Bending Spoons agreed Thursday, Sept. 10, to acquire workplace collaboration company Miro in an all-cash transaction carrying an enterprise value of $1.355 billion. Miro’s net cash lifts the implied equity value to approximately $1.79 billion, according to the companies’ announcement.
The proposed acquisition is expected to close in the fourth quarter of 2026, subject to regulatory approvals and other customary conditions. Until then, Bending Spoons and Miro will continue operating independently.
The agreement matters beyond another large software transaction. It places a current market price on one of the defining collaboration platforms of the remote-work boom and gives Bending Spoons another widely used enterprise product only days after it completed its purchase of Airtable.
A profitable platform changes hands
Bending Spoons said it will acquire all of Miro’s outstanding shares. Certain Miro investors have agreed to reinvest $295 million of their proceeds in newly issued Bending Spoons equity, giving them a continuing stake in the combined company.
Miro has about 100 million users across 250,000 organizations, according to the announcement. The company says nearly 4 million people pay for the product and that more than 750 customers each generate at least $100,000 in annual recurring revenue. Bending Spoons placed Miro’s total annual recurring revenue near $600 million, with almost 90% coming from business and enterprise accounts, and described the company as profitable.
Those operating figures were provided by the companies and were not independently audited in the announcement. They nevertheless help explain the strategic logic: Bending Spoons is buying an established subscription business with enterprise penetration, recognizable branding and positive earnings rather than an early-stage collaboration tool.
The valuation reset is the larger story
Miro was valued at $17.5 billion in a late-2021 funding round, near the height of investor enthusiasm for cloud software and remote-work platforms. The new transaction’s roughly $1.79 billion implied equity value is close to 90% below that figure.
The comparison is not perfectly like for like—a private financing valuation and an acquisition price reflect different market conditions and capital structures. But the gap still captures the reset in software economics. Investors once rewarded rapid user growth and the expectation that stand-alone applications could become dominant platforms. Buyers now have greater leverage as enterprise customers consolidate subscriptions, demand clearer returns and favor broader product suites.
Bending Spoons has positioned itself to capitalize on that shift. The Milan-based company completed its $1.285 billion Airtable acquisition on Sept. 4 and already owns software and media brands including Evernote, Vimeo, WeTransfer, Brightcove and AOL.
What customers should watch next
Bending Spoons said it plans to invest in Miro’s performance, reliability and collaboration features after closing. Its own description of its acquisition model also emphasizes deep operational changes spanning teams, technology, interfaces, product development, marketing and monetization.
No specific changes to Miro’s pricing, staffing or product roadmap were announced Thursday. Those will be the practical measures of the deal for customers. Miro is embedded in product development, workshops and planning processes across thousands of companies, so even modest changes to packaging, integrations or administration could carry substantial switching and training costs.
For software operators and investors, the transaction delivers a sharper message: a large installed base remains valuable, but the market is no longer pricing every popular SaaS product as an inevitable independent giant. Durable revenue, profitability and the ability to operate efficiently are setting the terms.