Bending Spoons S.p.A. (NASDAQ: BSP) has announced a definitive agreement to acquire Miro, the AI-powered innovation workspace, in an all-cash transaction with an enterprise value of $1.355 billion. Including Miro's net cash, the agreement implies an equity value of approximately $1.79 billion. As part of the arrangement, certain Miro shareholders have committed to invest $295 million of their proceeds into newly issued Bending Spoons equity.
Transaction Terms and Timeline
Under the terms of the agreement, which received unanimous board approval from both companies, Bending Spoons will acquire 100 percent of Miro's issued and outstanding shares. The all-cash deal is expected to close in the fourth quarter of 2026, subject to regulatory approvals and other customary closing conditions. Until the transaction is completed, both companies will continue to operate independently and serve their customers without disruption.
Miro's Scale and Market Position
Miro has grown to approximately $600 million in annual recurring revenue, with nearly 90 percent derived from business and enterprise customers. More than 250,000 organizations have integrated the platform into their workflows, including over 750 customers with annual recurring revenue above $100,000. The company reports nearly 4 million paying users and more than 100 million total users across its global customer base.
Leadership Perspectives
Luca Ferrari, CEO and co-founder of Bending Spoons, said the company feels privileged and responsible to welcome a product used by more than 250,000 organizations. He stated that after closing, Bending Spoons plans to invest substantially in performance, reliability, and functionality for critical collaborative work. Ferrari emphasized that the firm acquires businesses with a long-term ownership mindset, and Miro will be no exception.
Andrey Khusid, CEO and co-founder of Miro, said the platform started fifteen years ago to give teams one place to think together and bring ideas to life. He described Miro as an AI-first workspace where teams run their most important work. Khusid added that partnering with Bending Spoons will help deliver that vision with ambition for the customers who rely on the product.
Strategic Context and Company Profiles
Bending Spoons pursues a strategy of acquiring digital businesses, implementing operational transformations, and reinvesting earnings into further acquisitions. The company completed its acquisition of Airtable last week and counts Airtable, AOL, Brightcove, Eventbrite, Evernote, Tractive, Vimeo, and WeTransfer among its main businesses. The Miro acquisition would be the latest addition to this portfolio of well-known technology products.
Since its founding, Bending Spoons has executed this acquisition strategy for more than a decade and has never sold a material business. The company relies on its platform of people, proprietary technologies, and proprietary data to improve the products it acquires. Artificial intelligence is typically a central component of both the vision and the implementation of these transformations.
Miro is positioned as an AI Innovation Workspace that brings teams and artificial intelligence together to plan, co-create, and build faster. The platform supports cross-functional teams from early discovery through final delivery on a shared, AI-first canvas. Its collaborative workflows are designed to keep teams in the flow of work and drive organization-wide transformation.
Advisors and Legal Counsel
Latham & Watkins LLP is serving as legal counsel to Bending Spoons, with BNP Paribas and J.P. Morgan acting as co-financial advisors. Ernst & Young LLP and EY Advisory S.p.A. are providing financial and tax due diligence services, while McDermott Will & Schulte Studio Legale Associato is acting as Italian tax counsel. Goodwin Procter LLP is serving as legal counsel and Morgan Stanley & Co. LLC is acting as exclusive financial advisor to Miro.
The planned acquisition underscores Bending Spoons' continued appetite for software platforms with large, loyal user communities and meaningful recurring revenue. By combining Miro's collaborative canvas with Bending Spoons' operational and technology platform, the companies aim to strengthen long-term product performance. The transaction remains subject to regulatory clearance, with completion expected in the fourth quarter of 2026.