Bending Spoons has agreed to acquire workplace collaboration company Miro for $1.36 billion in cash, giving the company an equity value of about $1.79 billion after accounting for its net cash. The price represents a steep decline from the $17.5 billion valuation Miro received during the software investment boom in late 2021.
The transaction has been approved by both companies’ boards and is expected to close in the fourth quarter of 2026, subject to regulatory approvals and other closing conditions. According to Bending Spoons’ official acquisition announcement, certain Miro shareholders will reinvest $295 million of their proceeds into newly issued Bending Spoons shares.
Miro Grew Rapidly During Remote Work Boom
Miro launched in 2011 as RealtimeBoard, an online whiteboarding service. Its usage accelerated during the COVID-19 pandemic as companies adopted remote work and sought digital alternatives to physical whiteboards.
By 2022, Miro had grown from 5 million to roughly 30 million users in two years, while its paying customer base increased 550%. That growth helped the company secure $400 million in funding at a $17.5 billion valuation.
Miro now has more than 100 million users and over 4 million paying users. Bending Spoons said the company generates approximately $600 million in annual recurring revenue, with nearly 90% coming from business and enterprise customers, and is profitable.
The platform has also expanded beyond digital whiteboards. It now describes itself as an AI innovation workspace, offering AI assistants, automated workflows, prototyping features and connectors that bring information from services including GitHub, Jira and Slack into Miro.
Software Valuations Have Fallen From 2021 Levels
Miro’s sale price reflects a major change from the software valuations reached in 2021, when rapidly growing SaaS companies attracted large funding rounds at high revenue multiples. Corporate software spending later tightened as companies reduced overlapping tools and licenses.
Miro also reduced its workforce as growth moderated. The company cut 119 positions in February 2023 and reportedly eliminated another 275 jobs in October 2024.
The acquisition follows Bending Spoons’ purchase of Airtable, another software company that reached a much higher private valuation in 2021. Bending Spoons completed that acquisition in September after agreeing to an enterprise value of $1.285 billion.
Miro had about $435 million in net cash at the time of the agreement. Until the acquisition closes, Miro and Bending Spoons will continue operating independently.
Featured image credits: Wikimedia Commons
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