Bending Spoons Agrees to Buy Miro for $1.36 Billion in Cash

Bending Spoons agreed to acquire digital collaboration platform Miro in an all-cash transaction valuing the business at $1.36 billion. Including Miro’s net cash, the implied equity value is about $1.79 billion. The companies expect the deal to close in the fourth quarter of 2026.

Miro has grown to roughly $600 million in annual recurring revenue, according to Bending Spoons chief executive Luca Ferrari, with nearly 90% coming from business and enterprise customers. That revenue mix makes the company more than a pandemic-era virtual whiteboard: it is embedded in corporate design, planning and product-development workflows.

The price implies a little over two times stated recurring revenue on an enterprise-value basis, a restrained multiple for a scaled subscription business if retention and margins are healthy. The companies did not disclose profitability, growth, debt financing or customer-retention data, so the apparent valuation discount cannot be assessed fully.

Bending Spoons combines software operations with an acquisition model resembling private equity. It buys established digital products, centralizes technology and commercial functions, and often restructures costs. The company acquired Airtable for $1.29 billion in August, making Miro the second large productivity-software deal in quick succession.

That pace creates both opportunity and integration risk. Miro and Airtable serve overlapping teams but solve different problems. Shared distribution, enterprise sales and infrastructure could produce efficiencies. Aggressive consolidation could also unsettle customers if pricing, product support or employment changes move faster than the platforms’ communities can absorb.

For Miro, the sale provides liquidity and a new owner after the collaboration-software market normalized from pandemic highs. Enterprise buyers have become more selective, while Microsoft, Google, Atlassian and newer AI tools compete for the same workflow budget. The platform needs to show that visual collaboration remains a durable system of work rather than a feature bundled elsewhere.

For Bending Spoons, the deal expands recurring revenue and deepens its exposure to enterprise software. It also increases financing and execution demands shortly after becoming a public company. Investors will need to see whether the group can integrate acquisitions without weakening product quality or relying indefinitely on cost reduction for returns.

Employees and customers are important stakeholders. Software consolidation can reduce duplicate functions and change product roadmaps. Clear commitments on data handling, service continuity and interoperability will matter to companies that store sensitive planning material in Miro. The announcement did not provide a detailed integration plan.

The cash structure removes uncertainty over the buyer’s share price but increases the importance of funding costs and closing conditions. Any debt used to finance the purchase would need to be serviced while integration spending is elevated, making free cash flow and customer retention central to the eventual return.

Why it matters

The acquisition advances the emergence of a major European software consolidator with the scale to buy globally recognized productivity platforms. At $1.36 billion in cash, the transaction is large enough to reshape Bending Spoons’ portfolio and create a public benchmark for mature collaboration software.

The attractive headline revenue multiple may reflect genuine value, slowing growth or costs that remain undisclosed. The deal’s success will depend on retention, integration and product investment after closing. Regulatory approval and customary conditions still apply, and the reported recurring revenue should not be treated as audited profit.

Sources: Reuters on the Miro acquisition · Bending Spoons · Miro