Miro acquired by Bending Spoons

By acquiring one hundred percent of the issued and outstanding shares of the visual collaboration platform Miro, the Italian software conglomerate Bending Spoons S.p.A. successfully integrates an estimated $450–900M in annual recurring revenue into its consolidated financial profile. Announced in September 2026, this definitive all-cash transaction establishes a massive corporate valuation for the target, commanding an implied an EV of $1–10bn. While the core transaction relies entirely on cash consideration, the negotiated financial architecture features a strategic reinvestment mechanism whereby certain selling shareholders have explicitly committed to rolling $295 million of their exit proceeds directly into newly issued equity of the acquiring parent company. This massive leveraged consolidation explicitly highlights a broader macroeconomic unwinding of peak software-as-a-service multiples, representing a stark 92 percent recalibration from the target's former $17.5 billion valuation peak achieved during the remote-work surge of late 2021. The strategic rationale articulated by the acquiring corporate board centers on aggressively funding the target's fundamental enterprise requirements, systematically directing fresh capital toward performance upgrades, systemic reliability, and advanced collaborative functionality. By absorbing this highly profitable workspace ecosystem—which derives 90 percent of its revenue from robust business and enterprise contracts—the buyer secures a deeply entrenched enterprise foothold without assuming operational cash burn. To orchestrate this complex multijurisdictional ownership transfer, a formidable consortium of specialized advisors was retained. The acquiring entity mandated BNP Paribas alongside J.P. Morgan to serve as co-financial advisors. Legal and fiscal structuring for the buyer was managed by Latham & Watkins LLP serving as primary legal counsel, while Ernst & Young LLP and EY Advisory S.p.A. executed the comprehensive financial and tax due diligence, supported by McDermott Will & Schulte Studio Legale Associato acting as the dedicated Italian tax counsel. Conversely, the sell-side execution was advised financially by Morgan Stanley & Co. LLC acting as exclusive financial advisor, with Goodwin Procter LLP navigating the legal perimeters of the sale.