Bending Spoons to buy Miro for $1.355 billion in all cash deal

Bending Spoons, the Italian software group listed on Nasdaq, has agreed to acquire Miro in an all cash deal that values the visual collaboration platform at an enterprise value of $1.355 billion, the two companies said on September 10, 2026. The transaction, which both boards unanimously approved, would give Bending Spoons 100 percent of Miro's issued and outstanding shares and is expected to close in the fourth quarter of 2026, subject to customary conditions and regulatory approvals.

The price tag represents a striking comedown for a company that was once among the most celebrated names in workplace software. Miro, founded in 2011 as a whiteboarding tool called RealtimeBoard and renamed in 2019 with inspiration from the Spanish artist Joan Miro, was valued at $17.5 billion in late 2021. The new enterprise value is roughly 90 percent below that peak, a decline that says as much about the reset in software as a service multiples as it does about Miro's own trajectory.

For Bending Spoons, the acquisition extends a playbook that has already absorbed Airtable, AOL, Brightcove, Eventbrite, Evernote, Issuu, Komoot, StreamYard, Tractive, Vimeo, and WeTransfer. The group, headquartered in Milan but with operations also described as based in the Netherlands and California, has built a reputation for buying digital businesses that have passed their fastest growth phase and then running them with disciplined cost control and higher prices.

Miro provides an online workspace that helps teams brainstorm, design products, map workflows, and manage projects. Its customers include more than 250,000 organizations, and its leadership has positioned the product as an AI first workspace rather than a simple digital whiteboard. Andrey Khusid, the chief executive and co-founder of Miro, said the company started fifteen years ago to give teams one place to think together and has since become something more. The deal places that franchise inside a company that has described itself as a long term owner rather than a financial buyer looking for a quick exit.

Key Facts

Reuters reported on September 10, 2026 that Bending Spoons has agreed to buy Miro in an all cash deal valuing the digital collaboration platform at $1.36 billion. The companies said the transaction carries an enterprise value of $1.355 billion and, when Miro's net cash is included, implies an equity value of about $1.79 billion. Miro holds roughly $435 million in net cash, according to TechCrunch, and the business is profitable.

Bending Spoons said Miro has grown to around $600 million in annual recurring revenue, with nearly 90 percent of that revenue coming from business and enterprise customers. The company also reports more than 4 million paying users and about 100 million total users. More than 750 customers pay over $100,000 in annual recurring revenue, and the platform has been integrated into the workflows of over 250,000 organizations.

In connection with the all cash transaction, certain Miro shareholders have agreed to invest $295 million of their proceeds into newly issued Bending Spoons equity. Bending Spoons said the acquisition, including that investment, remains subject to customary closing conditions and approvals, including regulatory approvals.

heise online reported on September 11, 2026 that Bending Spoons is acquiring Miro for 1.36 billion US dollars and that its Airtable purchase is now complete. The Airtable deal, announced in August at roughly $1.29 billion, closed the previous week. Reuters put the Airtable price at $1.29 billion, while Bending Spoons' own newsroom described a $1.285 billion transaction.

Miro's valuation decline is captured by the comparison to its prior peak. TechCrunch reported on September 10, 2026 that the $1.36 billion price is a 92 percent dip from the workplace collaboration startup's $17.5 billion valuation in late 2021. The company had about 1,200 employees in 2022 and later cut jobs twice, laying off 119 staff in February 2023 and reportedly another 275 people in October 2024.

Analysis

What this really means is that the market for mature software companies has split into two very different pricing regimes. Companies that can still post hypergrowth are rewarded as though they will become giants, while businesses that have matured into large but slower growing franchises are valued on cash flow, retention, and the durability of their enterprise contracts. Miro sits firmly in the second category, and Bending Spoons has built its entire model around buying at that discount.

Business Wire reported on September 10, 2026 that Bending Spoons entered a definitive agreement to acquire Miro at an enterprise value of $1.355 billion. The structure of the deal underlines how carefully the buyer is managing both its balance sheet and its shareholder base. The $295 million reinvestment by some Miro shareholders into new Bending Spoons equity reduces the cash that leaves the group and ties a set of existing owners to the combined company's future, a signal that at least some insiders see more value in Bending Spoons stock than in an outright exit.

The comparison with Airtable is difficult to ignore. Airtable was valued at over $11 billion in the boom days of 2021 but sold to Bending Spoons for roughly $1.28 billion or $1.29 billion, depending on the outlet, and that acquisition closed the previous week. Miro and Airtable occupy adjacent territory in the collaboration and productivity software market, and both were priced during an era when revenue multiples for SaaS companies reached levels that subsequent years have not justified. The Italian serial acquirer appears to be exploiting a specific change: large, recognizable SaaS companies that were priced in 2021 as if they would become software giants, but matured into slower growing yet still substantial businesses.

For Miro's customers, the immediate question is what happens after closing. Luca Ferrari, Bending Spoons' chief executive and co-founder, said the company plans to invest substantially in performance, reliability, and functionality that supports critical collaborative work. That language is aimed at reassuring enterprise buyers who depend on the platform every day. At the same time, Bending Spoons' history suggests that investment will be paired with a hard look at costs, a combination that can improve margins but also carries execution risk for a product used by millions of people.

Why It Matters

The deal matters because it crystallizes how far the pandemic era software trade has unwound. A platform that reached a $17.5 billion valuation in late 2021 is being acquired at an enterprise value of $1.355 billion, a gap of roughly 90 percent. For founders, employees, and venture investors who lived through that cycle, the transaction is a reminder that private marks set at the peak of a boom can take years to reconcile with the cash flows a business actually produces.

It also matters for competition in collaboration software. Miro had been considered the market leader among whiteboarding tools, with many functions available for free through apps or in a browser. If Bending Spoons follows its usual pattern of raising prices and tightening free tiers, rivals could gain an opening, even as Miro's deep integration into enterprise workflows gives it significant staying power. The company's roughly $600 million in annual recurring revenue and its base of more than 750 customers spending over $100,000 a year give it a durable commercial core.

And it matters for Bending Spoons itself. The group has now added Miro to a portfolio that spans Airtable, AOL, Brightcove, Eventbrite, Evernote, Tractive, Vimeo, and WeTransfer, while carrying several billion US dollars in debt, according to heise online. Before its IPO in July, Bending Spoons said it had identified 1,000 more companies that could potentially be acquired. Each new deal increases the operational burden and the importance of integrating acquisitions without damaging the products that generate the cash used to service that debt.

Next Up

The transaction now moves through regulatory review and customary closing conditions, with completion targeted for the fourth quarter of 2026. Until then, Bending Spoons and Miro will continue to operate independently. Investors will watch whether the approval process draws scrutiny, and whether Bending Spoons provides more detail on how it intends to grow Miro's enterprise revenue while managing costs.

The next signals will come from Miro's product roadmap and pricing, from any further acquisition announcements by Bending Spoons, and from the company's first quarterly report as a public company covering a period that includes the Airtable integration. If the pattern holds, the group's appetite for established software brands is unlikely to cool.