Bending Spoons Buys Miro at a 90% Discount to Its 2022 Price, Its Second Collaboration Tool Bargain in Five Weeks

Bending Spoons has entered into a definitive agreement to acquire Miro, the online whiteboard and AI‑enabled workspace platform, in an all‑cash transaction valuing the business at an enterprise value of 1.355 billion dollars. Including Miro's net cash, that implies an equity value of approximately 1.79 billion dollars, a discount of roughly 90 percent from the 17.5 billion dollar valuation Miro reached in January 2022, when it raised 400 million dollars in a Series C round led by ICONIQ Growth and Accel.

As part of the all‑cash transaction, certain Miro shareholders have agreed to reinvest 295 million dollars of their proceeds into newly issued Bending Spoons equity, the same reinvestment structure Bending Spoons used when it agreed to acquire Airtable earlier this month. The boards of both companies have unanimously approved the agreement, which is expected to close in the fourth quarter of 2026, subject to regulatory approvals and other customary closing conditions. Under the terms disclosed in Bending Spoons' filing with securities regulators, the deal may be terminated if it has not closed by September 10, 2027, and Miro will operate as a wholly owned subsidiary of Bending Spoons' US parent company once the transaction completes, continuing to operate independently until then.

Founded in 2011 in Perm, Russia by Andrey Khusid and Oleg Shardin under the name RealtimeBoard, Miro found explosive growth during the Covid‑19 pandemic, when the sudden shift to remote work drove enormous demand for digital tools that could replicate the experience of collaborating around a physical whiteboard. The company has since evolved into what it describes as an AI‑first workspace, used by more than 250,000 organizations and nearly 4 million paying users. According to the transaction filing, Miro currently generates approximately 600 million dollars in annual recurring revenue, with nearly 90 percent of that coming from business and enterprise customers, and counts more than 750 customers each paying over 100,000 dollars annually.

This is Bending Spoons' second acquisition of a well‑known, pandemic‑era collaboration software company within five weeks. The Milan based company, which completed its own Nasdaq listing in July 2026 by raising 1.68 billion dollars, closed its 1.285 billion dollar acquisition of Airtable on September 4. Airtable had raised 735 million dollars in December 2021 at an implied valuation of roughly 11.7 billion dollars, meaning Bending Spoons' offer represented an approximately 81 percent markdown from that earlier peak, a discount notably smaller than the roughly 90 percent cut applied to Miro. At the enterprise‑value level, Bending Spoons is paying roughly 2.3 times Miro's annual recurring revenue and roughly 2.7 times Airtable's, which stood at approximately 480 million dollars as of June 2026 after growing more than 20 percent year over year.

Bending Spoons chief executive and co‑founder Luca Ferrari said the company plans to invest substantially in performance, reliability, and functionality once the Miro deal closes, a stated approach consistent with the company's established playbook: acquiring software businesses that public and private markets have stopped rewarding at their earlier valuations, then working to improve efficiency and grow revenue from within rather than simply holding the assets unchanged. Over roughly a decade, Bending Spoons has built its business specifically around this model, buying digital products at reduced prices and reinvesting the resulting cash flow into further acquisitions, a strategy the Miro and Airtable deals both extend rather than depart from.

What the roughly 90 percent markdown actually reflects remains genuinely open to interpretation. Miro is not a distressed or struggling business by any conventional measure. Its annual recurring revenue of approximately 600 million dollars, heavily weighted toward business and enterprise customers, and its base of more than 750 customers each spending over 100,000 dollars a year describe a large, apparently healthy software company, not one in obvious financial trouble. The gap between that operating reality and the price Bending Spoons is paying could reflect a genuine reassessment of Miro's future growth trajectory as competition in workplace collaboration tools has intensified since 2022, or it could reflect a broader structural reset in how public and private markets value collaboration software generally, following the sharp rise in interest rates since the pandemic‑era funding boom that originally pushed valuations like Miro's 17.5 billion dollar peak to such extraordinary heights.

Two of the best‑funded collaboration software companies to emerge from the pandemic era, Airtable and Miro, have now landed with the same Italian acquirer within the span of five weeks, both at a fraction of what venture investors were once willing to pay for them. For Bending Spoons, the widening gap between those old private valuations and what the company is now willing to pay represents close to its entire investment thesis. Whether that thesis proves correct, and whether other once‑highly‑valued collaboration and productivity software companies from the same funding era eventually follow Airtable and Miro to similarly discounted acquirers, will likely become one of the more closely watched threads in enterprise software over the coming months.