Tech company Bending Spoons is set to acquire one of the internet’s early pioneers, AOL.

Based in Milan, Italy, Bending Spoons, known for apps such as Evernote, a note-taking platform, and Remini, a photo-enhancement application, is purchasing AOL from private-equity firm Apollo Global Management, The Wall Street Journal reports. The deal comes after Bending Spoons’ recent expansion, which included securing $2.8 billion in debt financing for AOL and other investments. As part of the deal, AOL could be valued at $1.5 billion.

Bending Spoons said it plans to maintain and develop AOL’s operations over the long term, according to the outlet. The company also owns Brightcove, a video distribution and analytics platform, and recently announced plans to acquire video platform Vimeo for $1.38 billion, TechCrunch reports. In a statement, per The Wall Street Journal, Bending Spoons described AOL as an “important and beloved business with a brand that has stood the test of time.”

The outlet reports that AOL has about 8 million daily active users and offers services including internet privacy software, the AOL.com website, and email accounts. It also notes that AOL generates roughly $400 million in annual earnings before interest, taxes, depreciation, and amortization, with revenue exceeding $500 million.

AOL’s history spans more than three decades. The company became widely known for its AIM chat service and its distribution of AOL CDs that offered free hours of internet access. According to the outlet, AOL was also featured in the 1998 romantic comedy “You’ve Got Mail.” In 2001, AOL merged with Time Warner in a $100 billion deal, facing regulatory scrutiny and taking substantial financial write-downs.

The Wall Street Journal also notes that Verizon acquired AOL for $4.4 billion in 2015 and Yahoo for $4.8 billion in 2017, eventually writing down a large portion of both brands’ value. Apollo purchased AOL and Yahoo for $5 billion in 2021 before exploring a sale.

With this acquisition, Bending Spoons becomes the latest company to take ownership of AOL, per The Wall Street Journal, aiming to combine the historic brand with its growing portfolio of digital platforms and software offerings.