Bending Spoons completes $1.355 billion Miro deal, 90% below 2022 value
By Arjun MehtaSenior Business Editor, Peepals Business
Representative image: DiggityMarketing / Pixabay
Bending Spoons completed its all-cash purchase of Miro on October 26 at a $1.355 billion enterprise value, nearly 90% below the whiteboard firm's 2022 valuation.
What Happened
Bending Spoons, the Italian technology company known for buying and restructuring established software products, completed its acquisition of the online whiteboard company Miro on Monday, October 26, 2026. The all-cash deal values Miro at an enterprise value of $1.355 billion, or about $1.79 billion including Miro's net cash, according to the company's announcement. That is close to 90 per cent below the $17.5 billion valuation Miro reached in 2022. At closing, some former Miro shareholders put about $295 million of their proceeds back into roughly 6.2 million newly issued Bending Spoons shares.
Key Facts
- Deal completed on October 26, 2026; the agreement was first announced on September 10, 2026.
- Enterprise value: $1.355 billion; equity value about $1.79 billion including net cash.
- Miro was valued at $17.5 billion in 2022, so the sale price is nearly 90 per cent lower.
- About $295 million reinvested by certain Miro shareholders in about 6.2 million new Bending Spoons shares, issued in a private placement.
- Miro reports around $600 million in annual recurring revenue, with nearly 90 per cent from business and enterprise customers, according to Bending Spoons' filing.
- The boards of both companies approved the deal unanimously.
- Bending Spoons says it will include Miro in its outlook when it next reports results.
Why It Matters
Miro is one of the best-known tools of the remote-work era: a shared digital whiteboard where teams draw diagrams, plan projects and run workshops together online. Its valuation reached $17.5 billion in 2022. The sale at a fraction of that figure shows how far valuations of collaboration software have fallen since then, as growth slowed and investors became more cautious.
The buyer matters as much as the price. Bending Spoons has built a business on acquiring mature software products and running them more efficiently. Reports on the deal note that it has carried out deep job cuts at several earlier acquisitions, often merging functions such as engineering and marketing. Miro itself had already cut staff twice: about 7 per cent in early 2023 and about 18 per cent, or some 275 people, in October 2024. No post-closing job cuts at Miro had been reported as of October 27.
For businesses that use Miro, the immediate service does not change on the day of closing. The longer-term questions are about pricing, product direction and support, which new owners often revisit. Miro's leadership has said the company now has an owner that invests for the long term and cares about product quality.
The deal also says something about how software is valued in 2026. A company with around $600 million in recurring revenue, most of it from business customers, sold for a little over twice that figure in enterprise value. For founders and investors in software-as-a-service (SaaS), the subscription software model, that is a reminder that revenue scale alone no longer guarantees a high price.
| Item | Figure |
|---|---|
| Enterprise value | $1.355 billion |
| Equity value (with net cash) | About $1.79 billion |
| Peak valuation (2022) | $17.5 billion |
| Annual recurring revenue | About $600 million |
| Shareholder reinvestment | About $295 million in 6.2 million new shares |
Impact
Short-term: Miro now belongs wholly to Bending Spoons. Customers, employees and partners will watch for announcements on staffing, pricing and product plans.
Long-term: The deal adds a large business-software product, with around $600 million in recurring revenue, to Bending Spoons' portfolio, which the company will reflect in its next financial outlook.
Who is affected: Miro's employees and enterprise customers, early investors who backed Miro at higher valuations, Bending Spoons shareholders, and competitors in online collaboration software.
Key Takeaway
Bending Spoons has completed its $1.355 billion purchase of Miro, a sale nearly 90 per cent below Miro's 2022 valuation that reflects the reset in collaboration-software prices.
Questions and Answers
When did Bending Spoons complete the Miro acquisition?
Bending Spoons said it completed the acquisition on October 26, 2026, after first announcing the agreement on September 10, 2026.
How much did Bending Spoons pay for Miro?
The deal values Miro at an enterprise value of $1.355 billion, or about $1.79 billion including Miro's net cash, paid in cash.
How does the price compare with Miro's past valuation?
Miro was valued at $17.5 billion in 2022, so the sale price is nearly 90 per cent lower.
Will Miro users see changes?
Nothing changed for users on the day of closing. Bending Spoons has not announced changes to pricing or products; customers should watch for official notices from Miro.
Disclaimer: Prepared by the Peepals newsroom from publicly available sources with AI assistance. Information is accurate to the best of our knowledge at the time of publication and may change. Images may be representative. Not professional advice. Report an error via our contact page.
By Arjun Mehta, Senior Business EditorCovers Start-ups & Opportunities and more for Peepals Business. All stories by Arjun Mehta
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Arjun Mehta is a pen name of the Peepals Global Editorial Team, which researches, fact-checks and publishes every story. The portrait is an illustration.
