Live data from Hacker News

IAC sold 17 apps to Bending Spoons. $100M deal, all 330 employees fired

twitter.com

11–20 of 207 posts

Re: IAC sold 17 apps to Bending Spoons. $100M deal, all 330 employees fired

#11
post #5

They recently acquired Meetup as well [1]. This doesn't bode well for its future. [1] https://news.ycombinator.com/item?id=38953242

Speaking of, is there a good replacement for Meetup if you just want to organize some informal activities, like a user group or going biking?

Re: IAC sold 17 apps to Bending Spoons. $100M deal, all 330 employees fired

#12

Obviously sucks to be one of those 330 employees, but I wonder if we really need all these junk apps that just harvest user data. Hopefully they can get work doing something fulfilling. Every time a data harvester moves operations to Europe for cheaper labor, it seems like a game of Russian roulette. When will the day come that the EU drives Bending Spoons out of existence? The US should adopt intent nationalistic la…

Better said is: Every time a company does radical shift in company structure by shady management, it seems like a game of Russian roulette. Law-wise, your data is more safe in the EU than in most of the US even for an American citizen. An American company/management under bad privacy laws can just sell your data at the highest bidder.

Re: IAC sold 17 apps to Bending Spoons. $100M deal, all 330 employees fired

#14
post #5

They recently acquired Meetup as well [1]. This doesn't bode well for its future. [1] https://news.ycombinator.com/item?id=38953242

Speaking of, is there a good replacement for Meetup if you just want to organize some informal activities, like a user group or going biking?

Sadly most people (at least in my country) use Facebook for this.

Re: IAC sold 17 apps to Bending Spoons. $100M deal, all 330 employees fired

#15
If you read their Wikipedia page [1] they sound like an Italian Saint. A lot about the various awards they have gotten and other "charitable" activities.

But reading the comments here, I get another impression of the company.

[1] https://en.wikipedia.org/wiki/Bending_Spoons

Re: IAC sold 17 apps to Bending Spoons. $100M deal, all 330 employees fired

#16
post #4

i'm not sure i quite understand the situation. is the implication that bending spoons is some kind of private equity firm but for apps that will suck the soul out of these 17 apps? i haven't heard of this company before but browsing their site at least the marketing speak points towards it not being the case... could someone explain?

They’re not private equity… they’re like a bottom tier tech conglomerate that’s been growing rapidly lately. They most famously bought Evernote. They buy apps/products that mature and don’t need a lot of work, fire all the workers and hire a skeleton crew to manage them in a cheaper labor market. They also harvest data from the apps and resell it.

I've always wanted to build a digital burial business like this, actually. It feels like a great way to tax late adopters' unwillingness to take on the risk of switching to a newer, better platform. As a late adopter myself of a great many things I feel like I understand the crotchety reluctance well enough to make a good go at it - maybe I'll unlearn my own risk aversion along the way.

Re: IAC sold 17 apps to Bending Spoons. $100M deal, all 330 employees fired

#17
post #4

i'm not sure i quite understand the situation. is the implication that bending spoons is some kind of private equity firm but for apps that will suck the soul out of these 17 apps? i haven't heard of this company before but browsing their site at least the marketing speak points towards it not being the case... could someone explain?

They’re not private equity… they’re like a bottom tier tech conglomerate that’s been growing rapidly lately. They most famously bought Evernote. They buy apps/products that mature and don’t need a lot of work, fire all the workers and hire a skeleton crew to manage them in a cheaper labor market. They also harvest data from the apps and resell it.

Yes. That and they optimize the pricing to squeeze as much profit from captive users (or those that don't know better). They increased the pricing for Evernote quite aggressively, and reduced the free features if I recall correctly. Selling to Bending Spoons is pretty much giving up and letting the vultures have a bite at the remains.

Re: IAC sold 17 apps to Bending Spoons. $100M deal, all 330 employees fired

#19
They did the same recently with Filmic [0], of the Filmic Pro iOS Camera app.

I guess this is what the exact opposite of acqui-hire looks like. Acquire only for the app's customers, and their currently ongoing subscriptions, and nothing else.

Does anyone know if they maintain these apps well over time, or they just rot?

[0] https://news.ycombinator.com/item?id=38502586

Re: IAC sold 17 apps to Bending Spoons. $100M deal, all 330 employees fired

#20
post #5

They recently acquired Meetup as well [1]. This doesn't bode well for its future. [1] https://news.ycombinator.com/item?id=38953242

Recently, “Filmic's entire staff laid off by parent company Bending Spoons”

https://news.ycombinator.com/item?id=38502586

Post reply on HN