Bending Spoons Buys Miro at a 90% Discount

The biggest deal of the day came with a brutal haircut. Bending Spoons agreed to buy Miro for cash at an enterprise value of $1.355 billion, or about $1.79 billion in equity once Miro’s net cash is counted. Miro was valued at $17.5 billion in late 2021, back when every company on earth needed a digital whiteboard. For the money, Bending Spoons gets around $600 million in annual recurring revenue (nearly 90% of it from business and enterprise customers), about 4 million paying users and more than 750 accounts paying over $100,000 a year. That’s roughly 2.3 times ARR. Some Miro shareholders are rolling $295 million of their proceeds into new Bending Spoons shares, so not everyone on the sell side is walking away. Closing is expected in the fourth quarter. It lands a week after Bending Spoons closed its Airtable acquisition and about ten weeks after its July 1 Nasdaq IPO.