Miro spent the pandemic years as one of software’s brightest stories. Now it belongs to the Italian company that keeps buying faded stars on the cheap.
Bending Spoons agreed to acquire the whiteboarding startup for $1.36B in cash, an equity value of $1.79B and an enterprise value of about €1.7B. That is roughly 90% below the $17.5B valuation Miro carried in late 2021, when remote work made its collaborative canvas indispensable.
Founded in 2011 as RealtimeBoard, Miro grew to 100 million users and more than four million paying customers, with integrations into Atlassian, Cisco, Microsoft and Zoom. Bending Spoons says Miro now runs about $600M in annual recurring revenue, nearly 90% of it from business and enterprise accounts, holds $435M in net cash and is profitable.
The buyer is a Milan-based conglomerate founded in 2013 that has spent two years assembling a portfolio of discounted software assets. Its previous big move was a $1.285B cash purchase of Airtable in August.
For Miro, the sale closes a chapter that began with a spectacular valuation and ended with a buyer more interested in operating profit than growth. Bending Spoons says it plans to invest in performance, reliability and the collaborative features enterprises actually pay for.
