Italian software acquirer Bending Spoons announced in September 2026 that it will purchase workplace collaboration platform Miro for $1.36 billion in cash — representing an equity value of $1.79 billion — a steep drop from the $17.5 billion valuation Miro commanded in late 2021.
Miro was founded in 2011 as a whiteboarding tool called RealtimeBoard. The company grew rapidly during the COVID-19 pandemic as businesses shifted to remote work and sought digital alternatives to physical whiteboard collaboration. By 2022, Miro had expanded from five million to roughly 30 million users in two years, and its paying customer base had grown by 550%. The company subsequently attracted partnerships with Atlassian, Cisco, Microsoft, and Zoom, and built integrations with more than 250 apps.
Today, Miro reports more than 100 million total users and over four million paying customers. Bending Spoons says the company generates approximately $600 million in annual recurring revenue — 90% from businesses and enterprises — holds around $435 million in net cash, and is profitable. Despite that financial position, Miro’s valuation has fallen 92% from its 2021 peak, reflecting a broader unwinding of SaaS multiples since that period.
The acquisition follows a similar deal Bending Spoons closed last month, purchasing Airtable — once valued at over $11 billion — for $1.28 billion. The pattern suggests Bending Spoons is targeting large, established SaaS companies that were valued during the 2021 boom but have since settled into slower, steadier growth.
Miro has not been without setbacks. The company, which had about 1,200 employees in 2022, laid off 119 staff in February 2023 and reportedly cut another 275 positions in October 2024. It also faces competition in the workplace collaboration space from Canva, Figma, and Microsoft.
Why Miro’s board and investors agreed to sell at this valuation — particularly given the company’s profitability and cash reserves — remains unclear. The deal may suggest that confidence in SaaS companies finding comparable public or private exits has diminished significantly since the 2021 era.
Source: TechCrunch