Shares shifted sharply higher as Bending Spoons (BSP), the Italian software acquirer that just went public five weeks ago, told Wall Street it now has €1.49 billion in fresh firepower to buy its next batch of fading internet brands. At $37.35, the stock is up 6.1% today and has climbed roughly 29% from its $29 IPO price — a signal that investors are betting the company's aggressive deal machine is just getting started.
€1.49 Billion in New Credit Means the Next Big Deal Is Imminent. The headline €500 million loan, backed by Italian state export agency SACE and maturing in March 2031, is only one piece — combined with €495 million in additional term loans and a €490 million revolving credit expansion, total new facilities since Q2 reach €1.49 billion.
All facilities are earmarked for general corporate purposes and acquisitions. For a company whose entire model is buying struggling software businesses cheaply, this is fuel. CEO Luca Ferrari has identified "more than 1,000 digital businesses" representing nearly $400 billion in 2025 revenue as potential targets.
The Buy-and-Cut Playbook Works — On Paper. Revenue hit $1.31 billion in 2025, up from $387 million in 2023 — an 84% compound annual growth rate — while adjusted operating income reached $613 million, a 47% margin. But almost all growth comes from acquisitions. Organic revenue growth across existing businesses was just 7% in 2024 and 13% in 2025. That gap matters: if deal flow slows, so does the story.
Debt Is Piling Up Fast for a Five-Week-Old Public Company. Total assets stood at nearly $7 billion as of March 2026, against $5.9 billion in liabilities — most of it acquisition-related debt. Adding another €1.49 billion stretches the balance sheet further. Investors should also note a dual-class share structure keeping voting control with four founders, plus a disclosed material weakness in financial reporting controls — governance flags that matter when leverage is rising.
The Valuation Already Prices In Continued Dealmaking. At roughly 11 times sales, BSP trades at a premium to most listed software peers , meaning the stock needs new acquisitions to justify its price. Q1 2026 revenue more than doubled to $601 million and the company swung to $27.5 million in net income from a $112 million loss a year prior — encouraging, but the loan signals management is already reaching for the next deal rather than letting recent buys fully season.