Bending Spoons to Buy Miro for $1.36B, 90% Under 2022 Peak

Bending Spoons has agreed to acquire the digital whiteboarding platform Miro for $1.355 billion in cash, Bloomberg reported, a price that implies an equity value of about $1.79 billion once Miro's net cash is included. That is roughly 90% below the $17.5 billion valuation Miro carried in January 2022, when ICONIQ Growth and Accel led a $400 million Series C at the top of the pandemic-era collaboration-software boom.

Some existing Miro shareholders will roll $295 million of their proceeds into newly issued Bending Spoons stock, per the company's announcement. Miro reports about $600 million in annual recurring revenue, with nearly 90% coming from business and enterprise customers, and the deal is expected to close in the fourth quarter subject to regulatory approvals.

"We started Miro 15 years ago to give teams one place to think together and bring ideas to life," co-founder and chief executive Andrey Khusid said, adding that it "has become something more: an AI-first workspace that teams run their most important work through." Bending Spoons chief executive Luca Ferrari said his group plans to "invest substantially" in Miro's performance, reliability and functionality, and that Bending Spoons buys companies "with the intention of owning and operating them for the long term, and Miro will be no exception."

It is the Italian consolidator's second billion-dollar deal in a week, following Airtable, and its first announced transaction since a $18.4 billion Nasdaq IPO in July. The Miro markdown lands against a backdrop of fresh AI capital forming rather than deflating, one of 437 funding stories we have tracked in the last 90 days.