In short: Ellenbogen: IPO'd Jul 1 at $29, traded to ~$44, now ~$35 (article names no ticker). Buys modestly-growing, undermanaged software businesses cheap and runs them centrally — Evernote went from $90M revenue/break-even to $130M at ~60% EBITDA margin with <20 app-level staff; EBITDA per "Spooner" went from <$500k to >$1M. Came public at a low-teens FCF multiple; sees FCF compounding ~30% for three years; target $45–$55 (13–15x 2028 FCF).
An Italian software house that just went public (July 1). Its model: buy neglected, slow-growing apps cheaply (like Evernote), strip them down to a small team on a shared technology platform, and run them for cash — Evernote's profit margin went to ~60% with fewer than 20 people on the app. Ellenbogen invested pre-IPO and thinks free cash flow can compound ~30% a year; today's AI-driven fear of software companies is actually a gift, letting Bending Spoons buy better businesses cheaper. Target $45–55 vs ~$35 today. (The article gives no ticker symbol yet.)
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