Miro and Bending Spoons: What a $1.355bn Deal Says About the Growth-to-Cash Reset in Software

On 10 September 2026, Bending Spoons entered into a definitive agreement to acquire Miro, the visual collaboration platform. The all-cash transaction values Miro at an enterprise value of $1.355bn, with an implied equity value of approximately $1.79bn once Miro's net cash is included. Both boards have approved it, and closing is expected in the fourth quarter of 2026, subject to regulatory approvals. Until then the two companies keep operating independently.

Miro arrives with real scale. It generates around $600m of annual recurring revenue, close to 90% of it from business and enterprise customers. It counts more than 100 million total users, nearly 4 million paying users and 250,000 organisations. That is the profile of a category leader, not a business in distress.

EV / ARR on the agreed price

~2.3x

Total users

100m+

Paying users

~4m

Organisations on the platform

250k

In January 2022 Miro raised $400m in a Series C led by ICONIQ Growth at a $17.5bn post-money valuation. Comparing that to the new enterprise value produces the headline everyone has quoted: a fall of roughly 90%.

The comparison needs care. A post-money valuation is the price of a minority stake in a growth round, often with preference terms that protect investors. An enterprise value is the price of the whole operating business, with cash stripped out. Peak-cycle rounds also priced in years of expected growth that a control buyer today will not pay for upfront.

Read that way, the deal is less a verdict on Miro and more a clean marker of where the market now prices mature collaboration software: on dependable revenue and the margin a focused owner can add.

Bending Spoons has become one of the most active buyers of well-known software products. Its model is consistent: acquire a product with a large, loyal user base, simplify the organisation and the roadmap, and run it for durable profit. We covered that playbook in depth in our analysis of its acquisition platform.

• It pays in cashAn all-cash offer gives sellers certainty that stock or earnout-heavy structures cannot.
• It buys installed basesMiro's 250,000 organisations and enterprise-weighted revenue are exactly the kind of base that rewards operational focus.
• It underwrites the operator caseThe price reflects what Bending Spoons believes it can do with the product, not the growth story a venture round funds.

For sellers, that is useful information. A cash buyer with a proven integration model is often the most certain route to liquidity for a mature product, even when the headline multiple is modest.

The Miro deal adds a clear reference point to a pattern visible across 2025 and 2026: the buyer universe for mature SaaS is deep, but it prices cash flow, retention and margin headroom first.

• FoundersShow the cash version of the business early: contribution margin by segment, cost to serve and the price of a leaner roadmap.
• Boards and investorsTreat a cash buyer as a serious exit path. Certainty and speed of close carry real value when preference stacks are deep.
• BuyersCategory leaders with enterprise-heavy revenue are available at multiples that reward operating discipline. The opportunity is in the plan you bring.

If you are weighing a sale or an acquisition of a mature software business, our SaaS acquisitions desk works on both sides of exactly this kind of reset.