between 1.08x and 3.26x the acquired company’s annual revenue; the median is 2.10x, against a register median of 3.14x. In 2026 it deployed 1’733.7 EUR m across 3 acquisitions (floor, 866.87 EUR m average cheque). Net debt stood at 2.19x its revenue at 31 March 2026 (interim), and interest took 12.1% of revenue.

5acquisitions on file with a disclosed price — of 3 made in 2026

2.10xmedian price paid per unit of annual revenue (1.08x–3.26x)

1’733.7EUR m deployed in 2026 (floor)

12.1%of revenue goes out as interest (31 March 2026 interim)

Acquisitions on file, with a price

One row per disclosed observation. Colour of the basis tag shows where the number comes from, as on the prices page. Click a company for its own page.

Acquired company	Revenue, EUR m	Year	Price paid	Basis
Brightcove US	178.0	2025	1.08x	measured
Eventbrite US	258.3	2026	1.73x	measured
Evernote US	87.9	2023	2.10x	measured
AOL (AOL Holdco I LLC) US	560.5	2026	2.30x	measured
Vimeo US	368.7	2025	3.26x	measured

Price paid per unit of the acquired company’s annual revenue. 5 of the 5 rows are measured — consideration and revenue both stated in the acquisition note; Amounts are converted to euro at the ECB annual reference rate; the multiples are ratios within one currency and are not converted.

What it deploys

A price is only half the picture; the other half is how much Bending Spoons actually puts to work. In 2026 that was 1’733.7 EUR m across 3 acquisitions, on a floor basis. The average cheque was 866.87 EUR m, resting on the 2 priced deals rather than all of them.

Capital deployed EUR m	as filed		Acquisitions	Average cheque EUR m	Year	Basis
1’733.7	1’959.1	USD	3	866.87 across 2	2026	floor

“Floor” is the sum of the individually named acquisitions and can only be too low, because unnamed ones are missing. Converted to euro at the ECB annual reference rate for the buyer’s own reporting year; the figure as filed stands beside it. Full table: how much they deploy.

What it owes, and what it costs

Bending Spoons carried 3’615 USD m of net debt against 1’649 USD m of revenue at 31 March 2026 (interim) — 2.19x its revenue, interest-bearing borrowings less cash. Interest actually paid in 31 March 2026 interim was 199 USD m, 12.1% of revenue; unadjusted EBITDA covered it 3.01x over, and net debt stood at 6.04x EBITDA. The debt is in USD/EUR.

Instrument	Lender or venue	Amount		Rate	Matures
Euro RCF revolving facility	—	976 committed	EUR m	Euribor + 3.00 to 3.75 per cent (by leverage ratio)	31 March 2031
US dollar RCF revolving facility	—	195 committed	USD m	SOFR + 3.50 per cent or ABR + 2.50 per cent (at its option)	7 March 2031
2024 Euro TLA term loan	—	1’010	EUR m	5.41 to 6.16 per cent (by leverage ratio, hedged)	31 March 2031
2025 Euro TLB term loan	—	641	EUR m	7.94 per cent (hedged)	7 March 2031
Intesa Sanpaolo TLA term loan	Intesa Sanpaolo S.p.A.	78.0	EUR m	5.57 per cent (hedged)	31 March 2029
2025 US dollar TLB term loan	—	1’830	USD m	9.43 per cent (hedged)	7 March 2031
2026 US dollar TLA term loan	—	660	USD m	6.91 per cent (hedged)	7 March 2031

Every instrument on file for Bending Spoons, in its own currency, not converted; a facility marked committed is a line that may be drawn, not money owed. Covenant: leverage ≤ 4 (at 2.19). The comparison across buyers is on the debt page.

What its own capital costs

This section is estimated, not measured. The cost of debt comes from the contracts above; what equity costs and what the equity is worth are assumptions, printed with the table on the cost of capital page.

Cost of debt	Borrowed in	Debt weight	Cost of equity	WACC	Earnings may fall	Equity
7.9%	USD/EUR	70%	16.8%	9.2%	67%	implied

The last column needs no assumption: it is how far earnings can drop before they no longer cover the year’s cash interest, both figures straight from the accounts.

What this does not support

5 priced deals is a disclosure sample, not Bending Spoons’s pricing policy. The sample is the deals it disclosed enough about — and there is no reason to assume that is unrelated to what it paid.
These are revenue multiples, not earnings multiples. Most acquisition notes give no usable profit figure for the company bought.

Sources

Every figure on this page is read from a filed account or the buyer’s own published report: sec.gov. Retrieval dates and parser versions are kept with the register. Method and limits.

Other acquirers

Software Circle plc (median 2.10x) · Topicus.com (median 2.08x) · Constellation Software (deployed 1’429.6 EUR m) · all acquirers

The rest of the register

Guess what serial acquirers paid →What European software serial acquirers actually pay, from filed accounts. Guess the price, then see the source.

What was paid, per unit of revenue →Every disclosed acquisition price in the register, one row per observation, coloured by how well it is evidenced.

The acquirers, one by one →Every tracked buyer with its prices, capital deployed, debt and what its capital costs.

Every deal on file →One page per disclosed acquisition, with the filed source and where its price sits in the register.

How much they deploy →How much capital each European software serial acquirer actually puts to work, and across how many acquisitions.

What they owe, and what it costs →Net debt against revenue, the interest each buyer actually pays, and every credit facility on file with its terms.

What their own capital costs →An estimate of what each buyer pays for capital, set against the 20-30% return they demand of the companies they buy.

Method, limits and imprint →How every figure in this register is sourced, what the sample does not support, and the legal notices.

Figures as at 2026-09-08. Every number on this page comes from a filed account or a company’s own published report — how, and what it does not support.