Bending Spoons Hunts Fallen Unicorns. Most of Its Growth Is Bought.

From $17.5 billion to the exit

Andrey Khusid's Miro reached a $17.5 billion valuation in January 2022.¹

The September 10 agreement with Bending Spoons implies an equity value of about $1.79 billion, nearly 90% lower.^1,2

Buying a place in the workflow

Luca Ferrari's company announced the Airtable deal in August and completed it September 4. Miro would follow a purchase that already put another workplace tool under the same owner.^3,4

Miro reports around $600 million in annual recurring revenue, nearly 90% from business and enterprise customers. Those teams have work embedded in the product, giving the next owner relationships it would otherwise have to build.²

The cost of a new owner

Ferrari says he prioritizes predictable businesses that his team can substantially improve.⁵

That transformation can hurt. Bending Spoons planned to cut 75% of WeTransfer's staff in September 2024.⁶ Evernote's 2025 revenue growth came from higher spending per subscriber, partly offset by fewer subscribers.¹⁰

These precedents give Miro's workers and customers reason to examine the integration plan closely, and to read the cost story management tells about them carefully.

The growth behind the headlines

Bending Spoons reported $704 million in second-quarter 2026 revenue, up 126% from a year earlier. Organic revenue growth was 3%.^7,8

The organic measure compares the same businesses across matched periods, including estimated revenue before acquisition. It is a better test of growth within the portfolio than the total's leap after adding businesses.⁷

Acquisitions account for most of the expansion. That makes access to new deals and the ability to integrate them central to the growth story.^7,8

Rebuilding can be real

Ferrari cited more than 70 product improvements across AOL, Eventbrite and Vimeo in the second quarter. Bending Spoons also reported $240 million in operating income.^7,9

Better engineering and tighter costs can sustain useful software. The unresolved question is how much customers benefit alongside the owner.

Watch the first renewal

Miro's deal is expected to close in the fourth quarter, pending approvals. Watch subsequent pricing, customer retention, product reliability and organic growth.²

The next renewal will test whether Bending Spoons bought customer loyalty or merely the cost of leaving.