Bending Spoons agrees to acquire Miro in an all-cash transaction valuing the workplace-collaboration platform at $1.36B, implying an equity value of ~$1.79B
Bending Spoons SpA agreed to acquire workplace-collaboration platform Miro in an all-cash transaction valuing the business at $1.36 billion …
BloombergSonia Sirletti
Context & Ripple Effects
Miro entered the 2022 funding cycle with a $17.5 billion post-money valuation and 30 million users. The agreed equity value of about $1.79 billion makes the transaction a sharp repricing of the late-stage collaboration-software bet.
For Bending Spoons, Miro follows its agreement to acquire Airtable and its 2025 Vimeo deal, extending an acquisition program supported by more than €500 million in debt raised in 2025. The concentration of deals makes portfolio execution, rather than a single product purchase, the salient issue.
First-order effects
Miro’s shareholders receive an all-cash exit at an implied equity value of roughly $1.79 billion, replacing its standalone ownership structure with Bending Spoons ownership.
Bending Spoons adds Miro’s workplace-collaboration platform to a software portfolio that already includes Vimeo, AOL and Evernote.
Second-order effects
The Miro deal, alongside the pending Airtable acquisition, gives Bending Spoons two major workplace-software assets, increasing the incentive to standardize operations and prioritize the products’ retained users and cash generation.
Miro’s valuation reset provides a concrete benchmark for late-stage collaboration-software investors: a large 2022 private valuation did not establish a comparable cash acquisition price.
Third-order effects
If Bending Spoons continues pairing debt-funded purchases with operational integration, mature SaaS businesses may increasingly move from venture-backed standalone companies into acquisitive software portfolios.
The transaction points to AI-workspace consolidation in which buyer discipline is set more by durable business performance than by the growth expectations embedded in peak-era private rounds.
The trend: AI-workspace consolidation is channeling mature collaboration platforms from venture-era valuations into operator-led software portfolios.
“ICONIQ backed up the truck, investing $570 million in Miro across its fourth, fifth, and sixth fund. ICONIQ led a funding round that was announced in January 2022 that valued the company at $17.5 billion post-money. The firm owns 16.2% of Miro, according to the presentation.
A perennial reminder that late stage venture backed businesses are primarily valued on insane growth expectations. If your growth plummets from >2x to single digits, like Miro, it is a massive sudden destruction in equity value.
If Miro had raised $50M total, last at a $20B valuation, and sold for $1.79B in equity value, would we tell a different story about the outcome? They're profitable and still have substantial cash ($435M). The capital wasn't simply lit on fire. I don't love overcapitalizing compan…
Well, 4 years ago I said I don't see how Miro would be worth $17B or Airtable $11B. Bending Spoons is buying Miro for $1.35B today, and bought Airtable for $1.2B. I'm sorry for employees who got equity issued at the $17B or $11B valuation - the dangers of too high valuations!
This is probably going to be the first of many “brutal” M&As that we'll see in the next few years, and that is if some of these businesses can even find an acquirer at all
Another brutal M&A. Miro, founded in 2011 and valued at $17.5B 4yrs ago, is getting acquired by Bending Spoons, founded 2013, at ~2.3x ARR. After Airtable, another unfortunate victim of the SaaS bust at ~10x down from peak. It raised $476M only to be sold for $1.355B EV ($1.79B e…
If you're an engineer considering a private, late stage startup you must understand what's happened to Miro and Airtable. Some people are under the delusion that the multiple compression occurring at public software companies is magically not happening to the private cos
Bending Spoons strikes again 🤯 Here's a list of their recent acquisitions (and their peak valuations): ✦ Miro - $1.36B (down from $17.5B) ✦ Airtable - $1.285B (down from $11.7B) ✦ Eventbrite - $500M (down from $3B) ✦ Vimeo - $1.45B (down from $8.5B) ✦ WeTransfer, Evernote, Meetup…
Bending Spoons is the best thing that has happened to overvalued ZIRP companies. They give an off-ramp to founders who will never hit previous valuations with less of a reputational hit than selling to private equity.