Summary

• Bending Spoons will acquire Miro at a $1.355 billion enterprise value, implying roughly $1.79 billion of equity value including net cash.
• Miro has about $600 million in annual recurring revenue, with nearly 90% coming from business and enterprise customers.
• The agreement follows Bending Spoons’ completion of Airtable, leaving the group with two sizeable platforms embedded in workplace workflows.

Italian technology group Bending Spoons is moving rapidly into enterprise software, agreeing to buy collaboration platform Miro for $1.355 billion only days after completing its acquisition of Airtable.

The all-cash agreement announced on 10 September gives Miro an enterprise value of $1.355 billion and implies an equity value of about $1.79 billion once its current net cash is included. Certain Miro shareholders will reinvest $295 million of their proceeds into newly issued Bending Spoons equity.

Miro also brings a large recurring-revenue base. Bending Spoons says the collaboration company generates around $600 million in annual recurring revenue, almost 90% from business and enterprise customers, with roughly four million paying users and more than 750 customers producing over $100,000 in ARR each.

Those numbers move Bending Spoons farther from its earlier association with consumer and prosumer applications. Miro sits inside product planning, design, workshops, and collaborative work, while Airtable provides databases, workflow tools, and application-building capability across business teams.

The acquisition model moves into enterprise workflows

Bending Spoons has built its business by buying established digital products and applying central engineering, product, commercial, and operational methods before holding them for the long term. Its portfolio has expanded through acquisitions including Evernote, WeTransfer, Vimeo, and Eventbrite.

Enterprise software creates a different operating environment because customers can have thousands of employees, deep integrations, security reviews, data-governance requirements, and internal processes built around a platform over many years.

A change to pricing or product design that irritates individual consumers can become an operational project when an enterprise has to retrain staff, rewrite integrations, reassess security, or replace a system embedded across several departments.

Miro and Airtable therefore test whether Bending Spoons’ acquisition playbook can preserve the continuity large corporate customers expect while making the deep changes the company says underpin its returns.

The two platforms also overlap without being identical. Airtable organises structured information and workflow applications, while Miro provides a shared visual environment used for planning, product development, and collaboration. Both have also been adding AI functionality as workplace software vendors compete to become the place where employees coordinate tasks rather than another standalone tool.

The purchase price reflects a changed software market

Miro’s roughly $600 million ARR compared with a $1.355 billion enterprise value implies a markedly lower revenue multiple than the valuations attached to high-growth collaboration software during the pandemic technology boom.

The comparison needs caution because Bending Spoons has not published a complete set of Miro financials covering growth, margins, retention, or profitability. Even so, it shows how the market for mature SaaS assets has shifted as investors put greater weight on earnings and durable cash generation.

Collaboration vendors benefited enormously when remote work pushed organisations towards digital whiteboards and distributed planning, but the category has since had to compete for budgets against work-management suites, productivity platforms, and AI assistants.

Miro has responded by broadening its product beyond whiteboarding, including acquisitions and AI-supported workflows. Bending Spoons is therefore acquiring a substantial existing business while taking on the task of keeping that platform relevant in a market where incumbents are embedding similar collaboration functions into broader software suites.

Integration becomes the central execution risk

The timing makes that task more demanding because Bending Spoons completed Airtable only on 4 September. Integrating one major enterprise platform while agreeing another acquisition creates pressure across management, engineering, customer support, and product strategy even if the companies remain operationally separate for a period.

The Miro transaction is expected to close in the fourth quarter subject to regulatory approvals and customary conditions. Until then, the businesses will continue to operate independently.

Once the deal closes, enterprise customers will be looking for practical signals around investment, product continuity, security, integrations, staffing, and pricing rather than merely the acquirer’s promise of long-term ownership.

The reinvestment by certain Miro shareholders also leaves part of the seller base exposed to Bending Spoons’ future performance, aligning some of their return with the combined company rather than crystallising the entire value in cash.

For Europe’s technology market, the group represents an unusual route to scale. Rather than attempting to take one domestically created product into every global category, Bending Spoons is using an acquisition engine to bring established international digital businesses under an Italian operator.

Miro and Airtable make that model more consequential because both sit inside the daily operations of organisations rather than primarily serving individuals. Bending Spoons has shown that it can keep acquiring valuable digital properties; the next test is whether it can change enterprise platforms aggressively enough to improve their economics without disturbing the customers whose recurring revenue made them attractive in the first place.