A definitive merger agreement is confirmed by Bending Spoons, Miro and an SEC filing, but saying Miro has already been acquired is premature: closing is targeted for Q4 2026 and remains subject to regulatory approvals and other conditions.
Bending Spoons buys Miro for $1.355 billion
Milan software buyer Bending Spoons agreed to buy online whiteboard maker Miro in cash, marking a sharp reset from pandemic-era tech valuations.
In a nutshell
Italian software consolidator Bending Spoons agreed to buy digital workspace maker Miro for an enterprise value of $1.355 billion, an all-cash transaction that crystallizes a sharp decline from pandemic software valuations. The deal values Miro's equity at roughly $1.79 billion once net cash is included, down about 90% from the $17.5 billion valuation Miro achieved during the 2022 remote-work boom. While Bending Spoons pledged long-term investment into Miro's software tools, the buyer's track record of restructuring past acquisitions leaves Miro's staff and subscription pricing facing post-closing reviews once regulators clear the merger.
Highlights
- Bending Spoons agreed to acquire Miro at an enterprise value of $1.355 billion.
- Factoring in cash balances produces an implied equity value of roughly $1.79 billion.
- The purchase price sits roughly 90% below Miro's $17.5 billion private valuation in 2022.
- Certain selling shareholders agreed to reinvest $295 million into Bending Spoons stock.
- The companies target a deal closing in the fourth quarter of 2026, subject to regulatory review.
Miro valuation comparison
billion USDThe findingMiro's equity value dropped by nearly nine-tenths between its 2022 fundraising peak and the 2026 acquisition.
- The comparison contrasts Miro's private funding valuation in 2022 with its agreed buyout equity value in 2026.
- 2022 private funding — Miro valuation after raising $400 million during the remote-work investment boom
- 2026 buyout equity value — Implied total share value in the Bending Spoons purchase after adding net cash
- The plunge illustrates the steep deflation of pandemic-era software valuations as public buyers acquire private tech firms.
From the Editor’s Diary
Valuations established during temporary demand spikes cannot survive on private optimism alone; when high-growth software firms face cash buyers, their prices reset to basic operating numbers.
Who's involved
Bending Spoons
Milan-based tech group that buys and reorganizes established software services
goal → add Miro to its software portfolio and improve long-term operating profits
Miro / RealTimeBoard Inc.
Online whiteboard maker whose digital canvas helps remote teams plan and collaborate
goal → secure a permanent corporate parent while delivering cash to investors and staff
Luca Ferrari
Chief executive and co-founder of Bending Spoons
goal → fold Miro into his company's disciplined acquisition setup without damaging user value
Andrey Khusid
Chief executive and co-founder of Miro
goal → finish the sale smoothly, reassure workers, and keep the product growing
Miro shareholders
Private investors and staff owning Miro stock
goal → collect cash from the sale, with some reinvesting $295 million into Bending Spoons shares
Miro employees
Workers whose jobs and equity pay depend on the new corporate owner
goal → receive payouts for their stock and learn their future roles during the post-sale review
In short
A boom-era software star is changing hands at a steep discount. Italian software holding company Bending Spoons agreed to buy Miro, the online workspace used by remote teams, for an enterprise value of $1.355 billion. The deal matters because it resets the paper wealth built up during the work-from-home boom into today's colder market reality.
Miro will likely face internal restructuring and tighter product scrutiny under its new owner.
That outcome is likely, because Bending Spoons has historically overhauled operations and increased prices across previous acquisitions like Evernote and Vimeo.
How it unfolded
Remote-work darling meets serial software acquirer
During the 2022 remote-work surge, Miro was valued at $17.5 billion after raising $400 million from private investors. By 2026, market appetites had cooled while Bending Spoons built up cash and borrowing lines to buy older software products. Just six days before agreeing to buy Miro, Bending Spoons completed its purchase of database tool Airtable.
Bending Spoons signs deal to purchase Miro
The companies announced their binding merger agreement on September 10. The announcement went out over Business Wire at 12:00 UTC, followed by an SEC regulatory disclosure and an internal staff memo from Miro founder Andrey Khusid.
The gap between headline price and equity value
The headline $1.355 billion figure represents enterprise value, which strips out cash balances. Because Miro holds significant net cash, its implied equity value reaches approximately $1.79 billion. That equity figure is roughly 90% below Miro's 2022 private valuation.
Miro joins corporate group as Delaware subsidiary
Under the filed merger terms, Bending Spoons will absorb Miro through an American subsidiary named Omega Merger Sub. Miro survives as a wholly owned U.S. unit. The companies remain independent competitors until closing, and the merger contract can be ended if clearances are not secured by September 2027.
Staff receive stock payouts but no job guarantees
Miro founder Andrey Khusid informed workers that unvested stock awards will pay out as cash bonuses at closing, tiered by years of service. However, neither company offered job guarantees. Bending Spoons plans to review staffing only after taking control, a process that led to layoffs and reorganization costs at its past software acquisitions.
Long-term software pledges leave financing open
Bending Spoons chief Luca Ferrari stated the buyer plans to upgrade Miro's speed, reliability, and workspace tools. The companies have not disclosed which specific debt or cash accounts will fund the deal. No changes to Miro's pricing, interface, or branding have been published.
Where things stand
As of September 15, the sale of Miro to Bending Spoons is signed but not closed. Both corporate boards approved the cash transaction, which values Miro at an enterprise value of $1.355 billion and an equity value of roughly $1.79 billion.
The takeover remains subject to government regulatory clearances. Miro will continue running as an independent company until closing, targeted for the final quarter of 2026. Specific details regarding final debt financing, post-merger staffing plans, and software subscription pricing have not been released.