BSPBullunverifiable
Asymmetric Investing by Travis Hoium“I think it's one to put there now, especially after this most recent acquisition after they close Airtable.”
Thesis at the time
BullishTravis views Bending Spoons as an under-the-radar roll-up opportunity, buying struggling VC-backed software companies at a discount and consolidating them into a profitable enterprise software suite. He highlights strong revenue growth, positive net income, and sticky enterprise workflows as reasons for optimism, while flagging valuation and debt as risks.
Key arguments
- Roll-up strategy acquiring 'lost and forgotten' VC-backed software companies at discounted valuations (e.g., Miro bought at ~2x sales vs prior $17B VC valuation)
- Aggregate scale across products: ~1 billion users, 400 million MAUs, 7 million paying customers
- Revenue nearly doubled to $704 million in the most recent quarter with positive net income
- Acquired products (Airtable, StreamYard, Vimeo, Brightcove) create sticky enterprise workflows that are hard to switch away from
- Comparison to Constellation Software-style continual bolt-on acquisition model
Counter-arguments acknowledged
- Nearly $5 billion in debt on the balance sheet used to fund acquisitions
- Uncertainty on what to pay for a company whose growth is largely acquisition-driven rather than organic
- Travis does not currently own the stock himself
Hedges and caveats (from the video)
- Bending Spoons is described as 'under-the-radar' and not widely known
- Success depends on management's ability to improve acquired products long-term
- Acquisitions are being made at discounted valuations, implying execution risk
- Company has debt on balance sheet
- Video is sponsored by The Motley Fool, indicating potential bias
The call
- Date said
- Sep 21, 2026
- Confidence
- medium
- Specificity
- vague
How it resolved
- Status
- unverifiable
Why this resolved this way(resolution audit)
Full rules: docs/resolution-spec.md.
Confidence Reasoning
Clear bullish conviction expressed ('I think it's one to put on your radar') but hedged with 'I think' and no specific price target; he also notes he doesn't yet own the stock.
Source
Is Bending Spoons the Next Big Tech Conglomerate?
Said on Sep 21, 2026Open on YouTube ↗