---
title: "Bending Spoons Buys Miro at $1.355B EV — $1.79B Equity, $17.5B Was 2022"
description: "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."
date: 2026-09-12T00:00:00.000Z
source: https://venturecapitaltracker.com/2026-bending-spoons-miro-1-36b-acquisition
---

# 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.

**Bending Spoons** ([NASDAQ: BSP](/startup/bending-spoons)) signed a definitive **all-cash** agreement to acquire [Miro](/startup/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](https://investors.bendingspoons.com/newsroom/bending-spoons-agrees-to-acquire-miro), [Khusid’s team note](https://miro.com/blog/miro-bending-spoons/), [Bloomberg](https://www.bloomberg.com/news/articles/2026-09-10/bending-spoons-agrees-to-buy-workspace-miro-for-1-36-billion) (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](/startup/miro) (miro.com). Founded **2011** by Andrey Khusid and Oleg Shardin. SF / Amsterdam. Visual / AI workspace. |
| Buyer | [Bending Spoons](/startup/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](/2026-nvidia-hugging-face-12-9b-acquisition) is a **priced, not-closed** full acquisition. [Sweep](/2026-servicenow-sweep-400m-reported) is **spokesperson-confirmed, price reported**. This one has a **buyer 8-K-style release** and still is **not closed**.

Related: [Miro profile](/startup/miro) · [Bending Spoons profile](/startup/bending-spoons) · [June IPO filing note](/2026-bending-spoons-us-ipo-filing) · [September 10–12 index](/2026-september-10-12-investment-news-miro-mechanize-volition) · [September hub](/2026-september-vc-news).

**By:** [Venture Capital Tracker](https://venturecapitaltracker.com/editorial-policy)
**Last updated:** September 12, 2026

**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.