If you’ve ever saved an important note in Evernote, sent a massive file through WeTransfer, or watched a video on Vimeo, you’ve crossed paths with a tech business you may have never heard of.
It’s called Bending Spoons (BSP), and the Italian technology business has spent years buying up familiar digital brands and rebuilding how they generate sales.
Now Warren Buffett’s Berkshire Hathaway (BRK.A, BRK.B) is putting more money behind it.
Berkshire completed another $330 million investment on October 29, as per MarketScreener, bringing its total commitment to $930 million and its ownership stake to 4%. The new purchase follows a $600 million investment in Bending Spoons’ July stock-market debut, as reported by CNBC.
That’s an unusual-looking bet for Berkshire, considering its preference for stable, predictable businesses, including insurance, railroads, and consumer staples, and its traditionally cautious approach to technology investments. Yet the appeal may be more familiar than it seems.
Bending Spoons isn’t selling the next must-have gadget. It’s looking to make more money from software customers it already knows. And the numbers reveal both the attraction and the risk.
Berkshire Hathaway invested $330 million in Bending Spoons, raising ownership to 4%.
Berkshire Hathaway doubles down on Bending Spoons stock
Berkshire’s growing interest in technology marks a pivotal shift from the era when Warren Buffett and Charlie Munger were at the helm, when the company largely avoided businesses whose competitive advantages were difficult to predict.
More Warren Buffett:
- Warren Buffett’s $142 billion fortune hits a new milestone
- Warren Buffett’s farewell letter has 4 words for every investor
- Warren Buffett shares a simple rule for surviving a market crash
Buffett’s investment in Apple helped change that perception.
“I didn’t go into Apple because it was a tech stock in the least,” Buffett told shareholders at Berkshire’s 2018 annual meeting as reported on by Fortune.
Instead, he focused on Apple’s loyal customers, its ecosystem, and the staying power of its business. That philosophy helps explain Berkshire’s increasingly substantial technology holdings, including Google parent Alphabet.
By June 30, Berkshire owned nearly 106 million Alphabet shares, worth approximately $37.8 billion, an 83% increase in Q2, as reported by Reuters. Alphabet had become its third-largest publicly traded stock holding, behind Apple and American Express.
And Buffett wasn’t merely watching from the sidelines.
In a July CNBC interview, he acknowledged personally initiating Berkshire’s investment in Alphabet.
“I initiated it,” Buffett said, although he clarified that CEO Greg Abel now has final investment authority.
Buffett also described his preference for “businesses that are going to earn high returns on capital for an extended period of time.”
Bending Spoons offers an interesting variation on that philosophy.
Instead of betting on the next technological breakthrough, the company buys established software businesses, improves their operations, and seeks to reinvest the proceeds into additional acquisitions.
CEO Luca Ferrari says Berkshire’s latest investment will help finance more attractive deals, although Berkshire hasn’t publicly explained its specific reasoning for increasing its stake.
Moreover, Bending Spoons takes a more hands-on approach, often changing prices, products, and staffing, which could help Bending Spoons make more money from well-known software brands, but there’s a risk. Customers may not like the changes and could eventually stop using those services.
Berkshire Hathaway’s biggest stock bets
- Apple (AAPL): $65.95 billion, representing 22.04% of its stock portfolio.
- American Express (AXP): $51.28 billion, representing 17.14%.
- Coca-Cola (KO): $32.51 billion, representing 10.86%.
- Alphabet (GOOGL): $28.16 billion, representing 9.41% in Class A shares.
- Bank of America (BAC): $27.54 billion, representing 9.20%.
- Bending Spoons (BSP): Berkshire has invested $930 million in total, including its latest $330 million investment, bringing its ownership to 4%. This is ownership of the company, not a percentage of Berkshire’s stock portfolio.
- Sources: Berkshire Hathaway’s June 30, 2026, SEC 13F and Kiplinger. Bending Spoons figures reflect its October 29 announcement. Portfolio percentages cover disclosed U.S. equities only.
Bending Spoons owns apps that millions already use
As mentioned before, Bending Spoons is behind some of the biggest software services on the web, including the note-taking app Evernote, the file-sharing service WeTransfer, the video platform Vimeo, the ticketing business Eventbrite, and the workplace tools Airtable and Miro.
It buys established software businesses, overhauls their operations, and holds on to them rather than sell them for a quick profit.
There’s tremendous value in the customers those acquisitions bring. Bending Spoons reported more than 500 million monthly active users and over 9 million monthly paying customers. Subscriptions accounted for 84% of Q1 2026 revenue, while customers who had subscribed for at least five years generated 48%. That said, no single customer accounted for more than 1% of sales.
Evernote shows how the strategy works. According to Bending Spoons’ regulatory filings, the average customer had used the note-taking service for 7.2 years at the time of acquisition. The company subsequently changed pricing, rebuilt parts of the product, and reduced staffing dedicated to Evernote from 341 full-time-equivalent positions to 60 by the end of 2024.
It also released more than 150 Evernote updates in 2025. By then, average revenue per monthly active user was 2.5 times its 2022 level. But higher subscription prices have also drawn criticism, showing the risk of pushing loyal customers too far.
The financial results show both the attraction and the challenge. Q2 sales climbed 126% to $704 million, while operating income rose 139% to $240 million. Organic revenue growth, however, was just 3%.
Acquisitions explain much of the difference. The question for investors is whether Bending Spoons can continue to find attractive deals while persuading existing customers to stay and pay more.
Berkshire’s familiar bet faces a new test
Bending Spoons is testing how far its acquisition strategy can go, but scooping up companies and growing its customers is only the first step. The company priced $1.8 billion in senior secured notes, with interest rates of 9.625% on the dollar tranche and 8.625% on the euro tranche. Those financing costs raise the bar for what acquisitions must earn.
The same applies to products. Higher subscription prices can boost revenue per customer, but changes that push longtime users away could weaken the cash flows that make these brands attractive.
It’s a familiar question for Berkshire shareholders. Buffett has emphasized finding businesses capable of earning high returns on capital over long periods. Bending Spoons still has to prove its acquisition machine can deliver that consistently.
Investors should look beyond headline revenue growth to organic sales, subscriber retention, operating margins, debt levels, and earnings per share. If those measures strengthen together, Berkshire’s stake could look prescient.
Related: Carvana CEO has surprising message for used-car buyers
