Bending Spoons Acquires Miro for $1.355B After Airtable Deal

Bending Spoons Completes Back-to-Back Acquisitions

Bending Spoons announced a definitive agreement to acquire Miro at a $1.355 billion enterprise value. The deal is expected to close in Q4. Five weeks earlier the company announced the acquisition of Airtable at $1.285 billion, and that transaction has now closed. Both targets were sold to the Milan-based rollup within roughly one month.

Both companies held substantial cash balances and years of runway at the time of sale. According to SaaStr, the two balance sheets contained about $1.4 billion combined against roughly $4 billion of equity value.

Cash Balances Drove Enterprise Value Differences

Airtable carried an equity value of roughly $2.25 billion and an enterprise value of $1.285 billion. Miro carried an equity value of roughly $1.79 billion and an enterprise value of $1.355 billion. The differences reflect cash on the balance sheet: approximately $965 million for Airtable and $435 million for Miro.

Buyers pay enterprise value and return cash at face value. Airtable’s ARR was valued at 2.7x while Miro’s ARR was valued at approximately 2.3x. Public comps in the same growth band trade around 2x.

Growth Rates and ARR Figures

Bending Spoons’ Airtable announcement stated ARR was growing over 20% year over year to approximately $480 million as of June 2026. The Miro announcement provided an ARR figure of around $600 million, of which nearly 90% came from business and enterprise customers, along with nearly 4 million paying users and more than 750 customers exceeding $100,000 in ARR. No growth rate was disclosed for Miro.

According to SaaStr, a third-party estimate placed Miro at roughly $420 million in 2022 revenue. The two transactions cleared within 40 basis points of each other on the revenue multiple despite the difference in disclosed growth.

Capital Strategies and Profitability

Airtable completed an AI product rebuild that included new conversational and agent features plus an acquisition that added a former OpenAI engineering leader as CTO. Miro stated it was profitable when it raised its Series C in January 2022 and had been profitable and growing 3x prior to the pandemic. Miro raised $476 million total; Airtable raised roughly $1.4 billion.

Both companies conducted layoffs. Miro reported profitability and approximately $435 million in net cash at the time of the deal announcement. According to SaaStr, the exits produced equity values within about $500 million of each other.