Miro Sells to Bending Spoons for $1.4 Billion, Down From $17.5 Billion Valuation in 2022
Trending Topics Jakob Steinschaden
Miro is being bought by Bending Spoons for $1.355 billion in cash. That’s a brutal drop from its $17.5 billion peak valuation in 2022.
Based on reporting by Trending Topics, Jakob Steinschaden — read the original for the full story.
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Bending Spoons has struck another big deal, and this one lands squarely in the collaboration-software world. The Italian company said it signed a definitive agreement to buy Miro, the whiteboard platform, for an enterprise value of $1.355 billion in an all-cash transaction. Once Miro’s net cash is included, the equity value comes out to roughly $1.79 billion. Some of that money will loop right back into the buyer: certain Miro shareholders have agreed to roll $295 million of their proceeds into new Bending Spoons equity. The deal still needs the usual approvals before it closes.
The real headline is how far the price has fallen. Miro raised a $400 million Series C in early 2022 at a $17.5 billion valuation, led by Iconiq Growth, when remote work still looked like a permanent shift and digital whiteboards felt like infrastructure rather than a nice-to-have. Today’s deal values the company at less than 8 percent of that peak. In between came the return to office, a flood of AI tools that can handle brainstorming and diagramming, and tougher competition from Figma, Canva and the collaboration features built into larger platforms.
Miro is not a broken business, though. Bending Spoons says it brings in around $600 million in annual recurring revenue, with nearly 90 percent of that from business and enterprise customers. About 250,000 organizations use the product, close to 4 million paying users are on board, and more than 750 customers each generate over $100,000 in annual recurring revenue. On that basis, the purchase price works out to roughly 2.3 times recurring revenue.
The acquisition also fits Bending Spoons’ playbook. It has already bought Evernote, Meetup, WeTransfer, Vimeo, Brightcove, StreamYard, AOL, Komoot and Austrian scale-up Tractive. The pattern is familiar: buy a product with loyal users and fading valuation momentum, tighten the subscription model, cut costs hard, and use automation to do more with fewer people. After Airtable, this is the second billion-dollar purchase in a matter of weeks. Bending Spoons says it wants to invest in performance, reliability and functionality, and to own Miro for the long term. Miro founder and CEO Andrey Khusid calls it an “AI-first workspace” and says the best version is still ahead.
My take — AI-written commentary, not fact-checked reporting
This is what the post-boom software market looks like when the music stops: not a growth story, a discount rack. Bending Spoons has figured out that cash flow beats mythology, and founders who spent 2021 pricing on vibes are now selling the leftover furniture. The only real suspense is how much of the “long term” survives the first cost review.
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