Bending Spoons Grabs Miro for $1.36 Billion as Once-Hot Collaboration Tool Sells at 90% Discount to Peak
Bending Spoons (BSP) agreed to acquire Miro for $1.355B (enterprise value) or $1.79B (equity value), a 90% discount to Miro's 2021 peak valuation. Miro generates $600M in annual recurring revenue, with 4M paying users. Bending Spoons plans to invest in Miro's performance and functionality. The deal is expected to close in Q4, pending regulatory approval.
How this was made
The 30-second read
Why it matters
The acquisition expands BSP's portfolio into enterprise collaboration, offering cross‑selling opportunities but also adding integration risk.
Market read
A major M&A transaction in the SaaS sector that could reshape competitive dynamics and affect related stocks.
What to watch
Potential regulatory scrutiny in Europe and integration challenges with Miro's AI roadmap.
Background
Bending Spoons, an Italian software group that went public on Nasdaq in July, has been buying downvalued SaaS assets, recently acquiring Airtable before this deal.
Ticker impact
Bending Spoons announced an all‑cash acquisition of Miro valued at $1.36 billion.
Potential modest upside if investors view the acquisition as value‑add; downside risk if integration costs exceed expectations.
Large‑scale M&A is material news; BSP is a newly public Nasdaq stock, and the transaction size is significant relative to its market cap.
Market effects
Signals continued consolidation in the SaaS collaboration space, potentially pressuring other high‑valuation tools.
Highlights active M&A activity in the European tech sector.
Adds to the broader narrative of post‑pandemic SaaS valuation compression.
Counterpoint
The acquisition price may be too low, risking underinvestment in product development and future growth.
Key entities
- CompanyBending Spoons
Italian software group, Nasdaq ticker BSP.
- CompanyMiro
Online whiteboard platform, currently private.
