Pomegra
Bending Spoons will pay $1.355 billion in cash for Miro, a roughly 90% cut from its $17.5 billion peak valuation, with the deal expected to close in Q4 2026.
Key Takeaways
- Bending Spoons agreed on Sept. 10, 2026 to buy Miro at a $1.355B enterprise value, about $1.79B in equity value.
- Miro shareholders will put $295M of proceeds into new Bending Spoons shares; closing is expected in Q4 2026.
- Miro's price is roughly 90% below its $17.5B valuation from its January 2022 Series C.
Lead
Bending Spoons (NASDAQ: BSP), the Milan-based software group, signed a definitive agreement on September 10, 2026 to acquire Miro, the online whiteboard and visual collaboration company. The all-cash deal values Miro at a $1.355 billion enterprise value. Counting Miro's net cash, the equity value comes to about $1.79 billion.
Some Miro shareholders have agreed to reinvest $295 million of their proceeds in newly issued Bending Spoons equity. The companies expect the deal to close in the fourth quarter of 2026, pending regulatory approvals and customary conditions. Either side can terminate if the deal has not closed by September 10, 2027.
Why Did Bending Spoons Pay $1.355 Billion for Miro?
Bending Spoons bought a profitable business with about $600 million in annual recurring revenue at roughly 2.3 times that figure on an enterprise basis, or about 3 times on the equity value. Nearly 90% of the revenue comes from business and enterprise customers. Miro reports more than 100 million users, nearly 4 million of them paying, across 250,000 customer organizations. More than 750 customers each generate over $100,000 in annual revenue.
This is a strategic purchase, not an acquihire. Bending Spoons has built its model on buying established software products with large user bases and running them for the long term. CEO and co-founder Luca Ferrari said the company acquires businesses "with the intention of owning and operating them for the long term, and Miro will be no exception."
The group's earlier purchases include Evernote, WeTransfer and Vimeo, each followed by headcount reductions. Miro's roughly 2.3x multiple suggests the buyer sees room to widen margins on a product already producing cash.
How Far Did Miro's Valuation Fall?
Miro's price is about 90% below the valuation it carried four years ago. In January 2022 the company raised a $400 million Series C at $17.5 billion, a round led by ICONIQ Growth with Accel, Atlassian, Dragoneer, GIC, Salesforce Ventures and TCV participating. At the time Miro reported 30 million users and 130,000 paying customers.
Since then, users have more than tripled and paying customers have nearly doubled. The valuation fell anyway. Late-2021 pricing of software companies assumed revenue multiples that public markets no longer pay, and the deal resets Miro to the level of ordinary mature software assets.
Whether Series C investors were made whole is not disclosed. Equity of $1.79 billion is well below the $17.5 billion post-money mark, so late-stage holders with preferred terms and early holders with common stock probably fared very differently. The $295 million reinvestment suggests some holders prefer exposure to Bending Spoons over a full cash exit.
How Does the Deal Fit Bending Spoons' Spending Spree?
Miro is the second billion-dollar purchase in weeks. Bending Spoons announced the acquisition of Airtable on August 4 at a $1.285 billion enterprise value, and that deal closed the week before the Miro announcement. The company listed on Nasdaq in July 2026, raising $1.68 billion in its IPO, and has also secured a €500 million loan backed by Italian export credit agency SACE for acquisitions.
The financing explains the pace. Public equity, debt and a pipeline of distressed late-stage startups give the group both the cash and the targets. Advisers on the deal were Latham & Watkins, BNP Paribas and J.P. Morgan for Bending Spoons, and Goodwin Procter and Morgan Stanley for Miro.
What Comes Next for Miro and Its Customers?
Miro's co-founder and CEO Andrey Khusid is named in the announcement as leading the company through the deal, but the post-close structure is not detailed. Bending Spoons has a record of consolidating engineering, support and marketing functions after closing. Miro's enterprise customers, which pay for security, administration and integrations, will watch for changes in pricing and product investment.
Competition is the other variable. Miro sells against Figma's FigJam, Lucid, Mural and the whiteboard features bundled into Microsoft and Atlassian suites. A cost-focused owner could improve margins while giving rivals an opening in AI-assisted collaboration, where Miro had planned to spend.
Regulatory review is the near-term gating item. The companies have not flagged specific antitrust concerns, and the buyer has closed its last large deal within weeks of signing.
Outlook
Bending Spoons is paying about a tenth of Miro's 2022 valuation for a profitable $600 million revenue business, and it is financing the purchase from a fresh IPO and bank debt. The deal confirms how far private software valuations have reset from the 2021 peak. The next markers are regulatory clearance, expected in Q4 2026, and the first signs of how Bending Spoons restructures Miro's cost base and pricing.
