Technology company Bending Spoons announced that it has closed the acquisition of WeTransfer, the beloved brand and Dutch-founded digital file-sharing and collaboration platform.
WeTransfer CEO, Alexandar Vassilev, said of the acquisition: “Over the last decade, WeTransfer has grown from a beautifully simple file-sharing tool into a highly profitable and impactful platform trusted by millions of creative professionals and creators. In the last few years, the business has seen a period of accelerated growth, fueled by strategic product development, resulting in the platform serving more than 600,000 subscribers and 80 million monthly active users. Additionally, nurturing creative communities and amplifying their voices has been key to our success. Some of Bending Spoons’ most successful products are tools that serve creativity, therefore we are confident that this milestone will complement both businesses, supercharge our growth, and help us create even more value for creative industries at large.”
Damian Bradfield, WeTransfer co-founder and CCO, added: “On the surface, WeTransfer might look like a file-sharing business, but it’s also an Oscar-winning editorial platform, the most striking advertising billboard on the Internet and a fierce supporter of creative industries. Getting out of the way and giving back to our most loyal users—artists, musicians, photographers, filmmakers—has fuelled our purpose from inception, and helped us build a global brand with unprecedented levels of trust. Bending Spoons has been consistently listed as one of the best companies to work for and being one of the darlings of the Italian tech industry, we are very optimistic about where this synergy can take us.”
Bending Spoons co-founder and CEO, Luca Ferrari, said: “WeTransfer is a highly respected name in the technology and creative spaces. We’re enthusiastic about becoming its new owner, and we feel a strong sense of responsibility to help the brand and the business thrive for many years to come.”
To celebrate the acquisition and affirm its commitment to the creative community, Bending Spoons is pledging to donate at least $3 million to The Supporting Act Foundation over the next two years. The Foundation’s mission is to support emerging artists and artist-led groups from under-represented communities.
Bending Spoons is also pledging to continue reserving 30% of WeTransfer’s advertising space to give-back campaigns and editorial content. Lastly, WePresent will continue to showcase the work of deserving creators, including emerging artists.
WeTransfer was founded in the Netherlands by Bas Beerens, Nalden and Damian Bradfield. It’s funded by Highland Capital Partners and HPE Growth. Alongside the CEO, the acquisition was led by COO/CFO Melissa Nussbaum. WeTransfer was assisted on legal matters by Loyens & Loeff. Allen & Company LLC served as exclusive financial advisor on the transaction.
Bending Spoons was assisted by A&O Shearman as M&A legal advisor, Latham and Watkins as financing legal advisor, and EY Advisory SpA, who provided financial and tax due diligence and structuring services.
Banco BPM, BNP Paribas/BNL, and Intesa Sanpaolo acted with the role of Global Coordinator, Mandated Lead Arranger, Bookrunner, Underwriter, and Lender. Banco BPM, BNP Paribas, and Intesa Sanpaolo acted also as Financial Advisors. Intesa Sanpaolo acted as Facility Agent and Security Agent. Milbank and Legance assisted the pool of banks involved in the financing of the transaction.
SOURCE: BusinessWire