Evernote Corporation Explained

Evernote Corporation
Logo Alt:Evernote logo
Type:Private
Founder:Stepan Pachikov[1]
Hq Location:Redwood City, California, United States
Locations:7 (Redwood City, Austin, San Diego, Beijing, New Delhi, Tokyo, Zurich)[2] [3]
Foundation: in Sunnyvale, California, United States
Industry:Productivity Technology
Products:Evernote
Parent:Bending Spoons

Evernote Corporation is a privately owned company headquartered in Redwood City, California that develops Evernote.[4] Its current CEO, Francesco Patarnello, has been in his position since January 2023 following the acquisition by Bending Spoons. Evernote has domestic offices in Austin, San Diego, and Bothell, Washington.[5] [6] It has international offices in India, Switzerland, Chile, and Japan.[7] [8] As of February 2023, the company employed nearly 400 people.[9]

History

After being founded in 2004 by RussianAmerican computer entrepreneur[10] Stepan Pachikov,[11] EverNote Corporation ('EverNote' stylized with a capital 'N' at the time) started marketing software for Windows desktop PCs, tablet PCs and handheld devices like the handwriting recognition software ritePen and the note-taking and web clipping application EverNote (also with a capital 'N'), a Windows application which stored notes on an 'infinite roll of paper'.[12] Under new CEO Phil Libin, the company shifted its focus to the Web, smartphones and also the Apple Mac, starting with Evernote (now with lower-case 'n') 3.0 in 2008. The Evernote Web service launched into open beta on June 24, 2008, and reached 11 million users in July 2011. In October 2010, the company raised a US$20 million funding round led by DoCoMo Capital with participation from Morgenthaler Ventures and Sequoia Capital.[13] Since then, the company raised an additional $50 million in funding led by Sequoia Capital and Morgenthaler Ventures,[14] and another $70 million in funding led by Meritech Capital and CBC Capital.[15] On November 30, 2012, Evernote raised another $85 million in funding led by AGC Equity Partners/m8 Capital and Valiant Capital Partners.[16] On November 9, 2014, Evernote raised an additional $20 million in funding from Nikkei, Inc.[17]

On May 7, 2013, TechCrunch reported that Evernote launched Yinxiang Biji Business into the Chinese market at the Global Mobile Internet Conference.[18]

Linda Kozlowski was named chief operating officer of Evernote in June 2015, but left before the end of the year.[19] [20]

Libin stepped down as CEO in July 2015 and was replaced by former Google Glass executive Chris O'Neill, but remained Executive Chairman.[21] In October 2015, Evernote announced it would lay off 18 percent of its workforce and close three out of 10 global offices.[22] In September 2016, Libin stepped down as executive chairman.[23] In February 2017, CEO O'Neill said in a blog post that the business was cash-flow positive.[24]

In August 2018, Chief Technical Officer Anirban Kundu, Chief Financial Officer Vincent Toolan, Chief Product Officer Erik Wrobel, and head of HR Michelle Wagner left the company.[25] Wrobel and Wagner both joined in 2016.[26] On September 18, 2018, 54 employees—about 15 percent of the workforce—were laid off.[27] In a blog post, O'Neill said, "After a successful 2017, I set incredibly aggressive goals for Evernote in 2018. Though we have steadily grown, we committed too many resources too quickly. We built up areas of our business in ways that have proven to be inefficient. Going forward, we are streamlining certain functions, like sales, so we can continue to speed up and scale others, like product development and engineering."[28]

On October 29, 2018, Evernote announced that Ian Small, former CEO of TokBox, would replace O'Neill as CEO of Evernote.[29] [30]

In January 2023, Evernote was acquired by Bending Spoons, an Italian mobile app development company.[31] [32] At the same time Francesco Patarnello took over as CEO from Ian Small.

In February of 2023, Bending Spoons laid off 129 Evernote staffers.[33] In April of 2023 the firm announced upcoming price increases and new features.[34] In July 2023, Evernote relocated its center of operations from the US to Europe, which is where parent company Bending Spoons is headquartered, and laid off all existing employees.[35]

Notes and References

  1. News: Butcher. Mike. Interview: Stepan Pachikov, the founder of Evernote, talks about his future vision (TCTV). TechCrunch. June 23, 2015. June 23, 2015. https://web.archive.org/web/20150623145207/http://techcrunch.com/2011/05/27/interview-stepan-pachikov-the-founder-of-evernote-talks-about-his-future-vision-tctv/. live.
  2. Web site: Contact Us. evernote.com. Evernote. June 23, 2015. June 28, 2015. https://web.archive.org/web/20150628214648/https://evernote.com/contact/. live.
  3. Web site: Evernote Lays off 47 people and closes 3 offices. venturebeat.com. September 30, 2015. VentureBeat. September 30, 2015. October 16, 2015. https://web.archive.org/web/20151016021556/http://venturebeat.com/2015/09/29/evernote-lays-off-47-people-and-closes-3-offices-in-effort-to-build-a-more-focused-team/. live.
  4. News: Griffith . Erin . 2019-06-28 . A Unicorn Lost in the Valley, Evernote Blows Up the 'Fail Fast' Gospel . en-US . The New York Times . 2022-10-17 . 0362-4331.
  5. Web site: App Maker Evernote to Set Up Engineering Office in San Diego . 2022-10-17 . NBC 7 San Diego . en-US.
  6. Web site: Evernote shuts another international office as it tries to centralize operations . 2022-10-17 . finance.yahoo.com . en-US.
  7. Web site: CEO of Evernote: «We remain committed to Chile» . 2022-10-17 . blog.investchile.gob.cl . en.
  8. Web site: Evernote India office: Evernote to open India office next month . 2022-10-17 . Gadgets Now . en.
  9. News: Richtel . Matt . 2020-05-04 . The Pandemic May Mean the End of the Open-Floor Office . en-US . The New York Times . 2022-10-17 . 0362-4331.
  10. Web site: Пачиков Георгий Александрович . January 11, 2021 . February 20, 2019 . https://web.archive.org/web/20190220082044/http://www.it-vip.ru/Person.asp?ID=975 . live .
  11. News: Griffith . Erin . 2019-06-28 . A Unicorn Lost in the Valley, Evernote Blows Up the 'Fail Fast' Gospel . en-US . The New York Times . 2023-05-29 . 0362-4331.
  12. EverNote – Products Evernote.com
  13. Reisinger, Don. Evernote Secures $20 Million in Investment Round . CNET News, October 19, 2010. (Accessed October 22, 2010)
  14. Web site: Libin . Phil. Evernote Gets $50 Million in Funding. dead. https://web.archive.org/web/20110717130443/http://blog.evernote.com/2011/07/13/evernote-gets-50-million-in-funding-with-faq/. July 17, 2011.
  15. News: Evernote Raises $70 Million Financing Round Led by Meritech Capital and CBC Capital . May 3, 2012 . May 5, 2012 . May 5, 2012 . https://web.archive.org/web/20120505063404/http://www.marketwire.com/press-release/evernote-raises-70-million-financing-round-led-by-meritech-capital-and-cbc-capital-1652242.htm . live .
  16. Web site: Evernote. Evernote Blog. January 10, 2013. August 31, 2013. https://web.archive.org/web/20130831134723/http://blog.evernote.com/blog/2012/11/30/evernote-raises-85-million-in-primary-and-secondary-financing/. live.
  17. Web site: Evernote Joins With Nikkei for New Content & Business Alliance . April 9, 2015 . https://web.archive.org/web/20150502085111/https://evernote.com/corp/news/pr/2014-11-09/ . May 2, 2015 . dead . mdy-all .
  18. Web site: Evernote, Now With 4M Users In China, Aims For Enterprises With Yinxiang Biji Business. AOL. TechCrunch. May 7, 2013 . June 25, 2017. March 7, 2018. https://web.archive.org/web/20180307214356/https://techcrunch.com/2013/05/07/evernote-launches-yinxiang-biji-business-taking-its-premium-business-service-to-china/. live.
  19. Web site: King. Rachel. Evernote promotes Alibaba vet Linda Kozlowski to COO. ZDNet.com. ZDNet. June 3, 2015. July 11, 2015. https://web.archive.org/web/20150711144301/http://www.zdnet.com/article/evernote-hires-alibaba-veteran-as-new-coo/. live.
  20. News: Evernote's Freshly Minted COO Linda Kozlowski Is Leaving The Company. TechCrunch. 2018-11-02. en-US. November 3, 2018. https://web.archive.org/web/20181103092006/https://techcrunch.com/2015/11/14/evernotes-freshly-minted-coo-linda-kozlowski-is-leaving-the-company/?_ga=2.110774789.1481345749.1541082758-1477383768.1541082758. live.
  21. Web site: Evernote Taps Former Google Glass Executive Chris O'Neill as New CEO. Re/code. June 20, 2015. July 21, 2015. https://web.archive.org/web/20150721013302/http://recode.net/2015/07/20/evernote-taps-former-google-glass-executive-chris-oneill-as-new-ceo/. live.
  22. Web site: Evernote is in deep trouble — Business Insider . October 4, 2015 . October 5, 2015 . https://web.archive.org/web/20151005235254/http://uk.businessinsider.com/evernote-is-in-deep-trouble-2015-10 . live .
  23. Web site: Exclusive: Phil Libin and Max Levchin Leave Evernote Board. Fortune. en. 2020-01-20. October 4, 2019. https://web.archive.org/web/20191004113921/https://fortune.com/2016/09/14/exclusive-libin-levchin-evernote-board/. live.
  24. News: Inside Evernote's brain . McCracken, Harry . . Aug 14, 2018 . Aug 15, 2018 . November 9, 2020 . https://web.archive.org/web/20201109022556/https://www.fastcompany.com/90216018/inside-evernotes-brain . live .
  25. News: Evernote lost its CTO, CFO, CPO and HR head in the last month as it eyes another fundraise. TechCrunch. 2018-11-02. en-US. November 3, 2018. https://web.archive.org/web/20181103091947/https://techcrunch.com/2018/09/04/evernote-lost-its-cto-cfo-cpo-and-hr-head-in-the-last-month-as-it-eyes-another-fundraise/. live.
  26. News: Evernote's founding CTO Dave Engberg is leaving in May; new wave of execs announced. TechCrunch. 2018-11-02. en-US. November 3, 2018. https://web.archive.org/web/20181103091951/https://techcrunch.com/2016/03/18/evernote-brings-in-new-product-marketing-design-and-china-heads-in-exec-overhaul/. live.
  27. News: Evernote just slashed 54 jobs, or 15 percent of its workforce. TechCrunch. 2018-11-02. en-US. November 3, 2018. https://web.archive.org/web/20181103091950/https://techcrunch.com/2018/09/18/evernote-just-slashed-54-jobs-or-15-percent-of-its-workforce/. live.
  28. News: A Message from the CEO. 2018-09-18. evernote.com Blog. 2018-11-02. en-US. November 3, 2018. https://web.archive.org/web/20181103091805/https://evernote.com/blog/2018-09-18-message-from-ceo/. live.
  29. News: Ian Small, former head of TokBox, takes over as Evernote CEO from Chris O'Neill. TechCrunch. 2018-11-02. en-US. November 3, 2018. https://web.archive.org/web/20181103092021/https://techcrunch.com/2018/10/29/ian-small-former-head-of-tokbox-takes-over-as-evernote-ceo-from-chris-oneill/. live.
  30. News: Inventing the Future: Greetings from Our New CEO – evernote.com Blog. 2018-10-29. evernote.com Blog. 2018-11-02. en-US. November 2, 2018. https://web.archive.org/web/20181102175500/https://evernote.com/blog/ian-small-new-ceo/. live.
  31. Web site: Booth . Callum . 2023-01-06 . Evernote has been acquired — here's how its new owner can fix it . 2023-01-11 . TNW Tech . en.
  32. Web site: Wiggers . Kyle . 2022-11-16 . Bending Spoons acquires Evernote, marking the end of an era . 2023-01-11 . TechCrunch . en-US.
  33. Web site: Wiggers . Kyle . 2023-02-27 . Bending Spoons lays off 129 Evernote staffers . 2023-07-06 . TechCrunch . en-US.
  34. Web site: Simionato . Federico . Product Lead . Evernote Blog - An Update on Evernote Pricing and Upcoming Features . 6 July 2023.
  35. Web site: Davis . Wes . 2023-07-09 . Evernote has laid off most of its US staff and will move most operations to Europe . 2023-07-13 . The Verge . en-US.

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