Italian app developer Bending Spoons plans to lay off 75% of the staff at file-sharing platform WeTransfer, according to CEO Luca Ferrari. While the exact details of the layoffs are yet to be finalized, Ferrari confirmed the significant reduction in WeTransfer‘s workforce following Bending Spoons’ acquisition of the platform in July.
This acquisition marks Bending Spoons’ fifth this year, and comes after the company raised $155 million through a capital increase in February, which boosted its valuation to $2.55 billion. WeTransfer, originally founded in 2009 in the Netherlands, had previously aimed for an initial public offering in Amsterdam with a targeted valuation of up to 716 million euros in 2022. However, due to market volatility, the IPO plans were eventually shelved.
Bending Spoons’ decision to restructure WeTransfer reflects its broader strategy of streamlining operations following multiple acquisitions. The company’s expansion and significant fundraising efforts highlight its aggressive growth trajectory within the tech industry, even as it navigates challenging market conditions that have impacted companies like WeTransfer.