Bending Spoons Miro Acquisition: $1.355B Deal Explained

November, 1, 2026 – The Bending Spoons Miro acquisition highlights how dramatically technology-company valuations have changed since the pandemic-era investment boom. The Italian software company completed its purchase of Miro on October 26, 2026, at an enterprise value of $1.355 billion—far below the $17.5 billion valuation the collaboration platform achieved in 2022.

The transaction gives Bending Spoons control of a widely used visual collaboration platform with a substantial enterprise customer base. It also marks the company’s second major purchase in 2026 involving a software business acquired at a significant discount to its previous private-market valuation, following its acquisition of Airtable.

For the broader technology industry, the deal raises an important question: how much are established software businesses worth when investors prioritize profitability, sustainable growth and cash generation over the aggressive expansion strategies that dominated the previous funding cycle?

Bending Spoons Miro Acquisition: What the Deal Includes

Bending Spoons announced its agreement to acquire Miro on September 10, 2026, before confirming the transaction’s completion on October 26.

The company disclosed an enterprise value of $1.355 billion. Enterprise value and equity value are different measures: enterprise value reflects the value of a business’s operations, adjusted for factors such as debt and cash, while equity value represents the value attributable to shareholders.

According to the transaction announcement and related regulatory filing, Miro’s net cash position means the implied equity value differs from the stated enterprise value. The two figures should therefore not be treated as interchangeable.

Miro’s platform enables teams to collaborate through digital whiteboards, diagrams, workshops and visual planning tools. Its products are used across functions including product development, design, project management and business strategy.

The acquisition gives Bending Spoons another established software product with recurring revenue potential and an existing international customer base.

Miro’s Valuation Fell Approximately 90% From Its Peak

Miro reached a $17.5 billion valuation in January 2022 after securing $400 million in Series C funding. The investment round was led by ICONIQ Growth, with participation from several existing and new investors.

At the time, Miro’s valuation reflected strong demand for digital collaboration software. Remote and hybrid working had accelerated adoption of tools that helped distributed teams conduct workshops, coordinate projects and develop ideas online.

The market environment subsequently changed. Higher interest rates, tighter financing conditions and greater scrutiny of software-company profitability put pressure on private-market valuations.

Against Miro’s previous $17.5 billion valuation, the $1.355 billion enterprise value disclosed for the acquisition represents a decline of approximately 92.3%.

Important distinction: This percentage compares Miro’s 2022 valuation with the transaction’s stated enterprise value. Because enterprise value and equity valuation measure different things, the calculation is an indicative comparison rather than a like-for-like measure of shareholder returns.

Nevertheless, the gap illustrates the scale of the valuation reset experienced by some highly valued technology companies from the 2021–2022 investment cycle.

Miro Continued Building a Large Business

The acquisition price tells only part of Miro’s story. The business had continued expanding its customer base and generating recurring revenue, according to figures cited by Bending Spoons during the acquisition announcement.

The company reported approximately $600 million in annual recurring revenue, with nearly 90% attributed to business and enterprise customers. It also reported around four million paying users across more than 250,000 organizations.

Miro had more than 750 customers generating over $100,000 in annual recurring revenue each, underscoring its presence among larger businesses.

These figures make the transaction particularly noteworthy. Miro was not simply an early-stage startup that failed to find product-market fit. It had established a substantial software business, but its acquisition valuation was considerably lower than the amount investors had assigned to it during the peak of the technology funding boom.

That contrast demonstrates why a company’s operating performance and its market valuation do not always move in the same direction. Valuations depend not only on current revenue, but also on growth expectations, profit margins, financing costs, competitive conditions and the price a buyer is prepared to pay.

Miro Shareholders Also Had a Reinvestment Option

The deal included a shareholder reinvestment component. According to the transaction filing, some former Miro shareholders chose to reinvest approximately $295 million of their proceeds into around 6.2 million newly issued Bending Spoons shares instead of receiving all their proceeds in cash.

This arrangement gave participating shareholders an opportunity to retain an economic interest in the acquiring company.

For investors, the distinction between cash proceeds and reinvested consideration matters. The headline acquisition value does not necessarily represent the amount of cash received by every shareholder, nor does the comparison with Miro’s former valuation directly establish each investor’s gain or loss.

Miro co-founder Andrey Khusid also emphasized the platform’s continued importance to its users in comments accompanying the acquisition announcement.

Why Bending Spoons Acquired Airtable Before Miro

The Miro transaction followed another major Bending Spoons deal involving Airtable, a platform used to build workflow applications and manage structured business information.

Bending Spoons announced its agreement to acquire Airtable in August 2026 at an enterprise value of $1.285 billion. The acquisition subsequently closed in September, according to the deal information supplied in the company’s announcements.

Airtable had previously achieved a valuation of approximately $11.7 billion in its December 2021 Series F funding round. Comparing that peak with the later acquisition enterprise value suggests a decline of approximately 89%.

As with Miro, that comparison uses figures from different valuation contexts and should be interpreted accordingly.

Together, the Airtable and Miro acquisitions demonstrate Bending Spoons’ willingness to pursue established software companies whose previous private-market valuations have fallen sharply.

Both businesses have recognizable products and existing customers. Their transactions also show that a lower acquisition valuation does not necessarily mean the underlying product has lost all commercial value.

For buyers, a discounted purchase price can create an opportunity to improve operational efficiency and generate stronger returns. The ultimate outcome, however, depends on execution, customer retention, product investment and the ability to sustain revenue.

Bending Spoons’ Acquisition Strategy

Bending Spoons has expanded its portfolio through acquisitions of established digital businesses. Its portfolio has included brands such as AOL, Brightcove, Eventbrite, Evernote, Vimeo and WeTransfer, according to company materials and public filings.

Rather than relying exclusively on building new products, the company has pursued an acquisition-led approach focused on software and digital services with established user bases.

This strategy can offer several potential advantages.

First, established products already have customers. Acquiring an operating business can provide immediate access to users, recurring revenue and existing distribution channels.

Second, operational changes can improve financial performance. A new owner may be able to simplify operations, reduce overlapping costs, improve monetization or streamline product development. Whether those changes succeed depends on the condition of the acquired business and how they are implemented.

Third, lower purchase prices can change the investment equation. A software business bought at a more modest valuation may offer a more attractive potential return than the same business would have offered at the peak of the private funding market.

Bending Spoons’ acquisition approach is not without risks. Aggressive cost reductions can affect employee morale, customer support and product quality if they are poorly managed. Software companies also need ongoing investment to keep pace with competitors and changing customer expectations.

The success of the Miro acquisition will therefore depend on more than the headline purchase price. Bending Spoons will need to maintain Miro’s relevance to customers while operating the business in a way that supports long-term financial performance.

What the Miro Acquisition Means for SaaS Valuations

The Bending Spoons Miro acquisition offers a useful case study in how software valuations have evolved since 2021 and 2022.

During that period, investors frequently assigned high valuations to technology companies based on expectations of rapid revenue growth, expanding markets and future profitability. Cheap financing and strong demand for software helped support those expectations.

The investment environment later became more demanding. Buyers and investors increasingly focused on revenue quality, operating margins, cash generation and the sustainability of growth.

For software founders and venture investors, the shift has several implications.

1. Peak valuations are not guaranteed exit prices

A funding-round valuation is a snapshot of what investors were willing to pay under specific conditions. It does not guarantee that another investor or an acquirer will later pay the same amount.

The Miro transaction illustrates why private companies need to distinguish between a headline funding valuation and a realistic future exit valuation.

2. Revenue growth alone may not determine a company’s price

A company can continue increasing revenue and serving a large customer base while its valuation falls. Market conditions, profitability, expected growth and the cost of capital all influence the price buyers are prepared to pay.

3. Buyers may find opportunities in mature software businesses

Companies with established products and recurring revenue can remain commercially valuable even after their private-market valuations decline.

For strategic acquirers, the challenge is identifying businesses whose long-term customer relationships and product capabilities justify the purchase price.

4. Investors must assess deal terms carefully

Enterprise value, equity value, debt, cash and the form of consideration can all affect the economics of an acquisition. Comparing valuations without accounting for these differences can create a misleading picture of the transaction.

The Miro and Airtable deals show why investors should examine the underlying deal structure rather than relying only on the percentage decline from a previous funding valuation.

Could Miro Benefit From Bending Spoons’ Ownership?

Miro’s next phase will depend on how Bending Spoons manages the platform following the acquisition.

The business has an established position in visual collaboration and serves organizations across a wide range of industries. Its enterprise customer base provides a foundation for continued product development and potential revenue opportunities.

Bending Spoons could seek to improve operating efficiency, strengthen monetization and make changes to how the platform is developed and marketed. It could also explore ways to increase the value generated from existing customers.

However, any strategy will need to balance efficiency with the factors that encourage customers to keep using Miro: product reliability, ease of collaboration, integrations, security and continued innovation.

The transaction’s long-term performance will ultimately be judged by whether Miro can maintain customer trust and deliver sustainable business results under its new ownership.

Conclusion: A Major Valuation Reset for a Leading Collaboration Platform

The completion of the Bending Spoons Miro acquisition is another prominent example of the difference between peak private-market valuations and subsequent acquisition prices.

Miro reached a $17.5 billion valuation in 2022 and later changed ownership in a transaction carrying a disclosed enterprise value of $1.355 billion. The comparison highlights the valuation pressures affecting parts of the software industry, even as established platforms continue to serve large numbers of customers.

Alongside its Airtable acquisition, the deal reinforces Bending Spoons’ position as an active buyer of mature technology businesses.

For startup founders, investors and software executives, the central lesson is clear: a company’s long-term value depends on more than its highest historical valuation. Sustainable revenue, customer retention, profitability and execution all play a role in determining what a business may ultimately be worth.

Editorial note: The transaction values, operating metrics and dates in this article are based on the supplied material and referenced announcements. Verify the figures against official company disclosures and regulatory filings before publication.

 

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