Bending Spoons has already acquired some of the internet’s most recognizable software brands. And it has identified more than 1,000 others it could potentially acquire.

The Milan-based company, whose portfolio includes Evernote, WeTransfer, Vimeo, AOL, and Eventbrite, disclosed the figure in its IPO prospectus. Together, those potential targets generated nearly $400 billion in estimated revenue in 2025.

Bending Spoons has hardly slowed down since its stock market debut in July. It has completed acquisitions of Airtable and Miro, and in October, Berkshire Hathaway invested another $330 million, bringing its ownership stake to 4%.

Its business model—buy an established product with paying customers, reorganize the company, reduce costs, improve the technology, and use the profits to pursue more acquisitions—is attracting attention across the software industry. And the results have generally been impressive.

But so have the job cuts. As AI makes software cheaper to develop and maintain, Bending Spoons may now be establishing a new model for an industry accustomed to prioritizing growth over profitability.

Building a successful software business is expensive. A company could spend years developing a product, attracting customers, and trying to persuade them to pay for it with no guarantee it will succeed. Buying an established business, however, reduces some of that uncertainty.

“From an investor’s perspective, the fundamental advantage is that you’re buying proven behavior rather than financing the search for it,” says Vince Molinari, a financial services expert and founder and CEO of Fintech Media Group.

An established product already has customers, revenue, brand recognition, and a distribution network.

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