Two $1.3bn exits in five weeks, both priced under 3x ARR
Bending Spoons has agreed to buy Miro at a $1.355bn enterprise value, five weeks after announcing Airtable at $1.285bn. About a third of the combined price was money the two companies already had in the bank.
Bending Spoons, the Milan-based acquirer of Evernote and WeTransfer, has announced a definitive agreement to buy Miro at an enterprise value of $1.355bn. The deal is expected to close in the fourth quarter.
Five weeks earlier it announced Airtable at $1.285bn. That one has now closed.
The two companies held roughly $1.4bn of cash between them against about $4bn of combined equity value. Buyers pay enterprise value and hand the cash back at face value, which is why $965m of Airtable's price and $435m of Miro's was simply the seller's own bank account returning home.
On those figures, Airtable's revenue was valued at 2.7 times ARR and Miro's at about 2.3 times. Cash is valued at one.
Bending Spoons' Airtable release put ARR at approximately $480m as of June 2026, growing over 20% year on year. The Miro release gave ARR of around $600m, nearly 4 million paying users and more than 750 customers paying over $100,000 a year. It gave no growth rate.
Miro has never published a growth figure. The research firm Sacra estimates the company at roughly $420m of revenue in 2022, which would imply high single-digit annual growth since.
The gap between the two multiples is about 40 basis points. SaaStr's Jason Lemkin, who assembled the comparison, argues the growth rate set both prices and the balance sheets moved them by roughly nothing.
The two companies took opposite routes to the same place. Airtable raised about $1.4bn and cut 491 jobs across two rounds of layoffs. Miro raised $476m in fourteen years, told the press it was profitable when it announced a $400m round at a $17.5bn valuation in January 2022, and cut 119 roles in February 2023 and a reported 275 in October 2024. TechCrunch reports Miro is still profitable, with about $435m in net cash.
Miro's equity value is the lower of the two, at roughly $1.79bn against Airtable's $2.25bn. The $400m that went in at $17.5bn four years ago is by itself 22% of what the whole company just sold for.
No competing bid from a strategic buyer has been reported for either deal. Certain Miro shareholders have agreed to put $295m of their proceeds back into newly issued Bending Spoons stock, about 16% of the equity value. Airtable's deal was all cash.
Bending Spoons told the SEC in its F-1 that it considers its cost of equity relatively high and has been selective about issuing shares. Its net cash from operating activities was $291m for 2025 and $76m in the first quarter of 2026, against a July 1 IPO that raised $1.68bn.
What happens after close is documented. The company booked $78.6m of reorganisation costs in 2025 after taking on 1,830 staff from the AOL, Eventbrite and Vimeo deals, and expects a few hundred of them to remain at the end of 2026. Roughly 75% of WeTransfer staff went within weeks of that deal closing in July 2024.
The lesson for a founder with a strong balance sheet is narrow. Cash bought both companies a proper process, no emergency round in 2023 or 2024, and an exit above capital raised. It did not buy a second bidder, a better multiple, or any say over what the new owner does with the team.