Bending Spoons Acquires Miro for $1.36 Billion, Reflecting Sharp Drop in SaaS Valuations
Italian software acquirer Bending Spoons has agreed to buy collaboration tools company Miro for $1.36 billion in cash (equity value of $1.79 billion). This marks a significant drop from its peak valuation of $17.5 billion in late 2021, highlighting the broader decline in SaaS valuations since then. Miro rose to prominence during the pandemic as remote work became widespread and businesses sought digital whiteboarding solutions. The company expanded rapidly, growing from five million users in 2022 to over 30 million by late 2024 while also enhancing its platform with AI tools and integrations. Despite continued growth—now boasting more than four million paying users and $600 million in annual recurring revenue—it has faced increased competition and a shift toward integrated software suites. Bending Spoons, known for acquiring overvalued SaaS companies at discounted rates post-2021 peak valuations, is capitalizing on the market correction. Miro's recent layoffs and reduced valuation underscore broader industry trends of tighter spending and maturing growth expectations.
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Topics: Collaboration Tools Mergers and Acquisitions Software Industry