Bending Spoons completes its $1.355bn Miro acquisition

Bending Spoons now owns Miro, the online whiteboard used by more than 250,000 organisations. The Milan group closed the all-cash Miro deal on Monday, it said in a statement on Business Wire.

Bending Spoons agreed to buy Miro in September at an enterprise value of $1.355bn. That deal came weeks after its purchase of Airtable.

“Miro has built a strong business around a product that makes complex collaborative work feel simple,” said Luca Ferrari, chief executive and co-founder of Bending Spoons. “We look forward to drawing on Bending Spoons’ technologies and expertise to make Miro even more useful to customers and support its continued growth.”

Miro shareholders buy in

Some former Miro shareholders reinvested about $295m of their proceeds at closing. They bought about 6.2 million new Bending Spoons shares. Bending Spoons issued the shares in a private placement.

Earlier this month, Berkshire Hathaway put another $330m into the Nasdaq-listed group.

Bending Spoons said its 13 August outlook covered only the businesses it owned on 12 August. It excluded Miro. It expects to add Miro when it next reports results.

Miro’s view

“In Bending Spoons, Miro has an owner who invests for the long term and cares deeply about product quality, which is exactly what our users and customers deserve,” said Andrey Khusid, chief executive and co-founder of Miro.

Earlier this month, Khusid told the Wave by Vento conference in Turin that companies must redesign work around AI.

Miro says it serves more than 100 million users. Bending Spoons lists its other main businesses as Airtable, AOL, Brightcove, Eventbrite, Evernote, Tractive, Vimeo, and WeTransfer.

Latham & Watkins was legal counsel to Bending Spoons, with BNP Paribas and J.P. Morgan as co-financial advisers. Goodwin Procter advised Miro on legal matters, and Morgan Stanley was its exclusive financial adviser.