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 existing investors believe Bending Spoons stock, not cash sitting in a brokerage account, is the better place to park capital right now.

Bending Spoons completed its own IPO in July 2026, raising $1.68 billion at an $18.4 billion valuation. The company has been publicly traded for less than two months and is already announcing a deal of this size.

Bending Spoons: the acquisition machine

Founded in 2013 and headquartered in Milan, Bending Spoons has completed more than 50 acquisitions over its history. The portfolio includes Vimeo, AOL, and now, in rapid succession, Airtable and Miro. The Airtable acquisition was announced just one week before the Miro deal.

The reinvestment commitment from Miro shareholders deserves one more look. When sellers take stock instead of pure cash, it changes the incentive structure. Those shareholders are now rooting for Bending Spoons’ stock to appreciate, which aligns their interests with the acquirer’s other shareholders. It also reduces the immediate cash outflow burden, even in an all-cash deal, which gives Bending Spoons more flexibility for whatever acquisition comes next on the list.

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