🥇 First rule of investing? Know when to save! Up to 55% off InvestingPro before BLACK FRIDAYCLAIM SALE

Bending Spoons to lay off 75% of WeTransfer staff post deal, CEO says

Published 09/08/2024, 02:51 PM
Updated 09/08/2024, 02:55 PM
© Reuters. Clouds are seen in front of the WeTransfer logo in this illustration taken February 27, 2022. REUTERS/Dado Ruvic/Illustration

(Reuters) - Italian app developer Bending Spoons will lay off 75% of file-sharing platform WeTransfer staff, CEO Luca Ferrari (NYSE:RACE) said in a statement on Sunday.

Ferrari said "I won't be more specific at this stage because the layoff hasn't been fully defined yet," in an emailed statement to Reuters.

The Italy-based app company made its fifth acquisition this year when it bought WeTransfer in July. Bending Spoons in February raised $155 million through a capital increase, taking the company's valuation to $2.55 billion.

© Reuters. Clouds are seen in front of the WeTransfer logo in this illustration taken February 27, 2022. REUTERS/Dado Ruvic/Illustration

The owner of WeTransfer, which was founded in 2009 in the Netherlands, sought an initial public offering in Amsterdam with a targeted valuation of up to 716 million euros in 2022, but the plan was scrapped due to market volatility, it said at the time.

TechCrunch and Dutch media earlier reported about the job cuts at the company.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.