Italian export credit agency Sace has provided its backing for a €500 million loan arranged for Bending Spoons, the Milan-based technology company known for acquiring and scaling digital applications. The financing is intended to support the firm’s international expansion strategy, with a particular focus on overseas acquisitions. The deal marks a significant moment for the Italian tech sector and reflects a broader trend of European companies seeking structured financial support to compete on a global scale.
Bending Spoons has built a reputation over recent years as one of Europe’s most aggressive acquirers of software products and mobile applications. The company operates a portfolio that includes well-known apps such as Evernote, Meetup, and Splice, among others. Its business model centers on purchasing underperforming or undervalued digital products and applying operational improvements to unlock their potential. The €500 million facility is designed to give the company the firepower it needs to continue this acquisition-driven growth strategy beyond European borders.
Sace, which operates under the Italian Ministry of Economy and Finance, plays a central role in supporting Italian businesses as they expand internationally. The agency provides guarantees, insurance, and financial instruments that help companies access credit on more favorable terms. In this case, Sace’s involvement is understood to have been instrumental in securing the loan at a scale that reflects confidence in Bending Spoons’ business model and its capacity to generate returns from international targets.
The loan structure itself is notable for its size relative to the Italian tech landscape. While large financing rounds are common in the United States and among major European tech hubs like London or Stockholm, a €500 million credit facility backed by an export credit agency for an Italian software company represents a relatively rare transaction. It signals that Italian institutions are increasingly willing to support homegrown technology champions with the kind of capital typically associated with private equity or large investment banks.
Bending Spoons was founded in 2013 and has grown steadily without relying on the traditional venture capital path that defines many of its peers. The company has been largely self-funded through revenues generated by its app portfolio, reinvesting profits into new acquisitions. This approach has given it a degree of financial discipline that distinguishes it from many high-growth tech firms that prioritize user growth over profitability. The new loan facility complements this model by providing additional leverage without diluting existing ownership.
The decision to involve Sace in the transaction also carries a strategic dimension. Export credit agencies are typically associated with manufacturing, infrastructure, or trade finance – sectors where Italy has historically been strong. Extending this support to a software company engaged in cross-border acquisitions reflects an evolution in how such institutions define their mandate. Digital businesses that generate revenues internationally and create employment domestically are increasingly being recognized as legitimate beneficiaries of export finance tools.
From a market perspective, the timing of the deal is relevant. The global technology sector has experienced significant valuation corrections since the peak years of 2020 and 2021, creating opportunities for well-capitalized buyers to acquire assets at more attractive prices. Bending Spoons has positioned itself to take advantage of this environment, and the €500 million facility provides the liquidity needed to move quickly when suitable targets emerge. The company has demonstrated in the past that it can act decisively, as seen with its acquisition of Evernote in 2022, a deal that surprised many industry observers given the scale of the target relative to Bending Spoons’ profile at the time.
The involvement of a state-backed guarantor like Sace also reduces risk for the lending banks participating in the facility. By providing a guarantee on a portion of the loan, Sace effectively lowers the credit risk for commercial lenders, making it possible to extend larger amounts on more competitive terms than would otherwise be available. This mechanism is a standard feature of export credit agency transactions but its application in the tech acquisition space adds a layer of sophistication to the deal.
For the broader Italian business community, the transaction sends a clear message about the country’s ambitions in the global technology market. Italy has long been associated with excellence in manufacturing, design, and luxury goods, but the emergence of companies like Bending Spoons suggests that a new generation of Italian firms is capable of competing in the digital economy. Institutional support from agencies like Sace can play a meaningful role in accelerating that transition.
The deal is also likely to attract attention from other European technology companies exploring similar financing structures. As competition for quality software assets intensifies globally, having access to large, flexible credit facilities backed by credible institutions could become a meaningful competitive advantage. Bending Spoons, with this transaction, has demonstrated that such structures are achievable for European tech acquirers willing to engage with the full range of financial tools available to them.
