News Summary

Bending Spoons, a company known for acquiring and revitalizing stagnating tech companies, has announced its agreement to purchase Eventbrite for approximately $500 million. This acquisition comes as Eventbrite’s growth has stalled, with its revenue flat at about $325 million for the fiscal years 2023 and 2024. The company was initially co-founded by Julia and Kevin Hartz, along with Renaud Visage, and had raised about $330 million in venture capital before going public in 2018 with a valuation of $1.76 billion. Bending Spoons intends to hold Eventbrite indefinitely, aiming to turn it profitable through cost-cutting, price increases, and new product features. The acquisition price represents a 1.7 times multiple of Eventbrite’s trailing 12 months’ revenue and offers an 81% premium to the previous day’s share price.