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Bending Spoons completes its $1.355 billion Miro acquisition

Bending Spoons has completed its purchase of Miro, the online whiteboard and visual collaboration platform used by more than 250,000 organisations. The companies agreed the cash deal in September at an enterprise value of $1.355 billion. Some former Miro shareholders reinvested about $295 million in the buyer's shares, while Miro's contribution is due to enter its next financial outlook.

Economics & Markets··Midday
Representative view of Bending Spoons’ Milan office: an elevated glazed wing on an inclined concrete support, with a glass tower behind and planted courtyard below.

September's agreement becomes a completed purchase

Bending Spoons, the Milan-based owner of software businesses, has completed its acquisition of Miro, an online whiteboard and visual collaboration platform. More than 250,000 organisations use Miro to brainstorm, plan and work together. The closing on October 26 completes a purchase announced in September, when the parties agreed an enterprise value of $1.355 billion.[1], [2]

The acquisition was paid entirely in cash. Miro joins a portfolio that includes work and collaboration products Airtable, Evernote, Vimeo and WeTransfer, as well as AOL, Brightcove, Eventbrite and Tractive. The Miro agreement followed the purchase of Airtable by a few weeks. Miro itself says it serves more than one hundred million users, a broader measure than the number of organisations using its platform.[1]

Some sellers reinvest $295 million in the buyer

Some former Miro shareholders invested about $295 million of their sale proceeds in Bending Spoons at closing. They bought approximately 6.2 million newly issued ordinary shares through a private placement. Those shareholders therefore took an ownership interest in the purchaser after receiving cash for the acquisition. Earlier in October, Berkshire Hathaway had invested an additional $330 million in the Nasdaq-listed group.[1]

Latham & Watkins advised Bending Spoons on legal matters. BNP Paribas and J.P. Morgan were the buyer's co-financial advisers. Goodwin Procter provided legal advice to Miro, while Morgan Stanley served as Miro's exclusive financial adviser on the transaction.[1]

Miro will enter the next financial outlook

Bending Spoons' financial outlook issued on August 13 covered only businesses it owned on August 12. It excluded Miro's contribution, which the company expects to include when it next reports financial results. Chief executive and co-founder Luca Ferrari said the group intended to use its technology and expertise to develop Miro and support its growth. Miro chief executive and co-founder Andrey Khusid said the new owner invested for the long term and valued product quality. The executives described their intentions and expectations for the business under its new ownership.[1]

References

  1. News sourceThe Next WebBending Spoons completes Miro acquisition↩1↩2↩3↩4↩5
  2. News sourceBending SpoonsBending Spoons completes its Miro purchase↩
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