Blab Business
Bending Spoons Acquires Miro for $1.36 Billion in All-Cash Deal
Bending Spoons, the Milan‑based software conglomerate that recently closed its purchase of Airtable, announced on Thursday that it will acquire Miro, the online whiteboard platform, for an enterprise value of $1.355 billion. The transaction is all‑cash and is expected to close in the fourth quarter of 2026, subject to regulatory approvals.
Miro’s valuation has fallen sharply since the height of the pandemic. The collaboration tool was valued at $17.5 billion in late 2021, a 90 percent drop that reflects broader compression in software multiples. The deal values Miro at roughly 2.3 times its annual recurring revenue (ARR) of about $600 million, a figure that is modest compared with the 2021 valuation.
Miro’s business is heavily enterprise‑oriented. According to the company’s announcement, 90 percent of its $600 million ARR comes from business and enterprise customers. The platform serves more than 250,000 organizations and has over 100 million total users, of which around 4 million pay for the service. The company has maintained profitability after a period of layoffs – 119 jobs were cut in early 2023 and 275 in late 2024 – and it holds approximately $435 million in net cash.
The platform has evolved to include AI assistants, workflow tools, prototyping features and connectors to GitHub, Jira and Slack, positioning it as an “AI‑first workspace” that many teams use for critical collaborative work.
Bending Spoons’ CEO Luca Ferrari said the acquisition aligns with the group’s strategy of buying products with proven market fit and then applying operational discipline, technology upgrades and, when appropriate, price adjustments. The company has a track record of turning around consumer and productivity apps, and its public listing on Nasdaq in July 2026 raised $1.68 billion.
Miro’s co‑founder and CEO Andrey Khusid welcomed the partnership, noting that the company started 15 years ago as a simple idea to give teams a shared digital space and has grown into an AI‑powered hub for brainstorming, workflow mapping and product design.
The deal also includes a $295 million equity rollover from some Miro shareholders, who chose to invest the proceeds into newly issued Bending Spoons shares. This move keeps those shareholders invested in the future performance of the combined entity.
Both boards approved the transaction unanimously. Until closing, the companies will continue to operate separately, and no immediate integration plans, job cuts or product changes have been announced.
The acquisition comes at a time when remote and hybrid work remain common, but IT budgets are tighter and buyers are demanding measurable returns. Miro’s visual collaboration tools are still in demand among product teams, designers and consultants at firms such as Accenture, Cisco, Deloitte and HP.
Industry observers on X noted the sharp discount to Miro’s former valuation and highlighted Bending Spoons’ reputation for buying high‑profile brands and applying a private‑equity‑style operating model. The company has a portfolio that now includes Vimeo, AOL, Evernote, Eventbrite, WeTransfer, Meetup and Airtable.
Bending Spoons has stated that it does not flip companies but intends to own and operate them for the long term, focusing on performance, reliability and features that matter for critical work. The company’s public investors appear to accept this strategy, as reflected in the equity rollover and the lack of immediate operational upheaval.
The Miro acquisition illustrates the broader trend of SaaS valuations compressing after the pandemic‑era boom. From a $17.5 billion valuation in 2021 to an equity value of roughly $1.79 billion today, the haircut is significant. Whether the combination of Bending Spoons’ operational discipline and Miro’s AI‑enhanced product will translate into renewed growth remains to be seen.
At present, the key unresolved items are the regulatory review, the final closing date in Q4 2026 and the integration timeline. Investors and customers will watch how the two companies balance cost discipline with continued product investment.
In summary, Bending Spoons has added a high‑profile collaboration platform to its growing portfolio in a deal that reflects the current state of software valuations and the company’s long‑term ownership model. The outcome will unfold over the next few years as the combined entity seeks to strengthen Miro’s core product while leveraging Bending Spoons’ operational expertise.
Miro’s valuation has fallen sharply since the height of the pandemic. The collaboration tool was valued at $17.5 billion in late 2021, a 90 percent drop that reflects broader compression in software multiples. The deal values Miro at roughly 2.3 times its annual recurring revenue (ARR) of about $600 million, a figure that is modest compared with the 2021 valuation.
Miro’s business is heavily enterprise‑oriented. According to the company’s announcement, 90 percent of its $600 million ARR comes from business and enterprise customers. The platform serves more than 250,000 organizations and has over 100 million total users, of which around 4 million pay for the service. The company has maintained profitability after a period of layoffs – 119 jobs were cut in early 2023 and 275 in late 2024 – and it holds approximately $435 million in net cash.
The platform has evolved to include AI assistants, workflow tools, prototyping features and connectors to GitHub, Jira and Slack, positioning it as an “AI‑first workspace” that many teams use for critical collaborative work.
Bending Spoons’ CEO Luca Ferrari said the acquisition aligns with the group’s strategy of buying products with proven market fit and then applying operational discipline, technology upgrades and, when appropriate, price adjustments. The company has a track record of turning around consumer and productivity apps, and its public listing on Nasdaq in July 2026 raised $1.68 billion.
Miro’s co‑founder and CEO Andrey Khusid welcomed the partnership, noting that the company started 15 years ago as a simple idea to give teams a shared digital space and has grown into an AI‑powered hub for brainstorming, workflow mapping and product design.
The deal also includes a $295 million equity rollover from some Miro shareholders, who chose to invest the proceeds into newly issued Bending Spoons shares. This move keeps those shareholders invested in the future performance of the combined entity.
Both boards approved the transaction unanimously. Until closing, the companies will continue to operate separately, and no immediate integration plans, job cuts or product changes have been announced.
The acquisition comes at a time when remote and hybrid work remain common, but IT budgets are tighter and buyers are demanding measurable returns. Miro’s visual collaboration tools are still in demand among product teams, designers and consultants at firms such as Accenture, Cisco, Deloitte and HP.
Industry observers on X noted the sharp discount to Miro’s former valuation and highlighted Bending Spoons’ reputation for buying high‑profile brands and applying a private‑equity‑style operating model. The company has a portfolio that now includes Vimeo, AOL, Evernote, Eventbrite, WeTransfer, Meetup and Airtable.
Bending Spoons has stated that it does not flip companies but intends to own and operate them for the long term, focusing on performance, reliability and features that matter for critical work. The company’s public investors appear to accept this strategy, as reflected in the equity rollover and the lack of immediate operational upheaval.
The Miro acquisition illustrates the broader trend of SaaS valuations compressing after the pandemic‑era boom. From a $17.5 billion valuation in 2021 to an equity value of roughly $1.79 billion today, the haircut is significant. Whether the combination of Bending Spoons’ operational discipline and Miro’s AI‑enhanced product will translate into renewed growth remains to be seen.
At present, the key unresolved items are the regulatory review, the final closing date in Q4 2026 and the integration timeline. Investors and customers will watch how the two companies balance cost discipline with continued product investment.
In summary, Bending Spoons has added a high‑profile collaboration platform to its growing portfolio in a deal that reflects the current state of software valuations and the company’s long‑term ownership model. The outcome will unfold over the next few years as the combined entity seeks to strengthen Miro’s core product while leveraging Bending Spoons’ operational expertise.
