Nasdaq-listed Bending Spoons signed a final agreement for acquiring Miro (fka RealtimeBoard), an AI-based visual collaboration platform and workspace with more than 100 million users, on the ground of an enterprise value of 1.355 billion US Dollars and an equity value of 1.79 billion. The target has net cash of 435 milioni US Dollars. Part of Miro shareholders will reinvest more than 295 milioni US Dollars of the sale’s proceeds in new shares of Bending Spoons. The closing may take place in 4Q26 once received regulatory authorizations (press release).
Bending Spoons retained Latham & Watkins LLP (legal counsel), Ernst & Young LLP, EY Advisory (financial and tax due diligence), McDermott Will & Schulte Studio Legale Associato (Italian tax counsel), BNP Paribas and J.P. Morgan (co-financial advisors). Miro appointed Goodwin Procter LLP (legal) and Morgan Stanley & Co. LLC as financial advisor.
In January 2022, Miro secured a 400 million US Dollars Series C round (476 million since its birth) for a post-money value of 17.5 billion (press release). ICONIQ Growth, Accel, Atlassian, Dragoneer, GIC, Salesforce Ventures, and TCV joined the round. The equity value for the deal with Bending Spoons is therefore approximately 15.7 billion lower, or almost 90% below the 2022 valuation following the peak SaaS valuations of the pandemic era.
However, Miro’s annual recurring revenue (ARR) is of around 600 million US dollars, nearly 90% from business and enterprise customers. The price that Bending Spoons paid amounts to a 2.3X EV/ARR. Each of Miro client generated more than 0.1 million US Dollars in ARR.
Furthermore, at the time of its Series C round, Miro had 30 million users and around 130000 paying customers, whilst today it reports more than 100 million users and nearly 4 million paying users.
On 10 September, Thursday, Miro cofounder and ceo Andrey Khusid said in a letter to the employees that the company is still profitable despite having gone through difficult times (company blog).
Khusid and Oleg Shardin created Miro in 2011 which opened its first hub in Los Angeles in 2015. In 2018, the company attracted 25 million US Dollars Accel through a Series A round. In April 2020, ICONIQ led a Series B round of 50 million that Accel joined(press release).
Khusid said: “We founded Miro fifteen years ago to provide teams with a single place where they could think together and bring ideas to life. It has become something more: an AI-first workspace through which teams carry out their most important work. Nearly 4 million paying users rely on Miro, across every sector and region where we operate, including more than 750 customers with over $100,000 in annual recurring revenue. The best version of Miro is yet to come. Our partnership with Bending Spoons enables us to realise this vision with ambition, for the customers who rely on us. I am deeply grateful to all the Mironeers, partners, users, customers and investors who have been part of Miro’s journey over the last fifteen years. Miro would not be what it is today without you, and I am excited to see what will be built in this new chapter”.
Luca Ferrari, the ceo of Bending Spoons, added: “It is a privilege – and no small responsibility – to take on a product that over 250,000 organisations have integrated into their workflows. Miro has grown to generate around 600 million US dollars in annual recurring revenue, nearly 90 per cent of which comes from business and enterprise customers. Following the closing of the deal, we plan to invest significantly in the core elements that its customers value: performance, reliability and features that support the most critical collaborative work. We acquire companies with the intention of owning and managing them for the long term, and Miro will be no exception.”
In August 2026, Bending Spoons recently acquired Airtable, a global platform for collaborative software and no-code development for an enterprise value of 1.285 billion US Dollars and an equity value of 2,25 billion (see here a previous post by BeBeez).
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