Bending Spoons Buys Miro at a Tenth of Its 2022 Valuation

Bending Spoons agreed on Sept. 10 to buy Miro for an enterprise value of $1.355 billion, the Milan-based acquirer's second nine-figure software purchase in five weeks and a price that implies an equity value of about $1.79 billion once Miro's net cash is added in, according to Bending Spoons' own investor announcement. That equity figure is roughly a tenth of the $17.5 billion valuation investors assigned Miro in a January 2022 funding round.

The announcement says certain Miro shareholders are rolling $295 million of their sale proceeds into newly issued Bending Spoons stock rather than cashing out entirely, a detail the deal's enterprise-value headline number does not capture. The rest of the transaction is an all-cash purchase of 100% of Miro's outstanding shares, expected to close in the fourth quarter of 2026 subject to regulatory approval.

The price works out to about 2.3 times revenue

Bending Spoons said Miro is generating approximately $600 million in annual recurring revenue, with close to 90% of it coming from business and enterprise customers rather than individual users. That puts the $1.355 billion enterprise value at roughly 2.3 times revenue. Miro counts more than 250,000 organizations as customers, nearly 4 million paying users, and more than 750 accounts each contributing over $100,000 in annual recurring revenue, per the same announcement.

CEO Andrey Khusid said in the statement that "partnering with Bending Spoons lets us deliver on that vision with ambition, for the customers who count on us." Bending Spoons CEO Luca Ferrari said the company was pleased "to welcome a product that over 250,000 organizations have integrated," and said Bending Spoons intends to invest in "performance, reliability, and functionality that supports critical collaborative work" after the deal closes.

Airtable got the identical treatment six days earlier

The Miro deal is not a one-off. Bending Spoons announced its purchase of Airtable on Aug. 4, 2026, at an enterprise value of $1.285 billion against Airtable's roughly $480 million in annual recurring revenue, which Fortune reported was growing more than 20% year over year as of June 2026. That is a multiple of about 2.7 times revenue, close enough to Miro's 2.3 times that the two deals read as one pricing formula applied twice.

Bending Spoons completed the Airtable purchase on Sept. 4, exactly a month after announcing it, according to the company's closing announcement. The Miro deal was announced six days after that closing, meaning Bending Spoons had barely finished integrating one collaboration-software company before it signed for a second.

Metric	Airtable	Miro
Announced	Aug. 4, 2026	Sept. 10, 2026
Enterprise value	$1.285 billion	$1.355 billion
Annual recurring revenue	~$480 million	~$600 million
Implied revenue multiple	~2.7x	~2.3x

Both prices are a fraction of pandemic-era peaks

Miro's $17.5 billion valuation dates to a $400 million Series C round covered by TechCrunch in January 2022, led by Iconiq Growth and Accel with Atlassian, Salesforce Ventures and GIC also participating. Individual investors in that round included Airtable co-founders Howie Liu and Andrew Ofstad, who at the time ran a separate company that Bending Spoons would go on to buy five weeks before it bought Miro.

1. January 2022 Series C17.5 $ billions
2. September 2026 Bending Spoons deal1.79 $ billions

Source: TechCrunch, Jan. 5, 2022; Bending Spoons investor announcement, accessed 2026-09-13

Airtable's own peak, per Fortune, topped $11 billion during the 2021 funding boom and had already fallen to around $4 billion in secondary-market trades earlier in 2026, before Bending Spoons' $2.25 billion equity-value offer arrived in August. Fortune's headline put the gap between Airtable's peak and its sale price at $9 billion. Neither company has said publicly why its board accepted a sale priced so far under its earlier funding rounds, and Bending Spoons' announcements do not address the question either. It is the same pattern Nvidia's purchase of Hugging Face followed in September, pricing that deal against a multiple of a prior private round rather than against the peak; the difference is that Hugging Face's multiple went up, not down.

Bending Spoons has run this playbook more than 50 times

Bending Spoons priced its own initial public offering at $29 a share in late June 2026 and began trading on Nasdaq on July 1, a listing that valued the company at approximately $18.4 billion, Fortune reported. The Airtable purchase was its first acquisition after that listing; Miro is its second. The company's history includes more than 50 acquisitions, among them AOL, Evernote, Vimeo and WeTransfer, and its approach, per Fortune's reporting, is to buy applications it considers underpriced relative to their user bases, then cut costs and rework pricing and product design.

The Miro transaction is expected to close in the fourth quarter of 2026, Bending Spoons said, subject to regulatory approval and other customary conditions. The Airtable deal took exactly a month to clear the same process, from an Aug. 4 announcement to a Sept. 4 close. If Miro follows a similar timeline, Bending Spoons would own both former unicorns before the end of the year, at a combined enterprise value of $2.64 billion for two companies whose funding-round peaks once totaled close to $29 billion. That kind of discount-to-peak pricing has become common in 2026; Motive's decision to pull its IPO filing for a private round rested on the same logic, that a market test would likely have landed below a 2022 number the company preferred not to confirm.