Evernote Sold to Bending Spoons, Ending Decades-Long Era Under Independent Ownership

In a significant development, Evernote, the popular note-taking and task management app founded over 20 years ago, has been acquired by Milan-based app developer Bending Spoons. This acquisition marks the end of an eventful journey for Evernote, which has seen its fair share of ups and downs.

The Acquisition

In a statement on Evernote’s newsroom, CEO Ian Small announced that Bending Spoons will take ownership of Evernote in a transaction expected to close in early 2023. "For Evernote, this decision is the next strategic step forward on our journey to be an extension of your brain," Small wrote. "Teaming up with Bending Spoons will accelerate the delivery of improvements across our teams, professional, personal, and free offerings."

The terms of the acquisition were not made public.

Evernote’s Journey

Founded in 2000 by Russian-American entrepreneur Stepan Pachikov, Redwood City-based Evernote initially made handwriting recognition software for Windows and the eponymous note-taking app Evernote. The app allowed users to store notes on an "infinite roll of paper." Under CEO Phil Libin, who joined the company in 2007, Evernote shifted its focus to the web, smartphones, and Mac with the launch of Evernote 3.0 in 2008.

This proved to be a winning strategy – at least initially. Between 2010 and 2015, Evernote raised hundreds of millions of dollars in venture capital from investors including Sequoia, Meritech Capital, and Japanese media company Nikkei. Its web service reached 11 million users within the first three years, and Evernote launched a business in China, Yinxiang Biji, as the startup sought to rapidly expand.

In 2013, Evernote was reportedly valued at nearly a billion dollars.

Challenges Ahead

But then trouble set in. Evernote’s chief operating officer, appointed in June 2015, left after just a few months. Meanwhile, Libin pursued partnerships with physical goods brands like Moleskine and Pfeiffer, launching Evernote-branded desk accessory lines that failed to catch on.

Former Google Glass executive Chris O’Neill replaced Libin in July 2015. And in October of that year, Evernote laid off 18% of its staff and closed three of its 10 global offices.

August 2018 saw an exodus of top execs, including Evernote’s chief technical officer, chief financial officer, chief product officer, and head of HR. Fifteen percent of the company’s workforce was laid off in September 2018, a step O’Neill justified as necessary to correct for the company’s recent overexpansion and "inefficiency."

Small, the former CEO of platform-as-a-service company TokBox, came on in 2018. Under his leadership, Evernote has seen significant improvements, including the introduction of new features and a renewed focus on user experience.

Bending Spoons: A New Partner for Evernote

Bending Spoons is a well-established player in the app development industry, with a portfolio of successful apps, including some that have reached top 10 rankings on the App Store. The company’s acquisition of Evernote marks a significant expansion into the note-taking and task management space.

"We’re thrilled to welcome Evernote to our family," said a spokesperson for Bending Spoons. "We believe in the importance of empowering users with powerful tools, and we look forward to working together to take Evernote to new heights."

What’s Next for Evernote?

As the acquisition is finalized, users can expect significant changes at Evernote. With Bending Spoons on board, the app will likely undergo a major overhaul, incorporating new features and improvements that will enhance user experience.

In an interview with TechCrunch, Small said, "We’re excited to work with Bending Spoons to bring the best possible experience to our users. We believe in the power of collaboration, and we’re confident that together, we’ll achieve great things."

The acquisition marks a new chapter for Evernote, one that promises significant changes and improvements for the app’s loyal user base.

Timeline of Key Events

• 2000: Stepan Pachikov founds Redwood City-based Evernote.
• 2007: Phil Libin joins Evernote as CEO.
• 2010-2015: Evernote raises hundreds of millions of dollars in venture capital from investors including Sequoia, Meritech Capital, and Japanese media company Nikkei.
• 2013: Evernote is reportedly valued at nearly a billion dollars.
• 2015:
  • June: Evernote’s chief operating officer leaves after just a few months.
  • July: Former Google Glass executive Chris O’Neill replaces Libin as CEO.
  • October: Evernote lays off 18% of its staff and closes three of its 10 global offices.
• 2018:
  • August: Top execs, including Evernote’s chief technical officer, chief financial officer, chief product officer, and head of HR, leave the company.
  • September: Fifteen percent of the company’s workforce is laid off as part of a restructuring effort.

Conclusion

The acquisition of Evernote by Bending Spoons marks a significant development in the note-taking and task management space. With this partnership, users can expect significant improvements and changes to the app, including new features and enhancements that will further empower users.

As the acquisition is finalized, we’ll be keeping a close eye on developments at Evernote. Stay tuned for more updates!