Bending Spoons executes $1.36bn acquisition of Miro, continuing its aggressive software consolidation strategy
Executive summary: Bending Spoons has announced the acquisition of the Amsterdam-based collaboration tool Miro in a deal valued at $1.36 billion. The acquisition marks another major step in Bending Spoons' strategy of acquiring distressed or highly-discounted software assets to build a massive software ecosystem.
Who is involved: Bending Spoons (Acquirer), Miro (Target).
Likely next: Final regulatory approvals and integration planning for Miro's collaboration tools into the Bending Spoons portfolio.
Bending Spoons’ agreement to acquire Amsterdam‑based collaboration platform Miro for $1.36 billion fits squarely into the company’s post‑IPO playbook of snapping up high‑growth SaaS assets at steep discounts relative to their recent peaks. The price represents roughly a tenth of Miro’s 2022 valuation, echoing Bending Spoons’ earlier tactic of purchasing Airtable at a reported $9 billion discount to its last known valuation. By targeting collaboration tools that saw inflated valuations during the pandemic‑driven remote‑work surge, Bending Spoons is positioning itself to capture cost efficiencies and cross‑sell opportunities across its expanding portfolio of productivity software. The deal also underscores the market’s reassessment of SaaS multiples after the 2021‑2022 boom. Bending Spoons’ own financials—reportedly doubled revenues, beating analyst estimates, and a 40 % first‑day stock pop after its public listing—suggest the market rewards its disciplined, value‑oriented M&A approach. With the company’s overall valuation now cited as high as €18 billion while less than 10 % of equity is publicly traded, the acquisition could signal further consolidation moves, potentially pressuring rivals to either seek similar bargain prices or accelerate innovation to justify premium valuations in a more cautious investor environment.
What's next — scenarios
Base Case: Successful integration (65%)
Miro becomes a core pillar of Bending Spoons' enterprise suite, leveraging Spoons' operational efficiency to boost margins.
- Completion of regulatory reviews
- Retention of key Miro engineering talent
Downside: Integration friction (25%)
Cultural or technical misalignment between the Italian acquirer and the Dutch target leads to user churn.
- Significant drop in Miro's monthly active users post-acquisition
- Mass exodus of Miro leadership
Upside: Synergistic explosion (10%)
Cross-selling Miro with previous acquisitions like Airtable creates a dominant enterprise workflow powerhouse.
- Rapid growth in combined enterprise contract values
What to watch
- Finalization of the deal terms and regulatory clearance
- Announcement of changes to Miro's product roadmap
- Bending Spoons' next capital allocation move
Timeline
- — Bending Spoons to buy Amsterdam-based Miro in $1.36bn deal (Sifted — EU startups)
- — Bending Spoons continua a correre: raddoppia i ricavi e batte le stime (la Repubblica — Economia)
- — In its first deal since going public, Italian unicorn Bending Spoons buys Airtable at a $9 billion discount (Yahoo Finance)
Analysis — what this means
Likely next events
- Closing of the $1.36bn transaction
Sectors affected
- SaaS (Software as a Service)
- Enterprise Collaboration Tools
- Digital Workspace Software
Regulatory implications
- EU antitrust scrutiny regarding software market concentration
Historical parallels
- Bending Spoons acquisition of Airtable (2026)
Key entities
Sources
- Bending Spoons to buy Amsterdam-based Miro in $1.36bn deal — Sifted — EU startups
- In its first deal since going public, Italian unicorn Bending Spoons buys Airtable at a $9 billion discount — Yahoo Finance
- Bending Spoons continua a correre: raddoppia i ricavi e batte le stime — la Repubblica — Economia
Related cases
- Bending Spoons executes aggressive acquisition strategy by purchasing Miro at a 90% valuation discount
- Bending Spoons doubles revenue and beats estimates in Q2 2026 post-IPO results
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- Bending Spoons targets a $18 bn valuation in its upcoming Wall Street IPO, aiming to raise up to $1.6 bn with a price range of $26‑28 per share
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