🧵Thesis Thread
New Conglomerates
Modern conglomerate builders — Bending Spoons, Emergence, Applause — acquiring and operating software companies at scale with a shared operational playbook. Roll-up meets platform.
Connected insights5
Company insight
ThreadCompany to watch·Software / SaaS
Bending Spoons
Italian software conglomerate acquiring and operating apps at scale.
Company insight
ThreadCompany to watch·Software / SaaS
Emergence Software
Software roll-up focused on acquiring and growing B2B SaaS.
Company insight
ThreadCompany to watch·Software / SaaS +1
Applause
Software quality and testing company built through acquisition.
Company insight
ThreadCompany to watch·Retail / Commerce +1
Cart.com
E-commerce infrastructure roll-up consolidating fulfillment, marketplace, and brand services.
Company insight
ThreadCompany to watch·Retail / Commerce +1
ShopCircle
Acquiring and operating Shopify apps and e-commerce tools.