Profitable, With $435M in Net Cash, Miro Was Priced at About 2.3x ARR

The CEO’s Memo Carried Two Prices

Andrey Khusid, Miro’s CEO and co-founder, told employees on September 10 that the company had signed a definitive agreement to be acquired by Bending Spoons. He posted the same note on Miro’s blog, and he took the trouble to explain that the two numbers in the press release mean different things.

Enterprise value is the value of the business itself, before cash and debt. Miro’s is $1.355 billion. Add the company’s net cash and you get an equity value of about $1.79 billion, which is the amount that flows to shareholders. TechCrunch put Miro’s net cash at about $435 million.

The deal is all cash, with one twist: certain Miro shareholders agreed to invest $295 million of their proceeds into newly issued Bending Spoons equity. Both boards approved it unanimously. Closing is expected in the fourth quarter of 2026, subject to regulatory approvals and other customary conditions, and the two companies operate independently until then.

$17.5 Billion on Paper, $476 Million Actually Raised

Miro’s $400 million Series C in January 2022 valued the company at $17.5 billion. TechCrunch reported at the time that the round brought total funding since the 2011 founding to $476 million. Iconiq Growth came back for the round, joined by Accel, Atlassian, Dragoneer, GIC, Salesforce Ventures and TCV.

Headlines on this deal measure the drop from that $17.5 billion mark. Using the $1.355 billion enterprise value, it is roughly 92%; using the $1.79 billion equity value, it is still about 90%. This was a company whose user base grew from 5 million to 30 million in about two years as remote work took hold during the pandemic.

Measured against capital raised, the picture shifts. The $1.79 billion equity value is a little more than 3.7 times the $476 million Miro had raised through its Series C. How that amount splits among investors, founders and employees has not been disclosed, and without the preference terms nobody outside the cap table can do that math.

The Multiple a Profitable Company Got

Bending Spoons said Miro has about $600 million in annual recurring revenue, nearly 90% of it from business and enterprise customers. Miro has nearly 4 million paying users and more than 750 customers with over $100,000 in ARR. Khusid wrote that Miro operated profitably.

Divide enterprise value by ARR and you get about 2.3x. Bending Spoons’ Airtable deal, announced August 4, adds a second reference point: $1.28 billion in cash for a business with roughly $480 million in ARR as of June 2026, growing more than 20% year over year. The same division gives around 2.7x. Airtable, too, had been valued at more than $11 billion in 2021.

Miro did not disclose a growth rate this time. TechCrunch’s read was that Miro kept growing, though not at its earlier pace. The same report noted about 1,200 employees in 2022, 119 layoffs in February 2023, and a reported 275 more in October 2024.

What Bending Spoons Changes First

Bending Spoons says it acquires businesses to own and operate them for the long term, and the release notes that it has never sold a material business. The same release describes its transformations as typically deep: reorganizing teams, overhauling technology, redesigning interfaces, accelerating product development, and enhancing marketing and monetization.

The track record fits that description. According to TechCrunch, Bending Spoons cut 129 Evernote employees in February 2023 and let go of Filmic’s entire workforce in December 2023. In 2024 it confirmed plans to lay off 75% of WeTransfer’s staff.

In July, TechCrunch quoted the company’s own account of a larger round of changes. The AOL, Eventbrite and Vimeo acquisitions added 1,830 full-time equivalent team members, and Bending Spoons said it expects only a few hundred to remain once those transformations are substantially complete later in 2026.

Khusid’s memo describes the same order of operations for Miro. After closing, Bending Spoons will learn how the teams work, then make decisions about structure and roles, subject to local legal requirements.

The $295 Million That Won’t Stay in Cash

For SaaS founders still carrying a 2021 or 2022 valuation, three details from this deal are worth keeping. The first is the price tag. The announced number values the business; what shareholders receive is set after net cash is added back. In Miro’s case, that gap was more than $400 million.

The second is the form of the proceeds. Some Miro shareholders are converting $295 million into new shares of Bending Spoons, which trades on Nasdaq, so that slice will move with Bending Spoons’ stock after closing.

The third is the buyer’s history. Bending Spoons has reorganized the companies it acquires, and those decisions are made after closing. The chance to write employee terms into the deal comes before signing.

In 2025 alone, Bending Spoons sourced more than 2,500 acquisition opportunities, analyzed about 200 of them in depth and completed six. It says it has identified more than 1,000 digital businesses that could be attractive targets.