Evernote
The note-taking app founded in Stepan Pachikov's 2000 venture, relaunched for the smartphone era in 2008, valued at nearly $1 billion in 2013 — then sold to Milan's Bending Spoons in early 2023 after years of retrenchment, staff cuts, and a free plan capped at 50 notes.
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- Location
- Redwood City, California, United States
- Country
- United States
- Industry
- Note-taking / task-management software
- Founded
- 2000 (Pachikov venture; modern app relaunched 2008)
- Founder
- Stepan Pachikov
- Headquarters (pre-2023)
- Redwood City, California, United States
- Owner since early 2023
- Bending Spoons (Milan, Italy)
- Reported peak valuation
- Nearly $1 billion (2013, reported)
- Recurring revenue at sale
- ~$100 million
- Free plan from December 2023
- 50 notes, one notebook
Overview
Evernote is a note-taking and task-management app that began in Stepan Pachikov’s 2000 venture, became a defining smartphone-era productivity brand after its 2008 relaunch, and was sold to Milan-based Bending Spoons in early 2023 after a decade of retrenchment (TechCrunch). Under Bending Spoons it shed staff, moved its centre of operations to Europe, and capped its free plan at 50 notes and one notebook (TechCrunch; TechCrunch).
The original product was built around an idea Pachikov had pursued since his handwriting-recognition work: notes stored on an “infinite roll of paper” (TechCrunch). Under Phil Libin, who joined the company in 2007, Evernote shifted its focus to the web, smartphones and Mac, starting with Evernote 3.0 in 2008 — and the timing worked: its web service reached 11 million users within its first three years (TechCrunch). Between 2010 and 2015 it raised hundreds of millions of dollars in venture capital from investors including Sequoia, Meritech Capital and Japanese media company Nikkei, and launched a business in China, Yinxiang Biji, as it sought to expand rapidly (TechCrunch).
From smartphone-era hit to retrenchment
Evernote was reportedly valued at nearly a billion dollars in 2013 (TechCrunch). But the expansion that followed did not stick. Libin pursued partnerships with physical-goods brands like Moleskine and Pfeiffer, launching Evernote-branded desk accessory lines that failed to catch on in a major way (TechCrunch). In July 2015, former Google Glass executive Chris O’Neill replaced Libin as CEO, and that October Evernote laid off 18% of its staff and closed three of its 10 global offices (TechCrunch).
The pattern repeated in 2018. In August that year Evernote lost its chief technical officer, chief financial officer, chief product officer and head of HR, as it sought funding in a potential down-round from the unicorn valuation it had hit in 2012 (TechCrunch). Weeks later it laid off 54 people, about 15% of its workforce, with O’Neill justifying the cut as a correction for overexpansion and “inefficiency” (TechCrunch; TechCrunch). In October 2018, former TokBox head Ian Small replaced O’Neill as CEO (TechCrunch). Under Small, Evernote reached $100 million in annual recurring revenue, millions of paying customers and more than 250 million users — but, TechCrunch reported, it largely failed to keep pace with competitors like Notion, relying heavily on a consumer-focused freemium model while eschewing the collaboration features its rivals embraced (TechCrunch).
Under Bending Spoons: cuts, relocation, and a smaller free tier
Bending Spoons announced its acquisition of Evernote on 16 November 2022, with terms undisclosed and the deal expected to close in early 2023; the buyer, fresh off a $340 million venture round, said it would apply its “proprietary technologies” to augment Evernote’s usefulness and strengthen its reach (TechCrunch). The deal was finalised in early 2023, and the cuts followed quickly (TechCrunch). On Friday 17 February 2023, Evernote laid off 129 people across product design, engineering, HR, sales, customer service and marketing; a spokesperson told TechCrunch the company “has been unprofitable for years and the situation was unsustainable in the long term” (TechCrunch).
Months later came the relocation. On 23 June 2023 Evernote announced most operations would move to Europe, and layoff communication to employees followed on 5 July; the company blog said the transition required that most of its Chile- and US-based employees be laid off (TechRadar). The one confirmed number for that round is narrower than the headlines: a Bending Spoons spokesperson confirmed to TechRadar that 98 people were impacted by the 5 July layoff, with some invited to join the Bending Spoons selection process (TechRadar). Departing staff were typically offered 16 weeks’ salary, up to a year of health insurance coverage, and a performance bonus paid pro-rata (TechRadar).
| Restructuring round | Confirmed figure in sources read in full | Source |
|---|---|---|
| October 2015 | 18% of staff; 3 of 10 global offices closed | TechCrunch, 2022 |
| September 2018 | 54 people, about 15% of staff | TechCrunch, 2018 |
| 17 February 2023 | 129 people | TechCrunch, 2023 |
| 5 July 2023 | 98 people impacted (spokesperson-confirmed) | TechRadar, 2023 |
Then came the monetisation squeeze. From 4 December 2023, new and existing free users were capped at a maximum of 50 notes and one notebook per account, after the plan had been tested on under 1% of free users; existing users above the limit could still view, edit, export, share and delete their notes, but could not add beyond the cap without deleting content (TechCrunch). The company said most free users fell below the new limit, while acknowledging the change might push some customers towards “reconsidering” their relationship with Evernote (TechCrunch). The through-line is Bending Spoons’ stated model: it “aims to hold forever, and has never sold an acquired business,” making its brands more financially successful through technology and AI but also through price hikes and layoffs that have caused controversy (TechCrunch). Its co-founder and chief product officer Matteo Danieli told TechCrunch that despite all the changes, customer retention at its acquired products has been “remarkably stable” (TechCrunch). By March 2026 the wider Bending Spoons portfolio served over 500 million monthly active users, with 2025 revenue of $1.31 billion (TechCrunch).
What this profile does not claim
This profile does not state the widely repeated “341 to 60” Evernote workforce figure: no source read in full for this profile confirms it, so it is left out rather than repeated from secondary summaries. It does not give a single founding year without qualification, because TechCrunch dates the company to Pachikov’s 2000 venture while other summaries date it to the 2007 Libin-era relaunch. It does not state a July 2023 layoff total beyond the spokesperson-confirmed 98 people impacted on 5 July, and it does not claim Evernote will be cut further or shut down — Bending Spoons says it holds its acquisitions permanently. Current pricing, user counts and features are not covered, since no source read in full for this profile establishes them.
Timeline
- 2000
- Stepan Pachikov founds the venture that becomes Evernote, initially making handwriting-recognition software for Windows.
- 2008
- Under CEO Phil Libin, who joined in 2007, Evernote shifts focus to the web, smartphones and Mac, starting with Evernote 3.0; its web service reaches 11 million users within three years.
- 2013
- Evernote is reportedly valued at nearly a billion dollars.
- 2015
- Former Google Glass executive Chris O'Neill replaces Libin as CEO in July; in October Evernote lays off 18% of staff and closes three of its 10 global offices.
- 2018
- Top executives including the CTO, CFO, CPO and head of HR leave in August; 54 people (about 15% of staff) are laid off in September, and former TokBox head Ian Small replaces O'Neill as CEO in October.
- 2022
- Bending Spoons announces its acquisition of Evernote on 16 November; terms are undisclosed and the deal is expected to close in early 2023.
- 2023
- The deal is finalised in early 2023; 129 staff are laid off on 17 February, most US and Chile staff are laid off in July as operations move to Europe, and the free plan is capped at 50 notes and one notebook from 4 December.
What we could not verify
These claims came up in research and could not be confirmed. They are recorded here rather than published as fact or quietly dropped. If you hold a source that settles one, please tell us.
- Founding year: TechCrunch dates the company to Pachikov's 2000 venture, while many tertiary summaries date "Evernote founded" to 2007, the Libin-era relaunch. This profile states both framings rather than picking one.
- July 2023 headcount: headlines describe "most" or "nearly all" US and Chile staff laid off, but the only confirmed number in sources read in full is TechRadar's spokesperson-confirmed 98 people impacted by the 5 July layoff; that figure is what this profile asserts.
- The widely repeated "341 to 60" Evernote workforce figure was not confirmed by any source read in full for this profile, so it is not stated here. It should not be added without a full-read tier1/tier2 source.
- The 2013 valuation of nearly $1 billion is reported, not a confirmed funding-round valuation, and is worded as such.
- Current (2026) pricing, user counts and feature set are not covered: no source read in full for this profile establishes them.
Sources
6 sources (6 tier 2), each opened and read against the claim it supports. Every source is independent of the subject; no first-party material is cited. See the source policy.
Built only from sources fetched and read in full: TechCrunch (tier2) for the founding history, leadership changes, acquisition, layoffs and free-plan cap, TechRadar (tier2) for the confirmed July 2023 layoff figure, and TechCrunch's 2026 Bending Spoons explainer for the buyer's current position. Wikipedia was used only as a lead index and is not cited. No first-party sources were used; company wording appears only as attributed quotes in independent reporting. The Airtable article was used only as a lead and is not cited.
- Supports: Founded 2000 by Stepan Pachikov; handwriting-recognition software; "infinite roll of paper" note app; Libin joined 2007; shift to web, smartphones and Mac with Evernote 3.0 in 2008; 11 million users within first three years; hundreds of millions raised 2010-2015 from Sequoia, Meritech Capital and Nikkei; China business Yinxiang Biji; reportedly valued at nearly $1B in 2013; Moleskine and Pfeiffer partnerships failed to catch on; O'Neill replaced Libin July 2015; October 2015 layoff 18% and 3 of 10 offices closed; August 2018 exec exodus; September 2018 15% laid off; Small era $100M ARR, millions of paying customers, 250M+ users; fell behind Notion on collaboration; acquisition announced 16 Nov 2022, terms undisclosed, close expected early 2023; Bending Spoons $340M venture round Open original source
- Supports: Small replaced O'Neill (CEO since 2015, succeeding co-founder Libin); Small was TokBox CEO 2009-2014, TokBox acquired by Telefonica Digital; departing CTO Anirban Kundu, CFO Vincent Toolan, CPO Erik Wrobel, HR head Michelle Wagner; potential down-round from 2012 unicorn valuation; paid/active user growth struggle; 54 laid off (~15%) in September 2018 with sales streamlined to focus on product and engineering Open original source
- Supports: 129 laid off Friday 17 February 2023 across product design, engineering, HR, sales, customer service and marketing; spokesperson quote "unprofitable for years… unsustainable"; prior mass layoffs 2015 and 2018; $100M ARR within last five years; Bending Spoons $340M round and $100M+ ARR; consumer freemium model vs rivals' collaboration features Open original source
- Supports: 23 June announcement most operations move to Europe; layoff communication 5 July; company blog wording "most of our Chile- and US-based employees be laid off"; severance typically 16 weeks' salary, up to one year health cover, pro-rata performance bonus; spokesperson-confirmed 98 people impacted by 5 July layoff, some invited to Bending Spoons selection process; Europe hiring planned; 400+ Bending Spoons workforce with substantial part assigned to Evernote Open original source
- Supports: From 4 December 2023, new and existing free users capped at 50 notes and one notebook; delete-to-stay-below-threshold; existing users may export; test on under 1% of free users; test plans $14.99/$17.99 per month; company said most free users below limit, acknowledged some may "reconsider" their relationship; Small-era $100M ARR; Notion, Microsoft OneNote and Zoho Notebook named as alternatives Open original source
- Supports: Milan-based Bending Spoons Nasdaq IPO, briefly over $25B market cap vs $11B prior private valuation; strategy of making acquired brands more financially successful via tech/AI, price hikes and layoffs; "aims to hold forever, never sold an acquired business"; Evernote deal announced 2022, finalised early 2023, layoffs and free-offering cuts followed; Danieli retention "remarkably stable"; portfolio 500M+ monthly active users and 9M+ monthly paying customers at March 2026 per SEC filing; 2025 revenue $1.31B Open original source
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