Software acquirer Bending Spoons has entered into an agreement to acquire visual collaboration platform Miro for $1.36 billion in cash, representing an equity value of $1.79 billion. The purchase price marks a drastic decline from Miro’s $17.5 billion valuation achieved in late 2021. Miro currently generates approximately $600 million in annual recurring revenue, holds $435 million in net cash, and reports over 4 million paying users across enterprise and business clients.
Founded as RealtimeBoard, Miro expanded rapidly during the shift to remote work, eventually reaching over 100 million total users and rebranding as an “AI innovation workspace” with workflow automation and third-party integrations. However, changing macro conditions, corporate spending cuts, and stiff competition from integrated suites like Microsoft and Canva slowed its growth trajectory, leading to workforce reductions in 2023 and 2024.
The transaction mirrors Bending Spoons’ recent acquisition of Airtable for $1.28 billion, highlighting a broader strategy of buying mature, profitable SaaS platforms whose private market valuations fell sharply after the 2021 funding boom. The transaction signals ongoing consolidation in enterprise productivity software.
Why it matters
Massive valuation compression in legacy SaaS demonstrates that strong ARR and profitability may not prevent steep write-downs from 2021 peaks.
Consolidation is accelerating as point-solution tools face heavy pressure from comprehensive enterprise application suites.
Acquirers like Bending Spoons are finding prime buyouts in steady, cash-generative software assets priced well below public market multiples.
Source: techcrunch.com
