Bending Spoons to acquire Miro in $1.36B all-cash deal

Bending Spoons has a type. Find a well-known digital platform, buy it at a reasonable price, squeeze out operational improvements, and move on to the next one. On September 10, 2026, the Milan-based software rollup announced its latest target: Miro, the online whiteboard and visual collaboration platform used by product teams, designers, and consultants everywhere. The price tag is $1.355 billion in enterprise value, paid entirely in cash. Factor in Miro’s net cash position and the implied equity value climbs to roughly $1.79 billion. The deal is expected to close in the fourth quarter of 2026, subject to the usual regulatory sign-offs. The numbers behind the deal Miro currently generates approximately $600 million in annual recurring revenue, with close to 90% of that coming from business and enterprise customers. At $1.355 billion in enterprise value against $600 million in ARR, Bending Spoons is paying roughly 2.3x revenue. Certain Miro shareholders have committed to reinvesting $295 million of their sale proceeds directly into Bending Spoons equity. Rolling equity in an acquisition is not unusual, but $295 million is a meaningful sum. It signals that at least some of Miro’s exi...