The news
On September 10, Bending Spoons (BSP) agreed to buy Miro, the online whiteboard company, for $1.355 billion in cash. The Miro acquisition, expected to close in the fourth quarter, puts a tool that Bending Spoons says more than 250,000 organizations have built into their workflows under an owner known for fast, deep restructuring.
According to Bending Spoons, the $1.355 billion figure is Miro's enterprise value; counting Miro's net cash, the equity value is about $1.79 billion. Some Miro shareholders agreed to reinvest $295 million of their proceeds in newly issued Bending Spoons shares. Both boards approved the deal unanimously, and closing still requires regulatory approvals.
Miro is not a distressed asset. The company reported about $600 million in annual recurring revenue (ARR), nearly 90% of it from business and enterprise customers, along with about 4 million paying users and more than 750 customers paying over $100,000 a year. TechCrunch reported that Miro is profitable. Miro announced a $17.5 billion post-money valuation in January 2022; the deal's implied equity value of about $1.79 billion is roughly 90% below that mark.
The deal is Bending Spoons' second big software purchase since it listed on Nasdaq on July 1. It completed its purchase of Airtable on September 4, a month after agreeing to pay $1.285 billion in enterprise value. Its portfolio also includes Evernote, Vimeo, WeTransfer, Eventbrite and AOL. Silicon Republic reported that Bending Spoons shares had fallen about 23% in the month before the Miro announcement.
Chief executive Luca Ferrari said Bending Spoons buys companies to own and run them for the long term and plans substantial investment in Miro's performance and reliability. In a blog post addressed to Miro employees, CEO Andrey Khusid wrote that nothing changes in how Miro operates until closing, and that Bending Spoons will study the business after closing before deciding on its structure. Neither company announced pricing changes.
The numbers
- Miro enterprise value
- $1.355 billion
- Implied equity value
- About $1.79 billion
- Shareholder reinvestment in Bending Spoons stock
- $295 million
- Miro annual recurring revenue
- About $600 million
- Organizations using Miro
- More than 250,000
- Miro valuation, January 2022
- $17.5 billion
Why CEOs should care
For procurement teams, the owner's track record is the planning input. In September 2024, after buying WeTransfer that July, Bending Spoons said it would cut about 75% of that company's staff. At Harvest, the time-tracking tool it bought in July 2025, a move from mostly per-seat pricing to seats plus usage fees sharply raised some customers' bills; in the largest case Subscription Insider reported, one UK consultancy's monthly cost rose about 1,500%. None of that predicts Miro's future, but it defines the risk. Before the deal closes, check every Miro renewal date, ask for multi-year price caps, and confirm what change-of-control and assignment clauses allow.
CISOs should treat the ownership change as a vendor re-assessment. Miro boards often hold product roadmaps, workshop notes and strategy material, and TechCrunch reports the product connects to more than 250 other apps. Ask for written confirmation that the data processing agreement, sub-processor list, single sign-on and data residency commitments survive the transition, and test bulk export now rather than during a dispute.
CFOs should model a scenario in which Miro's price or packaging changes at the first post-close renewal. Pricing a fallback tool and a migration plan costs little and strengthens the negotiating position. Large customers, including the 750-plus accounts above $100,000 a year, have the most leverage before the deal closes, while the combined company is still making commitments.
The bigger picture
The Miro deal fits a clear pattern. Private software companies that raised money at 2021 prices have few ways to cash out: Crunchbase News reported on September 16 that enterprise software was nearly absent from the 2026 IPO market. Buyers like Bending Spoons are stepping in to pay a fraction of peak valuations for durable products. Reworked noted Airtable sold about 80% below its $11 billion 2021 valuation. For customers, those deals often mean a vendor run for cash flow rather than growth.
What’s next
The deal is expected to close in the fourth quarter of 2026, subject to regulatory approvals. Khusid's post says unvested employee equity will be credited at closing on a sliding scale by tenure, a detail that bears on retaining the staff customers rely on. After closing, watch for announcements on Miro's organization, plan packaging and pricing, and for Bending Spoons' first financial results that include Airtable. Customers with renewals due in the next six to twelve months have the most to gain by negotiating before closing.
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