Bending Spoons CEO on why M&A deals collapse

Italian software consolidator Bending Spoons has published an internal memo explaining why its planned acquisition of visual collaboration platform Miro fell through. The CEO cited “unbridgeable differences” over the company’s future direction and valuation expectations as the primary reasons, according to Sifted.

The deal, announced on 15 September, would have marked one of Europe’s largest SaaS acquisitions in 2026, valuing Miro at roughly 8% of its 2021 peak. The memo suggests the gap between Miro’s asking price and the buyer’s offer widened during due diligence, despite both firms reportedly being cash-flow positive. The breakdown shows how even late-stage startups with strong unit economics can face challenges aligning with acquirers on post-deal integration.

Bending Spoons, which has previously acquired other SaaS companies, had positioned itself as a consolidator in the European market. The failed transaction may prompt questions about its strategy in a landscape where distressed assets are available but founder expectations vary. Observers will watch whether the firm adjusts its approach or waits for further shifts in market conditions.

Sources: sifted.eu