Bending Spoons Completes Airtable Acquisition at $1.285 Billion Enterprise Value

Bending Spoons completed its acquisition of Airtable on Friday, Sept. 4, bringing the enterprise software platform into the Italian technology group’s portfolio one month after the two companies announced an all-cash agreement. The original terms valued Airtable at $1.285 billion on an enterprise-value basis and about $2.25 billion on an equity-value basis once Airtable’s net cash and cash equivalents were included.

Ownership of 100% of Airtable’s issued and outstanding shares now sits with Bending Spoons. The Sept. 4 closing announcement did not revise the valuation figures disclosed in August, and it did not specify the exact mix of cash, borrowings or other sources used to fund the purchase. Bending Spoons also did not announce an integration timetable or workforce changes alongside the closing.

In a Sept. 4 Form 6-K filed with the U.S. Securities and Exchange Commission, Bending Spoons said it had completed the previously announced acquisition of all issued and outstanding shares of Formagrid Inc., the Delaware corporation that does business as Airtable. An accompanying company release described the purchase as all cash and said Airtable will be added to Bending Spoons’ financial outlook the next time the company reports results.

Airtable deal closes at terms set in August

Bending Spoons agreed to buy Airtable on Aug. 4 after the boards of both companies unanimously approved the deal. The original announcement put Airtable’s enterprise value at $1.285 billion and said its net cash and cash-equivalents balance brought the implied equity value to approximately $2.25 billion. At that stage, completion still depended on required regulatory approvals and other customary closing conditions.

The difference between enterprise value and equity value matters in this case because Airtable was carrying a large net cash position. Enterprise value is designed to measure the value of the operating business after accounting for cash and debt, while equity value reflects what the shareholders’ stake is worth. Bending Spoons did not provide a separate exact figure for Airtable’s net cash in the announcement, but the disclosed values imply a gap of roughly $965 million.

The August announcement also provided a useful operating benchmark for the purchase. Airtable’s annual recurring revenue was growing by more than 20% year over year and had reached approximately $480 million as of June 2026, according to Bending Spoons. Using those disclosed figures, the $1.285 billion enterprise value works out to roughly 2.7 times annual recurring revenue. That simple ratio is not a measure of profitability and does not account for future growth, margins or integration costs, but it gives investors a way to compare the headline purchase price with the recurring revenue base Bending Spoons said it was acquiring.

The legal structure disclosed in August placed Bending Spoons US Inc., a wholly owned subsidiary of Bending Spoons, on the buyer side, with Formagrid Holdings LLC as seller. Friday’s filing confirms that the acquisition has moved from a signed agreement to completed ownership, removing the closing conditions that were still outstanding when the companies announced the deal a month ago.

What Airtable adds to Bending Spoons

Airtable brings a sizable enterprise-software customer base into a group that has expanded largely by buying and operating established digital businesses. The company says more than 500,000 organizations use Airtable, including 80% of the Fortune 100. Its software combines spreadsheet-style familiarity with database and application-building capabilities, allowing teams to organize data, create workflows and build internal applications without relying on a traditional software-development process for every use case.

The product has also been shifting toward artificial intelligence. Airtable relaunched its platform in June 2025 around what it calls an AI-native model, making AI capabilities part of the default experience for new users and positioning the service as a platform for building applications and deploying AI agents. That direction helps explain why Bending Spoons highlighted Airtable’s ability to bring data, context and AI agents into a single workspace when it announced the closing.

Bending Spoons CEO and co-founder Luca Ferrari said the company’s focus after taking control will be on “investing heavily in Airtable’s product, customer support, and go-to-market capabilities.” Airtable co-founder Howie Liu said Bending Spoons has the resources and long-term perspective to support the company’s next phase. Those statements describe management’s intended direction, but the closing release did not set specific investment amounts, product milestones or cost targets.

Airtable also fits Bending Spoons’ broader acquisition-led model. The group says it buys digital businesses, makes operational and product changes, and reinvests the resulting earnings into additional acquisitions. Its portfolio already includes AOL, Brightcove, Eventbrite, Evernote, komoot, Remini, StreamYard, Tractive, Vimeo and WeTransfer, among other products. Bending Spoons acquired AOL in January 2026 and Eventbrite in March, then completed its $759 million enterprise-value acquisition of pet-tracking company Tractive in May.

That acquisition activity has been a major driver of the group’s recent financial growth. Bending Spoons reported $704 million of revenue for the second quarter of 2026, up 126% from a year earlier, and said the increase was primarily driven by acquisitions completed since the beginning of the second quarter of 2025. Organic revenue growth for the quarter was 3%. Operating income reached $240 million, while adjusted operating income was $381 million.

First post-IPO purchase puts focus on capital and guidance

Airtable is Bending Spoons’ first completed acquisition since the company listed on Nasdaq on July 1 under the ticker BSP. The initial public offering comprised nearly 58 million shares priced at $29 each, including shares sold by Bending Spoons and existing shareholders. The company said it received $1.10 billion in net IPO proceeds after underwriting discounts and commissions.

The balance sheet and financing backdrop give context to the scale of the Airtable purchase, although Bending Spoons has not tied any particular financing source directly to the acquisition. At June 30, before the IPO closed, the group held $793 million of cash and cash equivalents, reported a leverage ratio of 2.4 times and had $1.28 billion of available borrowing capacity under its revolving credit facilities, net of amounts drawn.

Bending Spoons also expanded its borrowing capacity around the listing. In late July it announced a €500 million SACE-backed term loan facility and said that, together with additional term-loan financing and increased revolving-credit commitments, it had agreed €1.49 billion of new and expanded facilities since the beginning of the second quarter. The company said some of those facilities were available for general corporate purposes and acquisitions. Because the Airtable closing release did not identify the exact funding mix, those facilities should be viewed as part of the broader capital backdrop rather than as confirmed financing for this specific purchase.

The acquisition will also change the reference point for Bending Spoons’ guidance. When the company reported second-quarter results on Aug. 13, it forecast third-quarter revenue of $733 million to $745 million and adjusted operating income of $380 million to $400 million. Full-year guidance called for revenue of $2.78 billion to $2.82 billion and adjusted operating income of $1.46 billion to $1.51 billion.

Those ranges were based only on businesses Bending Spoons owned as of Aug. 12 and expressly excluded contributions from later acquisitions. Friday’s release did not issue replacement guidance, but it said Airtable will be incorporated into the outlook when Bending Spoons next reports financial results. That next update will provide the first company forecast that reflects Airtable as an owned business rather than a pending acquisition.