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Bending Spoons agrees to buy Miro for $1.355 billion

Bending Spoons agrees to buy Miro for $1.355 billion

Money Moves

Italian software group acquires collaboration platform at a fraction of its 2022 valuation

2 days ago: Bending Spoons agrees to buy Miro

Overview

Updated 2 days ago

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.

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People Involved

Organizations Involved

Timeline

2022 September 2026

4 events Latest: 2 days ago
Tap a bar to jump to that date
  1. Bending Spoons agrees to buy Miro

    Latest Acquisition

    Bending Spoons signs a definitive agreement to acquire Miro for $1.355 billion in cash.

  2. Miro lays off roughly 275 more employees

    Restructuring

    Miro reportedly cuts another 275 employees as the company adjusts to slower growth.

  3. Miro lays off 119 employees

    Restructuring

    Miro cuts 119 staff as growth slows and customers tighten spending.

  4. Miro valued at $17.5 billion

    Funding

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

Scenarios

1

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.

2

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.

3

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.

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.

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.

Sources

(9)