This is Bending Spoons’ second acquisition since going public in July.

Italy’s Bending Spoons, which buys and revamps existing businesses providing digital technologies, is acquiring California-based workplace collaboration platform Miro for $1.35bn.

The deal values Miro at approximately $1.79bn in equity value, a huge step down from its last valuation of $17.5bn in 2022 – part of a downward trend attributed to the major AI-led disruption in the SaaS sector in recent years.

The company, co-headquartered in Amsterdam, was founded in 2011 by Andrey Khusid and Oleg Shardin. Its platform, used by companies such as Ubisoft, PepsiCo and Comcast, allows workers to connect various tools and AI outputs into one governed location for collaboration.

Miro’s customer base has grown multi-fold in recent years – up from 30m users in 2022 to more than 100m this year.

The company recently recorded $600m in annual recurring revenue, with nearly all of it coming from its business and enterprise customers. Miro employs around 1,600 people in 13 hubs around the world.

As part of the deal, a number of Miro shareholders have agreed to invest $295m into newly-issued Bending Spoons equity, the two companies said in a joint statement.

“We acquire businesses with the intention of owning and operating them for the long term, and Miro will be no exception,” said Bending Spoons CEO and co-founder Luca Ferrari.

“After closing, we plan to invest substantially in the fundamentals that its customers value: performance, reliability and functionality that supports critical collaborative work.”

This is Bending Spoons’ second acquisition since going public in July. Last month, the company announced that it was acquiring US automation company Airtable at an implied equity value of around $2.25bn. The Italian company owns more than 50 brands, including Evernote, WeTransfer, Eventbrite and AOL.

“Nearly 4m paying users depend on [Miro], across every industry and region we serve, including more than 750 customers with over $100,000 in annual recurring revenue,” said Khusid, CEO and co-founder of Miro.

Bending Spoons shares gained marginally at market close yesterday. The company’s shares have been down nearly 23pc in the last month.

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