The price sits roughly 92% below Miro's last reported private valuation, and it follows the identical pattern of the Airtable deal in August.
Bending Spoons announced a definitive agreement on to acquire Miro, the visual-collaboration platform, in an all-cash transaction at an enterprise value of $1.355 billion, with an equity value of approximately $1.79 billion including Miro's net cash. Approximately $295 million of the proceeds due to certain Miro shareholders will be reinvested into newly issued Bending Spoons equity rather than paid out in cash. Both boards approved unanimously, and the deal is expected to close in the fourth quarter of 2026 subject to regulatory approvals.
This is not a distressed business
That framing matters, because it is what separates this transaction from a normal down-round exit. Miro reports approximately $600 million in annual recurring revenue, nearly 90% of it from business and enterprise customers. It has close to 4 million paying users, more than 250,000 organizations on the platform, and more than 750 customers each generating over $100,000 in annual recurring revenue.
A company with $600 million of enterprise-weighted recurring revenue is not a failed business being cleared out. It is a substantial software asset selling at a price its own investors would not have entertained three years ago.
The size of the reset
Miro's last reported private valuation was approximately $17.5 billion, set in a January 2022 Series C led by ICONIQ Capital and reported to have been maintained through a 2024 secondary transaction. Neither figure has been confirmed by Miro or by ICONIQ, and both come from reporting rather than company disclosure.
Measured against the announced enterprise value, that implies a discount of roughly 92% to the last reported mark. That is an implied discount calculated from a disclosed current price against a reported prior valuation. It is not a return figure for any individual shareholder, and no investor-level economics have been disclosed by anyone.
The pattern is the story
On , Bending Spoons announced an agreement to acquire Airtable for $1.285 billion, its first acquisition since its own Nasdaq listing, against a last reported private valuation of approximately $11.7 billion. That implies a discount of roughly 89%.
Two transactions, five weeks apart, by the same newly public acquirer, both buying revenue-generating former software unicorns at roughly 90% below their peak private marks. One of those is an opportunistic deal. Two starts to look like a method.
What the pattern might mean, and what it might not
The constructive read is that Bending Spoons has identified a structural gap. There is a cohort of well-capitalized, revenue-generating software companies that cannot justify their 2021 and 2022 valuations in a public listing or a new venture round, whose existing investors would rather take certain cash plus a reinvestment option than hold an illiquid, overvalued private stake indefinitely. If that is right, this becomes a recognized mechanism for clearing the unicorn overhang, and more transactions follow.
The skeptical read is that two data points do not make a channel. Airtable and Miro are both in horizontal productivity-software categories facing intensifying competition, including from AI tools that commoditize parts of what they do. Generalizing from two deals in one category to a broadly applicable exit path for unicorns in other sectors overstates what the evidence supports.
Bending Spoons has not disclosed any further acquisition plans, has not stated a strategy, and has not disclosed how either transaction is financed beyond the reinvestment component. Miro has not offered any explanation for accepting the price.
What turns two into a trend
A third transaction. That is the whole test, and it is why anyone marking a comparable holding should be watching this acquirer specifically rather than the software M&A market generally.