Bending Spoons to Acquire Eventbrite in $500M Deal
Bending Spoons, the technology firm known for acquiring and restructuring underperforming digital brands, has reached an agreement to purchase Eventbrite for roughly $500 million. The deal marks a significant decline in valuation for the ticketing marketplace, which was valued at $1.76 billion during its 2018 initial public offering.
Under the terms of the agreement, Eventbrite shareholders will receive $4.50 per share in cash. This offer represents an 81% premium compared to the company’s closing stock price of $2.48 on the previous trading day. The purchase price reflects a multiple of approximately 1.7 times Eventbrite’s trailing 12-month revenue of $295 million.
A Strategy for Stagnant Software
Eventbrite, founded in 2006 by Julia and Kevin Hartz alongside Renaud Visage, was once a high-growth darling of the tech sector. Before going public, the company secured approximately $330 million in venture capital funding from prominent firms, including Tiger Global Management and Sequoia Capital.
Despite its history, the company has struggled with stalled expansion. Financial audits reveal that annual revenue remained flat at roughly $325 million for both the 2023 and 2024 fiscal years. Bending Spoons intends to break this cycle of stagnation by applying its established operational playbook, which includes:
- Implementing cost-reduction measures
- Adjusting pricing structures
- Developing and integrating new product features
Unlike traditional private equity firms that often look for an eventual exit, Bending Spoons focuses on long-term ownership. The company, which recently secured a $270 million funding round that pushed its valuation to $11 billion, has previously acquired other recognizable brands such as Evernote, Vimeo, Meetup, and AOL.
The Rise of “Venture Zombie” Acquisitions
The acquisition of Eventbrite places Bending Spoons among a growing cohort of firms targeting what are often termed “venture zombie” companies—software firms with strong brand recognition but limited growth. Other players currently active in this market include Curious, Tiny, SaaS.group, Arising Ventures, and Calm Capital.
Andrew Dumont, CEO and founder of Curious, noted that the model relies on identifying high-quality platforms at depressed valuations. The objective for these firms is to streamline operations quickly to achieve profit margins between 20% and 30%.