Miro is being acquired by Bending Spoons in an all‑cash transaction with an enterprise value of $1.355 billion, implying an equity value of about $1.79 billion once Miro’s net cash is taken into account. The deal was announced on 10 September 2026 and is expected to close in Q4 2026, subject to regulatory approvals.
Deal structure in plain numbers
Enterprise value (EV): $1.355 billion, paid entirely in cash by Bending Spoons for Miro’s business.
Net cash: About $435 million (cash on the balance sheet minus any debt).
Equity value: EV+net cash≈1.355B+0.435B≈1.79B.
Cash vs stock for sellers:
Of the ~$1.79 billion equity value, $295 million is being reinvested by certain Miro shareholders into newly issued Bending Spoons shares.
The remainder, roughly $1.495 billion, is paid in cash to sellers.
So, on aggregate, Miro’s shareholders receive:
~$1.5 billion in cash, plus
$295 million in Bending Spoons stock
Why this still feels like a steep markdown
The headline pain point is the collapse from Miro’s 2022 peak valuation of $17.5 billion, set by a $400 million Series C led by ICONIQ Capital. That is roughly a 90% drop from the last private valuation, even though the absolute proceeds are still large in dollar terms.
Funding raised and investor returns
Miro’s capital history:
Total equity raised: Approximately $476 million across around six rounds.
Series C (Jan 2022): $400 million at ~$17.5 billion.
Series B (2020): ~$50 million.
Series A (2018/2019): ~$25 million, led by Accel.
Seed (2017): ~$1 million.
Current scale: revenue, users, subscribers
Miro’s most recent disclosed metrics, cited in the deal context and company profiles:
Revenue: Around $600 million in annual recurring revenue (ARR).
Paying users: About 4 million paying users.
Customers: 250,000+ organizations, with nearly 90% of revenue from business/enterprise customers and 750+ customers each generating over $100,000 in ARR.
Total user base: Often cited as 100 million+ users globally, including free and trial accounts.
Profitability: Not publicly confirmed; coverage focuses on ARR and enterprise penetration rather than earnings.
What typically happens to employees after a Bending Spoons acquisition
Bending Spoons has a consistent post‑deal playbook:
Eventbrite (2026): Cut “a large portion” of the pre‑acquisition workforce soon after closing.
WeTransfer: Eliminated roughly three‑quarters of staff.
Evernote: Laid off 129 staff in early 2023 and consolidated operations into Europe, letting go much of the original team.
Airtable (2026): Acquired for $1.285 billion; Bending Spoons has pledged heavy investment but, based on prior deals, significant restructuring is widely expected.
No Miro‑specific headcount plan has been disclosed at announcement. Given this track record, the base case is substantial layoffs and consolidation of product/engineering into Bending Spoons’ European teams after the deal closes, even if the Miro product continues to be developed and sold.