Bending Spoons acquires WeTransfer
The technology company Bending Spoons announced today that it has completed the acquisition of WeTransfer, the brand and platform for collaboration and file sharing founded in the Netherlands.
About the acquisition
To celebrate the acquisition and affirm its commitment to the creative community, Bending Spoons promises to donate at least $3 million to The Supporting Act Foundation over the next two years. The foundation’s mission is to support emerging artists and artist-led groups from underrepresented communities.
Bending Spoons also commits to continue reserving 30% of WeTransfer’s advertising space for charitable campaigns and editorial content. Finally, WePresent will continue to showcase the work of deserving creatives, including emerging artists.
WeTransfer
WeTransfer was founded in the Netherlands by Bas Beerens, Nalden, and Damian Bradfield. It is funded by Highland Capital Partners and HPE Growth. In addition to the CEO, the acquisition was led by COO/CFO Melissa Nussbaum. WeTransfer was assisted for legal matters by Loyens & Loeff. Allen & Company LLC served as the exclusive financial advisor for the transaction.
The advisors
Bending Spoons was assisted by A&O Shearman as legal advisor for M&A, by Latham and Watkins as legal advisor for financial matters, and by EY Advisory, which provided financial and tax due diligence and structuring services.
Banco BPM, BNP Paribas/BNL, and Intesa Sanpaolo acted as Global Coordinator, Mandated Lead Arranger, Bookrunner, Underwriter, and Lender. Banco BPM, BNP Paribas, and Intesa Sanpaolo also acted as financial advisors. Intesa Sanpaolo served as Facility Agent and Security Agent. Milbank and Legance assisted the pool of banks involved in financing the operation.
WeTransfer’s CEO, Alexandar Vassilev, commented on the acquisition: “Over the past ten years, WeTransfer has grown from an extremely simple file-sharing tool to a highly profitable and impactful platform relied upon by millions of professionals and creatives. In recent years, the company has experienced a period of accelerated growth, driven by strategic product development, which has led the platform to serve over 600,000 subscribers and 80 million monthly active users. Furthermore, nurturing creative communities and amplifying their voices has been key to our success. Some of Bending Spoons’ most successful products are tools that serve creativity, so we are confident that this milestone will complement both businesses, strengthen our growth, and help us create even more value for the creative industries overall.”
Damian Bradfield, co-founder and CCO of WeTransfer, added: “On the surface, WeTransfer may seem like a file-sharing company, but it is also an award-winning editorial platform, the most extraordinary advertising channel on the internet, and a staunch supporter of the creative industries. Our commitment and availability to our most loyal users—artists, musicians, photographers, directors—have fueled our project from the beginning and helped us build a global brand with unprecedented levels of trust. Bending Spoons has consistently been ranked among the best companies to work for, and being one of the jewels of the Italian tech industry, we are very optimistic about where this synergy can take us.”
Luca Ferrari, co-founder and CEO of Bending Spoons, stated: “WeTransfer is a highly respected name in the tech and creative fields. We are excited to become its new owners and feel a strong sense of responsibility to help the brand and the company thrive for many years to come.”