Bending Spoons buys Miro for $1.36B, 90% off peak value

Milan-based Bending Spoons is buying Miro, the collaboration whiteboard now sold as an AI innovation workspace, for $1.36 billion in cash.

TechCrunch put the equity value at $1.79 billion. Both boards unanimously approved a definitive agreement covering 100% of Miro's issued and outstanding shares. The sale has not closed.

EU-Startups frames enterprise value at about 1.7 billion euros, or about $1.4 billion. The cash, equity, and EV labels do not match one-for-one across outlets.

The 90% haircut is versus Miro's $17.5 billion valuation in late 2021, the peak TechCrunch cites in the body. Some wire shorthand still says 2022. TechCrunch's own math on the cash price is a 92% dip from that late 2021 mark.

What the price headlines skip is the close clock and the operating base. The companies expect the deal to close in the fourth quarter of 2026, subject to customary conditions and regulatory approvals, and they will keep operating independently until then.

Bending Spoons says Miro now runs about $600 million of annual recurring revenue, nearly 90% from business and enterprise customers, with about $435 million of net cash and a profitable standing.

CEO Luca Ferrari said more than 250,000 organizations already run Miro in their workflows. Miro CEO Andrey Khusid put paying users at nearly 4 million, plus more than 750 customers above $100,000 of ARR, against about 100 million total users.

Bending Spoons is the same serial acquirer that bought Airtable for about $1.28 billion last month, per TechCrunch, after Eventbrite, Vimeo, WeTransfer, and Evernote. Another private software check this week is Cognition's $2 billion Series E for Devin. Miro is the one going for 90 cents on the 2021 dollar.

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