Bending Spoons agrees to buy Miro for $1.355 billion

Overview

Updated Sep 10

Bending Spoons, the Milan-based software group, agreed on September 10 to buy Miro, the online collaboration platform, for $1.355 billion in cash. That's about 8% of the $17.5 billion valuation Miro commanded in 2022.

Miro brings roughly $600 million in annual recurring revenue and 100 million users across 250,000 organizations. The deal is expected to close in the fourth quarter of 2026, pending regulatory approval.

Why it matters

The deal signals that even large software companies are worth a fraction of their 2021-2022 peaks, a shift that affects valuations across the tech sector.

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Key Indicators

$1.355B

Enterprise value of Miro acquisition

The all-cash price Bending Spoons agreed to pay for Miro.

$1.79B

Implied equity value

Enterprise value plus Miro's net cash, which flows to shareholders.

$295M

Miro shareholder reinvestment

Certain Miro shareholders agreed to invest proceeds into newly issued Bending Spoons equity.

$600M

Miro annual recurring revenue

Nearly 90% comes from business and enterprise customers.

92%

Valuation drop from 2022 peak

Miro's $17.5B valuation in 2022 fell to $1.355B in this deal.

Voices

Curated perspectives — historical figures and your fellow readers.

People Involved

Luca Ferrari

CEO and co-founder of Bending Spoons

Leading the Miro acquisition

Organizations Involved

Bending Spoons

Software company

Acquirer in the Miro deal

Milan-based software company that acquires digital businesses, optimizes their operations, and reinvests in further acquisitions.

Miro

Collaboration platform

Acquisition target

AI Innovation Workspace used by 100 million users across 250,000 organizations for planning, co-creation, and building.

Timeline

2022 September 2026

4 events Latest: September 10th, 2026 · 2 months ago

Tap a bar to jump to that date

September 2026
Bending Spoons agrees to buy Miro
Latest Acquisition

Bending Spoons signs a definitive agreement to acquire Miro for $1.355 billion in cash.
September 10th, 2026
October 2024
Miro lays off roughly 275 more employees
Restructuring

Miro reportedly cuts another 275 employees as the company adjusts to slower growth.
October 2024
February 2023
Miro lays off 119 employees
Restructuring

Miro cuts 119 staff as growth slows and customers tighten spending.
February 2023
2022
Miro valued at $17.5 billion
Funding

Miro raises at a $17.5 billion valuation during the SaaS boom.
2022

Scenarios

Bending Spoons closes Miro acquisition in Q4 2026

Likely Resolves by End of 2026

Discussed by: TechCrunch, Bloomberg, and Bending Spoons' own announcement

The deal closes as planned in the fourth quarter of 2026. Regulatory approvals come through without major conditions. Miro shareholders receive cash, and some reinvest $295 million into Bending Spoons equity.

Regulatory review delays Miro deal into 2027

Possible Resolves by Sep 10, 2027

Discussed by: The Next Web, EU Startups

Regulators in one or more jurisdictions request additional information, pushing the closing past Q4 2026. The deal eventually closes in 2027 after extended review.

Miro deal falls through

Unlikely Resolves by Sep 10, 2027

Discussed by: Merger agreement includes termination rights for both parties

Either party terminates the agreement. The merger agreement allows termination if the deal isn't consummated by September 10, 2027. Regulatory rejection or a material breach could trigger this.

Historical Context

3 moments from history that rhyme with this story — and how they unfolded.

November 2022

Bending Spoons acquires Evernote (2022)

Bending Spoons acquired Evernote, the once-dominant note-taking app, for an undisclosed sum. Evernote had struggled to grow after years of leadership changes and product missteps.

Then

Bending Spoons cut costs aggressively and restructured Evernote's operations.

Now

The acquisition became a template for Bending Spoons' strategy of buying established software at distressed valuations.

Why this matters now

Shows the same playbook Bending Spoons is applying to Miro: buy an established product, cut costs, and optimize operations.

September 2022 - December 2023

Adobe-Figma deal collapse (2022-2023)

Adobe agreed to buy Figma, the design collaboration platform, for $20 billion in September 2022. European regulators signaled they would block the deal, and Adobe abandoned it in December 2023.

Then

Figma remained independent and continued growing.

Now

The collapse showed that large software acquisitions face serious regulatory scrutiny in Europe.

Why this matters now

The Miro deal is much smaller than Adobe-Figma, but it still requires regulatory approval in multiple jurisdictions.

2021-2023

SaaS valuation correction (2021-2023)

Software companies raised at record valuations in 2021-2022 as pandemic-era demand boosted growth. As customers cut spending and growth slowed, valuations collapsed. Miro's drop from $17.5 billion to $1.355 billion is one of the most dramatic examples.

Then

Many SaaS companies cut staff and refocused on profitability.

Now

The correction reset expectations for software valuations across the industry.

Why this matters now

Miro's acquisition price reflects this broader correction, and the deal may signal that more distressed SaaS acquisitions are coming.