Bending Spoons to buy Miro for $1.4 billion
What's the deal? Bending Spoons (NASDAQ: BSP) has signed a definitive agreement to acquire collaborative whiteboard maker Miro at an enterprise value of $1.355 billion. Including Miro's net cash, the all-cash deal implies an equity value of roughly $1.79 billion. This reflects a massive discount of some 90% compared to the company's $17.5 billion valuation in 2022.
Who's involved? Miro, founded 15 years ago, runs an AI-first workspace used by more than 250,000 organisations and nearly 4 million paying users. Bending Spoons is an Italian firm that buys digital businesses, overhauls them, and reinvests the earnings into more acquisitions.
By the numbers: Miro has reached around $600 million in annual recurring revenue, nearly 90% from business and enterprise customers. It counts more than 750 customers paying over $100,000 a year.
What are the terms? The boards of both companies unanimously approved the deal, under which Bending Spoons acquires 100% of Miro's shares. Certain Miro shareholders have agreed to reinvest $295 million of their proceeds into newly issued Bending Spoons equity. Both companies will operate independently until closing.
Why now? Bending Spoons is buying rapidly. Last week it completed its acquisition of Airtable, adding Miro to a growing roster of software products.
What's the endgame? "We acquire businesses with the intention of owning and operating them for the long term, and Miro will be no exception," said Bending Spoons chief executive officer and co-founder Luca Ferrari. After closing, the company plans to invest in "performance, reliability, and functionality that supports critical collaborative work."
What they're saying: "The best version of Miro is still ahead of us," said Andrey Khusid, Miro's chief executive officer and co-founder. "Partnering with Bending Spoons lets us deliver on that vision with ambition, for the customers who count on us."
The signal: Bending Spoons has spent more than a decade acquiring, transforming, and holding software businesses — and says it has never sold a material one. Back-to-back deals for Airtable and Miro show the firm scaling that playbook into enterprise-grade collaboration tools.
Image credit: Generated with Gemini
