Bending Spoons Pays €770M for Tractive, Then Cuts 50% of Jobs Before IPO
The sale of the Upper Austrian startup Tractive to the Italian software group Bending Spoons marks one of the most significant deals in Austrian startup history. While the purchase price sets new benchmarks, the associated restructuring at the Pasching location is causing significant uncertainty.
The sale of the Pasching-based company, internationally known for its pet GPS trackers, has reached a new dimension following the release of stock market documents. According to Bending Spoons’ prospectus, a total of $900 million, equivalent to €770 million, is being paid for Tractive:
“On March 25, 2026, we entered into a definitive agreement to acquire tractive GmbH, an Austria-based technology company specializing in GPS tracking and health monitoring devices for pets. Founded in 2012, tractive GmbH develops collar-mounted devices and a companion mobile application that enable pet owners to monitor their animals’ real-time location, activity levels, and health metrics, supported by a subscription-based model. The transaction was subsequently completed on May 18, 2026, for a total consideration at closing of $781 million plus an additional deferred consideration of $119 million payable one year after closing.”
With this sum, the transaction is among the highest ever achieved for an Austrian startup. Tractive, founded in 2012, recently achieved an annual revenue of over €100 million and was considered Upper Austria’s only “unicorn” prior to the takeover. However, the financial success of the exit stands in stark contrast to the developments at the Pasching location.
Massive Job Cuts at the Pasching Site
Behind the record price lies a profound strategic realignment by the parent company. According to reports, Bending Spoons is planning massive job cuts that could affect around 160 positions (Trending Topics reported). This would mean that more than half of the approximately 300 employees would be affected by the layoffs. This is particularly significant for the international team, which according to company statements consists of employees from about 40 nations.
Bending Spoons itself has not yet commented on the exact number of job cuts, but pointed out that a “leaner organization” is necessary to ensure the long-term flexibility and focus of the company. Affected employees are reportedly being offered severance packages that exceed industry standards.
Automation and the Path to an IPO
This drastic consolidation is part of an overarching strategy by Bending Spoons, which is apparently working towards a planned initial public offering (IPO). To maximize the efficiency of the acquired companies and prepare the organization for the capital markets, the group relies on high levels of technical automation.
Instead of relying on large staff numbers in operational areas, Bending Spoons uses its own proprietary software infrastructure. With tools such as “Minerva,” “Juno,” “Xina,” “Matrix,” or “Galf,” central business areas—including marketing, user experience (UX), payments, and analytics—are largely managed through automation.
This approach of cutting massive amounts of personnel after acquisitions and replacing them with technology is not a new phenomenon for Bending Spoons. Similar patterns were seen during the takeovers of well-known tech brands such as WeTransfer or Vimeo. While the group aims for a highly efficient structure through this method, uncertainty remains regarding the extent to which research, development, and the associated jobs will be maintained in Upper Austria.
