Bending Spoons buys Miro for $1.4B
Bending SpoonsAcquirer
MiroTarget
Bending Spoons completed the acquisition of Miro on Sept. 17, 2026 for $1.4 billion, representing a 2.3× revenue multiple. The deal adds a leading visual‑collaboration platform to Bending Spoons’ growing portfolio of decacorn SaaS assets. The transaction underscores a broader trend of premium‑priced, high‑growth SaaS firms being bought at discounts to prior valuations.
Bending Spoons has acquired Miro for $1.4 billion, a 2.3× revenue multiple, on Sept. 17, 2026, marking the latest high‑profile purchase in the mobile‑app developer’s aggressive acquisition spree. The deal brings the workplace‑collaboration platform, known for its digital whiteboard and real‑time co‑creation tools, under the umbrella of a company that has already snapped up two other decacorns this year.
Deal Terms
The transaction was announced last week and closed shortly thereafter. While the exact ARR figures were not disclosed, the disclosed 2.3× revenue multiple implies that Miro’s trailing twelve‑month revenue was roughly $608 million. Bending Spoons paid cash, and the purchase price reflects a discount to Miro’s $17.5 billion valuation in 2022, mirroring a similar discount applied to Airtable’s $1.3 billion sale (2.7× revenue multiple) earlier in August.
Strategic Rationale
Bending Spoons is assembling a portfolio of high‑growth, user‑sticky SaaS products that can be cross‑sold to its massive mobile‑app user base. Miro’s strong net‑revenue‑retention (NRR) and expanding enterprise footprint complement Bending Spoons’ existing mobile‑first offerings, creating opportunities for bundled GTM motions and shared engineering resources. The acquisition also gives Bending Spoons a foothold in the collaborative‑workspace category, a market where expansion revenue and upsell potential are high.
The move signals that capital‑rich acquirers are willing to pay premium multiples for proven SaaS platforms, even when prior valuations have been inflated. By securing Miro at a 2.3× multiple, Bending Spoons demonstrates that disciplined pricing can still capture high‑quality assets, potentially setting a benchmark for future decacorn take‑overs.
Market Context
Miro joins Airtable as the second decacorn Bending Spoons has bought this year, both at multiples below their 2021‑2022 peaks. The pattern suggests a broader correction in the SaaS unicorn market, where cap tables stuck at historic valuations are becoming acquisition targets for cash‑rich operators. Analysts note that more than 150 unicorns remain in a similar pricing limbo, making them likely candidates for similar deals.
Why It Matters
For Bending Spoons, the Miro acquisition expands its product suite beyond mobile entertainment into enterprise collaboration, giving it a direct line to large‑scale corporate customers and opening cross‑sell pathways with its existing apps. The added ARR and high‑NRR profile should boost the combined entity’s gross margin stability and provide a platform for upselling premium features.
Miro’s customers gain access to Bending Spoons’ deep engineering talent and global distribution channels, potentially accelerating product road‑maps and international expansion. Competitors such as FigJam, Notion, and Mural now face a larger, better‑capitalized rival that can leverage both mobile‑first acquisition channels and enterprise sales forces, intensifying pressure on pricing and feature differentiation.
Key Points
- Bending Spoons acquired Miro for $1.4 billion, a 2.3× revenue multiple
- The deal was announced on Sept. 17, 2026 and closed shortly thereafter
- Miro’s implied trailing twelve‑month revenue is roughly $608 million
- Bending Spoons previously bought Airtable for $1.3 billion at a 2.7× revenue multiple
- Both acquisitions reflect a discount to the companies’ 2021‑2022 valuations
Analysis
The $1.4 billion price tag on Miro places the deal at a 2.3× revenue multiple, a clear discount to the $17.5 billion valuation the platform commanded in 2022. For investors, the multiple suggests a pragmatic pricing approach that still rewards high‑growth SaaS assets with strong net‑revenue‑retention. Bending Spoons’ strategy of aggregating decacorn‑scale SaaS businesses could create a multi‑product engine capable of leveraging shared infrastructure, reducing customer‑acquisition costs, and driving higher gross margins across the portfolio. The transaction also highlights a market correction where unicorns with stagnant cap tables become attractive at sub‑peak multiples, opening a window for cash‑rich operators to consolidate fragmented categories. As Bending Spoons integrates Miro, operators should watch for cross‑sell initiatives that could lift expansion revenue and improve overall ARR visibility. The deal may set a valuation reference point for upcoming SaaS exits, especially for collaboration and productivity tools that have proven sticky usage patterns. Investors will likely benchmark future deals against the 2.3× multiple, balancing the desire for growth against the need for disciplined pricing in a post‑boom environment.