Bending spoons to cut back on WeTransfer employees by 75 percent after acquisition
Date
9/12/2024 4:51:37 AM
(MENAFN) Luca Ferrari, CEO of the Italian app developer Bending Spoons, has announced significant staffing cuts at the file-sharing platform WeTransfer, which the company acquired in July. Ferrari revealed that Bending Spoons plans to lay off 75 percent of WeTransfer's employees, though he refrained from providing specific details as the process of defining the layoffs is still ongoing. The decision follows Bending Spoons' recent Acquisition spree, with WeTransfer being the fifth company it has purchased this year.
In February, Bending Spoons secured USD155 million in a capital increase, which raised the company's valuation to USD2.55 billion. This financial boost comes amid strategic expansion efforts by the Italy-based app developer. The acquisition of WeTransfer marks a significant move in its growth strategy, despite the challenges associated with the integration of the acquired company.
WeTransfer, originally founded in 2009 and headquartered in the Netherlands, had previously aimed for an initial public offering (IPO) in Amsterdam in 2022, targeting a valuation of €716 million. However, the IPO plans were abandoned due to market volatility. The current restructuring at WeTransfer underscores the shifting dynamics within the company following its acquisition by Bending Spoons.
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