Bending Spoons' Miro Acquisition Values the Whiteboard Maker at $1.355 Billion
Bending Spoons has agreed to acquire Miro, the whiteboard platform that now sells itself as an AI-first workspace, in an all-cash deal that puts a $1.355 billion enterprise value on the business. The Miro acquisition, signed as a definitive agreement on Sept. 10, 2026, is the Milan-based group's second billion-dollar purchase in five weeks, following its deal for Airtable. Including Miro's net cash, the transaction implies an equity value of roughly $1.79 billion.
Bending Spoons' shares trade on Nasdaq under the ticker BSP. The company targets a fourth-quarter 2026 close, pending regulatory clearance and the conditions that normally accompany a deal of this size.
What the Miro Acquisition Buys
Miro's annual recurring revenue runs at about $600 million. Business and enterprise buyers account for close to 90% of it. The gap between the headline enterprise value and the implied equity value points to roughly $435 million of net cash on the balance sheet, which the buyer takes on along with the product.
| Metric | Figure |
|---|---|
| Enterprise value | $1.355 billion, all cash |
| Implied equity value | About $1.79 billion, including net cash |
| Annual recurring revenue | About $600 million |
| Revenue from business and enterprise | Nearly 90% |
| Seller reinvestment in BSP equity | $295 million |
| Expected close | Q4 2026 |
The customer base explains the multiple. More than 100 million people use Miro, and nearly 4 million of them pay, spread across 250,000 organisations. Conversion sits near 4%, which leaves a wide free tier for the new owner to monetise through packaging changes and enterprise upsells. More than 750 customers already spend above $100,000 a year, giving Bending Spoons a defined list of accounts to expand.
That free-to-paid gap is the heart of the investment case. Lifting conversion by even a fraction of a point adds recurring revenue without acquiring a single new user.
Revenue per paying user works out to roughly $150 a year, a low average that reflects how much of the total sits with large contracts rather than individual seats. Nearly nine in ten dollars of recurring revenue arrive from business and enterprise buyers, so the health of a relatively small set of accounts drives most of Miro's income.
The large-account cohort is where the arithmetic tightens. If each of the 750 organisations spending above $100,000 sat exactly at that threshold, the group would already account for at least $75 million of the $600 million revenue base. The threshold is a floor rather than an average, so the cohort's real contribution is larger, and it gives Bending Spoons a small number of negotiations that can move the revenue line materially in either direction.
From $17.5 Billion to $1.355 Billion
Miro's last private valuation, set in a 2022 funding round, was $17.5 billion. At $1.355 billion, the enterprise value sits roughly 90% below that peak, and it works out to about 2.3 times current annual recurring revenue. For a company that once ranked among Europe's largest private software businesses, that multiple is closer to what buyers now pay for mature subscription assets than for growth-stage platforms.
The reset tracks a wider repricing across enterprise software. Multiples have come down from their 2021 highs as interest rates climbed and venture funding tightened. Buyers now weigh profitability more heavily than growth. Bending Spoons is built to exploit that gap: it acquires established products with sticky enterprise accounts, runs them on a shared operating model, and rarely sells what it buys.
The Miro acquisition extends a portfolio that already includes Airtable, AOL, Brightcove, Eventbrite and Evernote. The Nasdaq listing, completed earlier this year, turned the group's shares into acquisition currency. Certain Miro shareholders will reinvest $295 million of their proceeds into Bending Spoons equity rather than take the full amount in cash.
That reinvestment does two things. It reduces the cash Bending Spoons must commit at closing, and it keeps a group of Miro's existing backers exposed to the combined company's post-IPO performance, aligning them with the integration rather than the exit. Sellers accepting an acquirer's stock generally signals confidence in the buyer's valuation and in its ability to extract value from the asset.
An all-cash structure at this scale means Bending Spoons is funding the purchase from its own balance sheet rather than from debt or fresh equity. The only dilution comes from the $295 million that selling shareholders are putting back into the company, which keeps the group's share count steady while it absorbs a business with a global support operation and a large free user base.
Integration and the Road to Closing
Miro's own announcement of the deal casts Bending Spoons as a long-term home for the product. The buyer's record supports that reading: it has kept the businesses it bought rather than reselling them.
The company began 15 years ago as an online whiteboard. It now pitches itself as an AI-first workspace for product and engineering teams that work across locations.
Bending Spoons plans to study Miro's operations after closing before making any decisions about structure or roles. That sequence leaves the current organisation intact through the fourth quarter and defers the question of cost cuts, the part of any consolidation that enterprise customers and employees watch most closely.
Closing is not yet assured. Regulators still have to clear the deal, and the target remains the fourth quarter of 2026. Miro continues to run as an independent company under its current leadership until then.
The Wider Software Market
The deal lands in a market where the gap between peak private valuations and achievable cash prices has become the defining feature of software M&A. Founders and investors who raised at 2021 and 2022 prices now face acquirers whose offers are anchored to current revenue and cash flow. For buyers holding public currency and an operating playbook, that gap is opportunity. For late-stage investors holding preferred stock priced against the old levels, it is a write-down.
Miro's enterprise customers should expect continuity in the near term and pricing scrutiny over a longer horizon. Bending Spoons' model depends on converting sticky accounts into durable revenue, which usually means retention investment first and adjustments to packaging later. Rival collaboration and visual-workspace vendors now face a competitor whose owner is not bound by venture return timelines.
Competitive pressure runs in the other direction as well. Visual-workspace tools chase the same budgets inside product and engineering organisations, and Miro's free tier has long served as a distribution engine for those teams. A buyer focused on cash generation has less reason to defend that free tier with the same generosity, which could push some adoption toward paid alternatives.
Whether the model transfers cleanly to a platform as community-driven as Miro is untested. Airtable, the buyer's most recent large acquisition, serves a comparable audience of operations and product teams, and the two products overlap in the workflows they touch. Holding both under one owner creates cross-sell opportunities and possible pressure on standalone pricing for each.
The sequencing of the two deals also matters. Bending Spoons completed its Airtable purchase and its Nasdaq listing within the same stretch, then moved on Miro within weeks. Deploying a listing as acquisition currency early lets the group establish a market reference for its shares before committing to larger transactions, and the $295 million of seller reinvestment offers an early verdict on that reference.
The Miro acquisition also sets a reference price for other 2021-vintage software assets still held by venture funds and crossover investors. Any founder weighing a sale now has to compare a cash offer at a low multiple against the cost of waiting for a recovery in software multiples that has not yet arrived.
Why this matters
The Miro acquisition is a measure of how far enterprise software valuations have travelled in four years. A platform valued at $17.5 billion in 2022 has changed hands at about 2.3 times revenue, and its own shareholders chose to take part of their payment in the buyer's stock rather than all of it in cash. For the strategists and technology leaders who buy this software, the practical consequence is that the companies behind their tools are increasingly owned by consolidators focused on cash generation, which shapes how roadmaps, pricing and support are likely to evolve.
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Researched and cross-referenced against primary sources by the Bytevyte editorial team. This article was generated with the assistance of artificial intelligence and reviewed by the Bytevyte editorial team.