Bending Spoons Agrees $1.355 Billion Cash Deal for Miro, Weeks After Landing Airtable
The Milan-based software acquirer is buying the collaborative-whiteboard platform at a fraction of its pandemic-era valuation, continuing a run of purchases of once-hyped SaaS names.
What Happened
Bending Spoons has entered a definitive agreement to acquire Miro in an all-cash transaction with an enterprise value of $1.355 billion, the Italian company announced on 10 September. The deal is expected to close in the fourth quarter of 2026, subject to regulatory approvals and customary conditions. It follows Bending Spoons’ agreement to buy Airtable only weeks earlier, extending a pattern of acquiring established software products with large user bases.
Miro’s visual-collaboration platform became a fixture of remote work during the pandemic and raised capital at a valuation many multiples of the price now agreed. Bending Spoons, which has previously bought Evernote, WeTransfer and other consumer and productivity brands, has built its model around acquiring mature products and running them for cash efficiency. Miro’s own announcement framed the transaction as “building for the long term,” emphasising continuity for customers.
The price is an enterprise value, meaning it reflects Miro’s cash and debt; reports put the implied equity value higher. Either way, the gap between the agreed figure and the multibillion-dollar marks Miro commanded at the peak of the collaboration-software boom is stark, and it will be read by other late-stage SaaS investors as a benchmark for where realistic exits now sit.
Why It Matters
The SaaS valuation reset is now producing real transactions. Miro is the latest well-known collaboration tool to change hands at a level that would have been unthinkable in 2021. For late-stage investors, an exit at $1.355 billion crystallises losses; for buyers with an operating playbook, it is an opportunity to acquire tens of millions of users at a sensible price.
Bending Spoons is emerging as a serial consolidator of tired software. The company’s strategy (buy, streamline, monetise) has been applied repeatedly, and back-to-back deals for Airtable and Miro suggest it has both the capital and the confidence to scale it. Paying cash for a $1.355 billion asset so soon after Airtable points to deep and reliable funding.
Customers will watch for changes. Bending Spoons’ acquisitions have historically involved pricing changes and headcount reductions. Enterprise buyers of Miro will be alert to how the product roadmap and support evolve, and competitors will use the transition to court accounts.
- Customer churn: Post-acquisition changes to pricing or staffing could push enterprise users to alternatives bundled by larger platforms.
- Integration stretch: Absorbing two sizeable SaaS businesses in quick succession tests Bending Spoons' operational bandwidth.
- Competitive pressure: Whiteboarding is increasingly a feature inside broader suites rather than a standalone category.
- Attractive entry price: Buying a category-defining product well below prior marks leaves room for strong cash returns.
- Proven playbook: Bending Spoons has repeatedly turned mature apps into profitable businesses.
- Portfolio synergies: Owning Airtable and Miro together enables cross-selling and shared infrastructure across productivity tools.
Source: Bending Spoons