Bending Spoons to acquire Miro for $1.36 billion in all-cash deal

New business data points to the fact that Bending Spoons SpA agreed to acquire workplace-collaboration platform Miro in an all-cash transaction valuing the business at $1.36 billion, as the Italian technology group continues its acquisition spree.

The deal implies an equity value of around $1.79 billion after taking into account Miro’s net cash, Bending Spoons stated in a statement Thursday.

Some Miro shareholders have additionally agreed to reinvest $295 million of their proceeds in newly issued Bending Spoons shares. The transaction is anticipated to close in the fourth quarter, subject to regulatory approvals and other customary conditions.

Bending Spoons acquires software firms that are waning in popularity or past their prime, buying at a bargain price, and then cutting costs and raising prices. It has purchased well-known brands including AOL and Vimeo, though its practice of boosting prices as much as 12-fold has upset some longstanding customers.

Bending Spoons went public in July in the US and boosted $1.68 billion. Miro generates around $600 million in annual recurring topline, with almost 90% coming from business and enterprise customers, and has nearly 4 million paying users, according to the statement