· Investment Strategies · 5 sources · Updated · Verified
Bending Spoons Buys Miro at $1.355B EV — $1.79B Equity, $17.5B Was 2022
Bending Spoons (NASDAQ: BSP) signed a definitive all-cash deal to acquire Miro at a $1.355 billion enterprise value on September 10, 2026. Equity value is about $1.79 billion after net cash. Certain sellers will roll $295 million into new BSP shares. Not closed; expected Q4 2026. Miro last printed $17.5 billion in January 2022. Company ARR claim: about $600 million.
By Venture Capital Tracker Editorial
Bending Spoons (NASDAQ: BSP) signed a definitive all-cash agreement to acquire Miro at a $1.355 billion enterprise value on September 10, 2026. Equity value is about $1.79 billion after Miro’s net cash. Certain Miro shareholders will invest $295 million of proceeds into newly issued Bending Spoons shares. Not closed. Expected close is Q4 2026, subject to approvals. Last verified September 12, 2026.
The number that will get copied wrong is treating $1.79 billion as a step-up from Miro’s last private print. That print was $17.5 billion on January 5, 2022. This sale is about 10% of that mark.
Sources: Bending Spoons release, Khusid’s team note, Bloomberg (rounds the business to $1.36 billion).
Five-minute decision
| If you need… | Verdict |
|---|---|
| What happened | Agreed. 100% of Miro. All-cash. Not closed. Q4 2026 target. |
| Headline price | $1.355B EV (company). ~$1.79B equity. Bloomberg $1.36B is rounding. |
| Seller roll | $295M into new BSP shares — not extra cash to Miro. |
| Last private mark | $17.5B, Jan 5, 2022 ($400M Series C). |
| ARR | Company: about $600M, ~90% B2B/enterprise. ~2.3× EV / ARR on that claim. |
| Whether to diligence | Yes, if you underwrite collaboration SaaS exits off 2022 marks. No, if you need a closed 8-K price. |
Investigate further when: a public Italian acquirer paying ~2.3× a $600 million ARR claim is the collaboration-software clearing price you care about.
Wait or pass when: you need closing, a current BSP multiple, or an audited cash figure behind the $435 million implied net-cash gap ($1.79B − $1.355B).
What was signed
| Field | Detail |
|---|---|
| Target | Miro (miro.com). Founded 2011 by Andrey Khusid and Oleg Shardin. SF / Amsterdam. Visual / AI workspace. |
| Buyer | Bending Spoons S.p.A. Milan. NASDAQ: BSP since July 1, 2026. IPO priced $29; company gross proceeds about $954 million (July 2 close). |
| Structure | All-cash for 100% of shares. $295M of seller proceeds roll into new BSP equity. |
| Timing | Signed Sep 10. Independent until close. Q4 2026 target. Regulatory conditions. |
| Company traction (Sep 10) | ~$600M ARR; ~90% business/enterprise; ~4 million paying users; 750+ customers above $100k ARR; 100 million users / 250,000 customers (buyer + founder notes). |
| Prior stack | $400M Series C at $17.5B, Jan 5, 2022 (ICONIQ Growth, Accel, Atlassian, Dragoneer, GIC, Salesforce Ventures, TCV). Company then said $476M lifetime and profitable. ** |
| Same-week context | Buyer: Airtable acquisition completed last week (Sep 10 release). Not priced in this memo. |
There is ** Do not invent them.
$17.5B vs $1.79B
Four and a half years separate the Series C mark and this equity value. $1.79 billion / $17.5 billion ≈ 10%. That is a markdown arithmetic, not a claim that every 2022 share is being taken out at that ratio — option pools, later secondaries, and the $295 million BSP roll all sit between the two headlines.
If September’s ~$600 million ARR still holds at close, $1.355 billion EV is about 2.3× that run-rate. The 2022 release did not print ARR; do not back into a 2022 multiple.
Khusid’s note said Miro operated profitably. Ferrari said Bending Spoons has never sold a material business. Neither is a close condition.
Compare to other September exits on this site: Hugging Face is a priced, not-closed full acquisition. Sweep is spokesperson-confirmed, price reported. This one has a buyer 8-K-style release and still is not closed.
Related: Miro profile · Bending Spoons profile · June IPO filing note · September 10–12 index · September hub.
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Editorial note: AI tools assisted with research, structure, or drafting. Venture Capital Tracker retains human editorial responsibility for factual accuracy, relevance, and source quality before publication.
