Bending Spoons Acquires Miro for $1.36 Billion, Reflecting SaaS Market Correction
Italian software acquirer Bending Spoons has agreed to buy collaboration tools company Miro in a cash deal valued at $1.36 billion (equity value of $1.79 billion). This marks a significant drop from Miro’s peak valuation of $17.5 billion in late 2021, highlighting the broader correction in SaaS valuations since then. Miro rose to prominence during the pandemic as companies shifted to remote work and needed digital whiteboarding solutions. The company expanded rapidly, growing its user base from five million to over 30 million by early 2022 and achieving $600 million in annual recurring revenue (ARR), with 90% coming from enterprise clients. Despite continued growth—now boasting more than four million paying users—it has faced increased competition and a shift toward integrated software suites, leading to cost-cutting measures. The acquisition aligns Bending Spoons’ strategy of acquiring high-quality SaaS companies at significantly reduced valuations compared to their peak in 2021. Miro’s deal is similar to the recent $1.28 billion purchase of Airtable by the same firm, both representing once-highly valued startups now acquired for a fraction of former values.
Topics: acquisitions remote work tools SaaS valuation changes