Analysis
Bending Spoons entered a definitive agreement to acquire Miro at an enterprise value of $1.355 billion in an all-cash transaction, per the company's own announcement, with certain Miro shareholders agreeing to reinvest a portion of their proceeds into newly issued Bending Spoons equity. Together with Miro's net cash, the deal implies a somewhat higher equity value once that reinvestment is netted out. The transaction is expected to close in the fourth quarter of 2026, subject to regulatory approval.
A steep discount from Miro's 2021 peak
Miro was valued at about $17.5 billion during its 2021 funding round -- meaning this deal's enterprise value represents roughly a 92% discount from that peak private mark, as Pulse2 detailed, even as Miro's own business has kept growing: the company now serves more than 250,000 organizations and generates roughly $600 million in annual recurring revenue as it's repositioned itself from a digital-whiteboard tool into what it calls an AI workspace for teams. That combination -- real, growing revenue at a fraction of the peak-era valuation -- is the same 2021-vintage repricing pattern that's hit collaboration and productivity software broadly as public and private markets alike stopped paying pandemic-era multiples for the category.
Bending Spoons' second collaboration-software deal in weeks
This is Bending Spoons' second major acquisition in the collaboration-software space in a matter of weeks, following its purchase of Airtable, per TheNextWeb's reporting on the pattern. Pulse has covered Bending Spoons' acquisition spree throughout 2026 -- the Milan-based company has built a distinctive strategy of acquiring mature consumer and productivity apps, with a portfolio that already includes Evernote, Meetup and WeTransfer, and running them more efficiently under centralized infrastructure and AI-driven product development, rather than the venture-backed growth-at-all-costs model that took Miro to its $17.5 billion peak in the first place.
What the roll-up bet actually requires
Bending Spoons' model only works if it can meaningfully improve Miro's margins without damaging the 250,000-organization customer base that gives the deal its revenue floor -- a real execution risk any time an efficiency-focused acquirer takes over a product used daily by large enterprise teams. Whether Bending Spoons applies the same playbook that's worked on smaller consumer apps to an enterprise collaboration tool at Miro's scale, and whether Miro's ARR holds up through the transition, are the concrete things to watch as the deal moves toward its expected Q4 close.
