Bending Spoons strikes $1.4B deal to acquire workplace-collaboration platform Miro
What's the story
Italian technology group Bending Spoons has announced its plan to acquire workplace-collaboration platform Miro in an all-cash deal worth $1.36 billion. The acquisition marks another major move in Bending Spoons' ongoing buying spree, following the company's public listing in July. The deal with Miro is expected to close in the fourth quarter, pending regulatory approvals and other customary conditions.
Financial details
Miro's revenue and user base
Miro, which has nearly four million paying users, generates about $600 million in annual recurring revenue. The majority of this revenue (almost 90%) comes from business and enterprise customers.
The deal implies an equity value of about $1.79 billion after accounting for Miro's net cash, Bending Spoons said in a statement.
As part of the deal, some Miro shareholders have agreed to reinvest $295 million of their proceeds into newly issued shares of Bending Spoons.
Business approach
Controversial acquisition strategy and IPO details
Bending Spoons is known for acquiring software companies that are past their prime or losing popularity at a bargain price.
The company then cuts costs and raises prices, a practice that has upset some long-time customers.
Despite the backlash, Bending Spoons has successfully acquired popular brands like AOL and all-in-one video platform Vimeo.
The company's IPO in July raised $1.68 billion, further strengthening its position in the tech industry.