Bending Spoons buys Miro for 1.36 billion dollars: the COVID-era whiteboard is worth 8% of its 2021 value
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Miro was the digital whiteboard of the pandemic. When companies sent their teams home in 2020 and 2021, the visual collaboration tool grew non-stop. In 2021, it reached a valuation of 17.5 billion dollars in its last funding round. Today, Bending Spoons announces its purchase for 1.355 billion in cash. In terms of company valuation, the setback is 92%. The operation implies an enterprise value of 1.355 billion and an equity value of approximately 1.790 billion when adding Miro's net cash. Some Miro shareholders have agreed to reinvest 295 million in newly issued Bending Spoons shares, which suggests some confidence in the buyer. The closing is expected in the fourth quarter of 2026, subject to regulatory approvals. Bending Spoons is an Italian company based in Milan that has turned the acquisition of consolidated software into a collection business model. Its current portfolio includes Vimeo, AOL, and Airtable - bought last month for 1.280 billion, with a similar valuation drop from its peak of 11 billion in 2021 -. The strategy has a clear logic: find recognized platforms that were overvalued in the 2020-2021 boom, that have matured towards slower growth but with real recurring revenue, and buy them at prices that reflect the new reality of the SaaS market. Miro fits that profile perfectly. The platform has approximately 600 million dollars in ARR (annual recurring...
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