Bending Spoons' $1.355bn acquisition of Miro

On 10 September 2026, Italian tech-acquisition group Bending Spoons S.p.A. agreed to buy workplace-collaboration platform Miro in an all-cash deal at an enterprise value of roughly $1.355bn, implying an equity value of roughly $1.79bn once Miro's net cash is factored in. Certain Miro shareholders have also agreed to roll $295m of their proceeds into newly issued Bending Spoons shares rather than cashing out entirely.

The Parties

Bending Spoons is a Milan-based company whose business model is buying established digital products and then aggressively re-engineering them. Its existing portfolio includes Evernote, Vimeo, WeTransfer, Eventbrite, AOL, Brightcove, Tractive and, as of last week, Airtable. Miro is an "AI-first" visual workspace: a shared digital whiteboard where teams plan projects, map ideas and collaborate in real time. It reports around $600m in annual recurring revenue, close to 4 million paying users, and says nearly 90% of its revenue comes from business and enterprise customers rather than individuals.

Structure & Process

This is a private company acquisition (a purchase of a company that isn't listed on a stock exchange, so there's no public takeover code or shareholder vote of the kind you'd see with a listed target) structured as a straightforward purchase of 100% of Miro's issued shares, unanimously approved by both companies' boards. Because Miro is private, there is no scheme of arrangement or tender offer mechanic here. There is only a negotiated definitive agreement (the legal document setting out final, binding deal terms, as opposed to an earlier non-binding term sheet). The transaction still needs to clear regulatory approvals before it can close, expected in the fourth quarter of 2026.

The Financing Angle

The deal is all-cash from Bending Spoons' side, with BNP Paribas and J.P. Morgan acting as co-financial advisers on that funding. Separately, some Miro shareholders are reinvesting $295m of their sale proceeds into new Bending Spoons shares, meaning part of the "exit" for those shareholders is actually a bet on Bending Spoons' own equity going forward, rather than a full cash-out.

Latham & Watkins LLP is confirmed as legal counsel to Bending Spoons and Goodwin Procter LLP as legal counsel to Miro, per Bending Spoons' own announcement.

Why it Matters

This is Bending Spoons' second big acquisition inside a fortnight, it closed its purchase of Airtable the week before, and continues an aggressive buy-and-transform strategy that has made it one of the most active acquirers of maturing consumer/enterprise software products in 2026. For the collaboration-software sector, it signals continued consolidation: rather than compete head-on, well-funded platforms are being folded into larger operators betting they can extract more value through cost discipline and AI-driven product changes than the original owners could standalone.

Real World Impact

If you've ever used Miro's digital whiteboard for a group project, a hackathon, or a team planning session, the company behind it is about to change hands. Bending Spoons has a well-documented playbook. It buys a product, then moves fast on "deep transformation", which in its past deals (Evernote, WeTransfer) has meant restructured teams, technology overhauls, and, in some cases, layoffs, though nothing specific has been announced or reported for Miro's roughly 1,800 staff at this stage. For everyday users, the more concrete risk worth watching is Bending Spoons' typical method of monetisation changes, usually meaning new subscription tiers, tighter free-plan limits, post-acquisition, though again nothing has been confirmed for Miro specifically. On the upside, Bending Spoons says it intends to invest "substantially" in performance and reliability, which could mean a better product experience for existing users, not a worse one.