Bending Spoons acquires Miro for $1.355 billion
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Bending Spoons has announced that it has signed a definitive agreement to acquire Miro, in an all-cash transaction that values Miro at an enterprise value of $1.355 billion. Taking into account Miro's net cash position, the transaction implies an equity value of approximately $1.79 billion. As part of the transaction, certain Miro shareholders have undertaken to invest $295 million of their proceeds in newly issued shares of Bending Spoons. The acquisition, including the investment, is subject to the customary conditions and approvals required for completion, including regulatory approvals. "It is a privilege – and no small responsibility – to welcome a product that over 250,000 organisations have integrated into their work processes," says Luca Ferrari, CEO and co-founder of Bending Spoons, in a statement. "Miro has grown to achieve around $600 million in annual recurring revenue, with nearly 90 per cent generated by business and enterprise customers. "Once the transaction is complete, we intend to invest significantly in the core elements that its customers value: performance, reliability and functionality to support the most critical collaborative work. We acquire companies with the intention of retaining and managing them for the long term, and Miro will be no exception." "We founded Miro fifteen years ago to offer teams a unique space in which to think together and...
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