- Bending Spoons will pay $1.355 billion for Miro, valuing its equity at $1.79 billion.
- That’s about a 90% cut from Miro’s $17.5 billion valuation in January 2022.
- It’s Bending Spoons’ second software acquisition since Airtable closed on September 4.
Bending Spoons has agreed to buy Miro, the online whiteboard turned AI-enabled workspace, in an all-cash transaction valuing the business at $1.355 billion in enterprise terms. Add Miro’s net cash and the deal’s equity value comes to roughly $1.79 billion.
Certain Miro shareholders will reinvest $295 million of their proceeds into newly issued Bending Spoons stock, the same reinvestment structure Bending Spoons used when it agreed to buy Airtable.
Both companies’ boards have approved the agreement, which the two sides expect to close in the fourth quarter of 2026 pending regulatory approval. Until then, Miro and Bending Spoons will continue to operate separately, according to the official announcement.
Two software unicorns, one 90% haircut
The number that makes this deal worth a second look is what Miro was worth before. In January 2022, at the height of the remote-work funding boom, Miro raised $400 million from ICONIQ Growth and Accel at a $17.5 billion valuation, with Atlassian, Salesforce Ventures, and Dragoneer also writing checks. The price Bending Spoons is now paying values Miro at roughly a tenth of the mark it reached less than four years ago.
It isn’t an isolated case. Airtable, which Bending Spoons folded into its portfolio, sold for about $2.25 billion in equity value, down from an $11 billion peak in 2021. Two of the pandemic era’s best-funded collaboration tools have now landed with the same Italian buyer within five weeks of each other, both at a fraction of what venture investors once paid.
For Bending Spoons, that gap between old private valuations and what it’s now willing to pay is close to the whole thesis. The company has spent a decade buying software that public and private markets stopped rewarding, then working to squeeze more revenue and efficiency out of it rather than flipping it.
Miro and Airtable still have sizable, growing businesses attached to those discounted price tags — the open question is whether this price reflects Miro’s own growth outlook or a broader reset in how investors value collaboration software since interest rates rose.
What Bending Spoons is buying
Whatever the markdown, Miro isn’t struggling by conventional standards. The company says it generates around $600 million in annual recurring revenue, with nearly 90% coming from business and enterprise customers, across roughly four million paying users and more than 750 customers that individually generate over $100,000 a year. More than 250,000 organizations use the product, according to Bending Spoons.
Andrey Khusid, Miro’s co-founder and chief executive, described the company as “an AI-first workspace that teams run their most important work through” — a shift from the whiteboard-for-remote-meetings pitch that defined Miro when it raised its Series C.
Khusid founded the company as RealtimeBoard in 2011, rebranding to Miro in 2019 as it expanded from whiteboarding into product design, agile planning, and workshop facilitation.
Luca Ferrari, Bending Spoons’ chief executive and co-founder, said the company plans to “invest substantially in the fundamentals that its customers value,” naming performance, reliability, and functionality as priorities once the deal closes.
That’s consistent with how Bending Spoons talks about every acquisition: it says it has never sold off a business since starting this strategy about a decade ago, treating each purchase as fuel for the next one rather than an asset to trade.
Wall Street already likes the math
Bending Spoons shares rose as much as 8% on the news, extending a run that has taken the stock from its $29 IPO price on July 1 to the low $50s. That listing was itself a markup story rather than a markdown one: Bending Spoons priced its Nasdaq debut at an $18.4 billion valuation, up from $11 billion less than a year earlier.
Miro would join a portfolio that already includes Airtable, AOL, Brightcove, Eventbrite, Evernote, Tractive, Vimeo, and WeTransfer.
If the deal closes on schedule, Miro will be the second major collaboration platform Bending Spoons has absorbed in under two months, and a fresh data point for anyone still trying to work out what a reasonable price for enterprise software looks like in 2026.
