Bending Spoons agreed to acquire workplace collaboration platform Miro in an all-cash deal that values the business at $1.355 billion in enterprise value, the companies said in a joint announcement Sept. 10. Including Miro's roughly $435 million in net cash, the deal's equity value is about $1.79 billion.
Some Miro shareholders agreed to reinvest $295 million of their proceeds into newly issued Bending Spoons shares, according to the announcement. The deal is expected to close in the fourth quarter, subject to regulatory approval, and the two companies will operate independently until then.
Miro generates about $600 million in annual recurring revenue, with nearly 90% coming from business and enterprise customers, and counts almost 4 million paying users across 250,000 organizations, more than 750 of which pay over $100,000 a year, according to the companies. The price is far below the $17.5 billion valuation Miro reached in late 2021 at the height of the remote-work boom, TechCrunch reported.
"It's a privilege, and no small responsibility, to welcome a product that over 250,000 organizations have integrated into their workflows," Bending Spoons CEO Luca Ferrari said in the announcement. Miro CEO Andrey Khusid said "the best version of Miro is still ahead of us."
Miro is profitable with hundreds of millions in revenue, and it's still selling for a small fraction of what it was worth four years ago. That's less a story about Miro specifically than a marker of where the market has repriced software companies that scaled on pandemic-era remote work demand and now compete with Figma, Canva and Microsoft for the same enterprise seat.