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Bending Spoons CEO Luca Ferrari says the company looks broadly for predictable businesses it believes it can improve dramatically—not simply software companies that fit a market theme. His account describes a hands-on strategy of integrating acquisitions deeply and rebuilding parts of their technology, products, monetization, and teams. That is the company’s acquisition thesis, not proof that the broader SaaS sector is underpriced or that acquisitions will succeed.
What does “SaaSpocalypse” mean in this context?
Here, “SaaSpocalypse” is a label for perceived pressure on software-as-a-service companies, not a measured market condition established by the available reporting. The evidence for this article is narrower: an Axios interview published July 1, 2026, in which Ferrari discussed how Bending Spoons evaluates acquisitions and why it believes some businesses can be improved after purchase. The interview does not establish that SaaS companies generally have become bargains.
How does Bending Spoons choose acquisition targets?
Ferrari described the company’s target search as a “fairly broad net.” He said its first criterion is predictability, along with confidence that the business can be improved substantially over a long horizon once integrated. These are management’s stated selection criteria, not a published scoring system or an independent evaluation of the company’s results. Axios’s July 1, 2026 interview with Ferrari provides the account.
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Outbyte Driver Updater FREEScan for outdated or missing drivers - takes under a minuteDriver Scan →Outbyte PC Repair FREEClear out junk files and repair common Windows errorsFree Scan →Ferrari said Bending Spoons does not primarily select companies because they complement other portfolio holdings, and that it does not really cross-sell its products. He described experience with consumer, small and midsize business (SME), and enterprise businesses. Subscriptions are the predominant revenue model in his account, with some advertising revenue as well. That range helps explain why he characterizes the search as broad rather than limited to one customer segment or a portfolio-cross-selling strategy.
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What does the company do after buying a business?
Ferrari described deep integration onto Bending Spoons’ platform, followed by rebuilding a business “almost from the ground up.” The areas he identified include technology, product, monetization, and parts of the team. This suggests the thesis is not simply to hold software companies as they are: it depends on substantial operational change after an acquisition. His description is the company’s stated approach; it does not, by itself, demonstrate how much value those changes have produced.
Why does Ferrari call the strategy time-consuming?
Ferrari identified the time required for transformation as the strategy’s biggest downside. He said Bending Spoons had generally acquired four or five companies a year, while deal sizes had grown along with the company’s top line. The pace of acquisition therefore needs to be understood alongside the work required to integrate and change each company; a large pipeline does not mean every target can be bought and transformed quickly. Axios reported these comments in the same 2026 interview.
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What the “90%” estimate does—and does not—say
Ferrari told Axios that Bending Spoons had identified more than 1,000 public and private targets. He estimated that 90% could be buyable over the next five or six years if the company made an adequate offer. That percentage is his estimate of potential buyability, not a count of completed acquisitions, a verified forecast, or evidence that the targets are available at attractive prices.
What do earlier financing and acquisition reports add?
Earlier reporting supplies context for the company’s acquisition ambitions, but those figures are dated and should not be read as a current financing update or live target list.
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| Report | What it said | How to interpret it |
|---|---|---|
| Bloomberg, August 14, 2025 | More than €500 million ($585 million) in debt raised for acquisitions, including 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 target date has passed; the report does not establish present-day debt capacity or whether the planned acquisition was completed. Bloomberg’s August 2025 report. |
| Sifted, April 23, 2025 | The article introduction said the company had bought six startups in the preceding 12 months, most recently Komoot; it also reported Ferrari hoped to buy three more over the following nine months with more than $1 billion to invest. | These are historical statements visible in Sifted’s introduction, not current targets or a verified update on how those ambitions turned out. Sifted’s April 2025 article. |
Is the SaaSpocalypse a buying opportunity?
Ferrari’s comments support a specific conclusion: Bending Spoons sees potential acquisitions among businesses it considers predictable and believes it can improve through deep integration. They do not establish that SaaS companies as a class are attractive purchases, that market disruption has reduced their valuations, or that Bending Spoons’ approach will succeed in any particular deal. A buyer applying Ferrari’s account would need to assess the predictability of a target, the potential for improvement, the scale of integration and rebuilding required, and the time that transformation could consume. Those are analytical criteria inferred from his explanation, not a formal company checklist.
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