Key Takeaways
- • Bending Spoons (NASDAQ: BSP) has signed a definitive agreement to acquire Miro, an AI-based visual collaboration platform, for an enterprise value of $1.355 billion and implied equity value of $1.79 billion, with closing expected in Q4 2026 subject to regulatory approval.
- • Miro's valuation has contracted approximately 90% from its January 2022 Series C round valuation of $17.5 billion, reflecting a significant correction from peak pandemic-era SaaS valuations; the deal implies a 2.3X EV/ARR multiple on Miro's ~$600 million annual recurring revenue.
- • Miro shareholders will reinvest over $295 million of sale proceeds into Bending Spoons equity, signaling continued founder and investor confidence despite the valuation compression and structural shift in the company's ownership.
- • Miro has expanded from 30 million users and 130,000 paying customers at its January 2022 Series C to over 100 million users and nearly 4 million paying users, with approximately 90% of its $600 million ARR derived from business and enterprise customers.
- • Transaction is fully financed in cash; Miro carries net cash of $435 million on its balance sheet, effectively reducing Bending Spoons' net cash outlay while securing a profitable, subscription-based business with demonstrated enterprise adoption.
Summary
Bending Spoons, the Nasdaq-listed Italian software company, has entered into a definitive agreement to acquire Miro (formerly RealtimeBoard), positioning itself to consolidate a digital collaboration platform with over 100 million users. Announced on September 10, 2026, the all-cash transaction values Miro at an enterprise value of $1.355 billion, implying an equity value of approximately $1.79 billion after accounting for Miro's net cash position of $435 million.
The deal represents a dramatic valuation compression for Miro, which commanded a post-money valuation of $17.5 billion in its January 2022 Series C funding round. At the time of that round, led by ICONIQ Growth, Accel, Atlassian, Dragoneer, GIC, Salesforce Ventures, and TCV, Miro had raised $476 million cumulatively and boasted 30 million users with approximately 130,000 paying customers. The current acquisition price reflects an approximately 90% reduction from that peak pandemic-era SaaS valuation. The transaction implies a 2.3X enterprise value-to-annual recurring revenue multiple based on Miro's current $600 million ARR, with roughly 90% derived from business and enterprise customers.
Despite the valuation decline, Miro has demonstrated substantial user and customer growth since its 2022 funding round. The platform now serves over 100 million users and nearly 4 million paying users, with each customer generating more than $100,000 in annual recurring revenue on average—a metric indicative of strong enterprise adoption and stickiness. Notably, Miro shareholders have committed to reinvesting over $295 million of the sale proceeds into Bending Spoons equity, suggesting founder and investor confidence in the combined entity's strategic direction.
The transaction closed under advisorship from leading financial institutions and law firms. Bending Spoons retained Latham & Watkins LLP as legal counsel, Ernst & Young LLP for financial and tax due diligence, BNP Paribas and J.P. Morgan as co-financial advisors, and McDermott Will & Schulte Studio Legale Associato as Italian tax counsel. Miro engaged Goodwin Procter LLP as legal advisor and Morgan Stanley & Co. LLC as financial advisor. Closing is anticipated in the fourth quarter of 2026, contingent upon receipt of regulatory authorizations.
The deal represents a dramatic valuation compression for Miro, which commanded a post-money valuation of $17.5 billion in its January 2022 Series C funding round. At the time of that round, led by ICONIQ Growth, Accel, Atlassian, Dragoneer, GIC, Salesforce Ventures, and TCV, Miro had raised $476 million cumulatively and boasted 30 million users with approximately 130,000 paying customers. The current acquisition price reflects an approximately 90% reduction from that peak pandemic-era SaaS valuation. The transaction implies a 2.3X enterprise value-to-annual recurring revenue multiple based on Miro's current $600 million ARR, with roughly 90% derived from business and enterprise customers.
Despite the valuation decline, Miro has demonstrated substantial user and customer growth since its 2022 funding round. The platform now serves over 100 million users and nearly 4 million paying users, with each customer generating more than $100,000 in annual recurring revenue on average—a metric indicative of strong enterprise adoption and stickiness. Notably, Miro shareholders have committed to reinvesting over $295 million of the sale proceeds into Bending Spoons equity, suggesting founder and investor confidence in the combined entity's strategic direction.
The transaction closed under advisorship from leading financial institutions and law firms. Bending Spoons retained Latham & Watkins LLP as legal counsel, Ernst & Young LLP for financial and tax due diligence, BNP Paribas and J.P. Morgan as co-financial advisors, and McDermott Will & Schulte Studio Legale Associato as Italian tax counsel. Miro engaged Goodwin Procter LLP as legal advisor and Morgan Stanley & Co. LLC as financial advisor. Closing is anticipated in the fourth quarter of 2026, contingent upon receipt of regulatory authorizations.
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