the biggest company you never heard of just filed for a $20B IPO.
their secret sauce: reducing staff and charging more.
evernote. wetransfer. vimeo. meetup.
all sold to bending spoons: a Milan-based company that's quietly bought 50 apps, now serving 500M monthly users with 9M paying subscribers.
and as of March bought eventbrite for$500M, after they tried IPO at $1.8B in 2018.
the targets look identical every time:
- iconic product with 10 years of brand equity
- millions of free users, but 'eh monetization
- lots of employees
here's what they did:
1. evernote ($1B valuation)
- cut 129 staff first month (50%), the entire US chile offices
- raised prices from $70 to $130/yr ( 86%)
- new features weekly: AI search, sync 17x faster (250 feat in 2.5 yrs)
2. wetransfer (attempted IPO at $750M)
- cut 260 staff (75%)
- raised prices from $15 to $25/mo ( 67%)
- 5 updates: contact groups, comment threads, post-send access control.
3. vimeo ($9B peak in 2021)
- cut 1,000 staff (90%)
- heavy accounts pushed toward $20k/yr contracts
- 13 features in 4 wks: AI subtitles in 99 languages, 2x faster search
yes, the layoffs are brutal. every original CEO is gone.
yet bending spoons is not buying the team or the tech, they’re buying the habit.
founders spent decades building the habit, but they were scared to charge for it.
bending spoons charges for it in month one.
from $1.3B revenue in 2025, up 95%, to IPO at $20B
maybe all you need for a $20B IPO is courage to charge your free users more ;)