Bending Spoons has reached a definitive agreement for acquire Miroplatform dedicated to collaboration and visual workwith an all-cash operation with an enterprise value of 1.355 billion dollars. Considering Miro’s net cash, the equity value of the operation is approximately $1.79 billion.
The agreement also requires certain Miro shareholders to reinvest $295 million of the sale proceeds by purchasing new shares of Bending Spoons. The operation was unanimously approved by the boards of directors of the two companies and will now have to pass the usual closing conditions, including authorizations from the competent authorities. Closing is expected in fourth quarter of 2026. Until then, Bending Spoons and Miro will continue to operate separately.
For the Italian company this is yet another acquisition of an established software company following last week’s completion of its acquisition of Airtable. The model followed by Bending Spoons appears particularly interesting in light of the valuations achieved by several SaaS companies during the strong expansion phase of the technology market between 2020 and 2021.
Mirofounded in 2011 under the name RealtimeBoard, had in fact benefited significantly from the spread of remote working during the pandemic. Its virtual whiteboard allowed distributed teams to digitally replicate a way of collaborating traditionally based on physical whiteboards.
The growth was particularly rapid: in about two years, users went from 5 to 30 million, while the paying customer base increased by 550%. In 2021 the company came to be valued at 17.5 billion dollarsa figure that today appears distant from the economic reality of the company.
In the following years growth has slowedalso due to the reduction in demand linked to remote working and the greater attention of companies to spending on software. Enterprises have begun to reduce overlapping applications and licenses, in many cases favoring integrated suites over individual specialized tools. Miro also found herself at compete with operators like Canva, Figma and Microsoftequipped with considerable resources and broader software ecosystems.
Despite this scenario, the company maintains significant dimensions. Miro today claims over 100 million overall users and almost 4 million paying users. Bending Spoons also reports annual recurring revenue, or ARR, of approximately $600 million, with nearly 90% generated by business and enterprise customers. The company has approximately $435 million in net cash and is profitable.
The platform has meanwhile evolved from its origins as a collaborative blackboard. Miro today it presents itself as an “AI innovation workspace”with AI assistants, AI workflows, prototyping tools and connectors capable of retrieving information from services like GitHub, Jira and Slack. In the course of its growth it has also developed integrations with over 250 applications and close partnerships with companies like Atlassian, Cisco, Microsoft and Zoom.
Bending Spoons now aims to manage Miro with a long-term horizon. Luca Ferrari, CEO and co-founder of the Italian company, said: “It is a privilege, and no small responsibilityembrace a product that over 250,000 organizations have integrated into their workflows. Miro has grown to approximately $600 million in annual recurring revenue, nearly 90% of which comes from business and enterprise customers. Post-closing, we plan to invest significantly in the fundamentals that its customers value: performance, reliability and features that support critical collaborative work. We acquire companies with the intention to own and manage them for the long term, and Miro will be no exception“.
