Bending Spoons S.p.A. said on September 10 it signed a definitive agreement to acquire Miro at an enterprise value of $1.355 billion. Add Miro’s net cash and the implied equity value is about $1.79 billion. Certain Miro shareholders will put $295 million of sale proceeds into newly issued Bending Spoons stock. The close is aimed at the fourth quarter of 2026, subject to regulators. Until then the two companies keep operating on their own (Bending Spoons, 2026).

Luca Ferrari, the chief executive and co-founder, put Miro at around $600 million in annual recurring revenue, nearly 90 percent from business and enterprise customers. Andrey Khusid, Miro’s chief executive and co-founder, put paying users near 4 million, with more than 750 customers above $100,000 in annual recurring revenue and 250,000 organizations on the product. I have used that canvas. It was one of the first tools that let a distributed team share one board instead of mailing a slide file around.

Miro is still shipping product. At Canvas 26 in May, chief product and technology officer Jeff Chow described Sidekicks that can pull context from other tools and write full boards, Flows that repeat those steps, and connectors into Slack, Atlassian, GitHub, Notion, and Granola. Later changelog notes added prototype work tied to Claude Design and Claude Code (Chow, 2026; Miro, 2026).

Ashley Chabot, who runs analyst relations at Miro, was recently a guest on Talking Headless. Talking through the product with her, this purchase looks to me like Bending Spoons lucked out.

Airtable closed last week. The names stay on the door.

Bending Spoons completed the Airtable purchase on September 4 at a $1.285 billion enterprise value, its first close after the July Nasdaq listing under the ticker BSP. The Miro note lists the rest of the main roster in the same voice: Airtable, AOL, Brightcove, Eventbrite, Evernote, Tractive, Vimeo, and WeTransfer. Ferrari’s line in the Miro release is that the company buys businesses to own and operate them, and that Miro will be no exception (Bending Spoons, 2026).

That is the model I watch. Successful products with remaining potential get a new owner. The brand stays. Shared services and cost cuts usually arrive after close. Pricing often moves later.

The name on the login can stay the same while the bill and the headcount change.

StreamYard is the price example I live with

I record Talking Headless in StreamYard. Guests get a browser link. I send the episode to YouTube from that studio. Bending Spoons bought StreamYard in April 2024. Existing subscribers then saw the June 2025 rate change: the Basic yearly plan moved from $240 to $431.88, and the Professional yearly plan, renamed Advanced, moved from $468 to $827.88, about an 80 percent lift on both (PriceTimeline, 2025; TechCrunch, 2024).

I have also used Vimeo, another brand now in the same group. No Miro price change has been announced. StreamYard is the precedent I will keep on the desk when a Miro renewal lands, not a prediction printed as fact.

AOL is an outlier for now

The AOL purchase closed January 2, 2026, for about $1.45 billion. Bending Spoons describes AOL as a consumer email service, news portal, and search engine. Ferrari told analysts on the second-quarter call that the company is running experiments on AOL pricing and features, including increases that began around June 25, and that it was too early to publish a result (Bending Spoons, 2026; Ferrari, 2026).

Miro is a $600 million collaboration canvas with enterprise accounts and a public product calendar. AOL is a long-tenured consumer cash business. I am not sure those two assets share a product strategy.

Jonathan Weil in The Wall Street Journal on September 11 walked the investor file the day after the Miro agreement. For 2025 he put reported net loss under $1 million against adjusted net income of about $402 million. For the second quarter of 2026 he put net income at $177 million against adjusted net income of about $293 million, after adding amortization and $51 million of reorganization costs such as severance. Evernote’s 2025 revenue sat 30 percent above 2022, he wrote, while average revenue per monthly active user rose 150 percent, which implied the user count fell 48 percent. Second-quarter revenue grew 126 percent year over year. Organic growth on the company’s own definition was 3 percent. Debt at June 30 was $4.9 billion (Weil, 2026).

Weil is writing about the holding-company books. The open question on AOL is still the product plan. I am watching both.

Ram Iyer at TechCrunch put Miro’s January 2022 Series C valuation at $17.5 billion. The sale price is a fraction of that peak. The operating company did not disappear in the gap. It is profitable by later coverage and still adding product. The buyer is paying about 2.3 times the stated recurring revenue for a tool 250,000 organizations already run (Iyer, 2026).

About Shashi Bellamkonda

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