In a stunning valuation collapse, Bending Spoons is acquiring Miro for $1.36 billion, a fraction of its peak 2021 valuation of $17.5 billion.

  • Bending Spoons acquires Miro for $1.36 billion in cash.
  • Miro's valuation plummeted from a peak of $17.5 billion in 2021.
  • The company remains profitable with $600 million in annual recurring revenue (ARR).
  • The deal highlights the broader correction in SaaS market multiples.

The Italian software powerhouse Bending Spoons is doubling down on its strategy of acquiring high-profile software companies at steep discounts. The latest target is Miro, the workplace collaboration platform, which is being purchased for $1.36 billion in cash (with an equity value of $1.79 billion). This represents a staggering 92% drop from the $17.5 billion valuation Miro commanded in late 2021.

Founded in 2011 as RealtimeBoard, Miro became a household name during the COVID-19 pandemic. As the world shifted to remote work, the demand for digital whiteboarding skyrocketed. Miro capitalized on this by integrating with over 250 apps and forging strategic alliances with industry titans like Microsoft, Zoom, and Atlassian. Today, the company has evolved into an "AI innovation workspace," integrating AI assistants and connectors for tools like GitHub and Slack.

Read Also:World Bank's Neelkanth Mishra Slams Critics Over India's GDP Data Accuracy

Why This Matters

BozokMedia analysis shows that this acquisition is a textbook example of the "SaaS correction." During the 2021 boom, valuations were based on hyper-growth projections that failed to materialize post-pandemic. Bending Spoons is exploiting a specific market gap: acquiring established, revenue-generating companies that are no longer "hyped" but remain fundamentally sound businesses.

The era of valuing companies based on potential growth alone is over; the market now demands sustainable profitability and disciplined spending.

Despite the valuation crash, Miro's operational metrics remain strong. The company has grown from 5 million users in 2020 to 100 million total users today, with 4 million paying customers. Bending Spoons revealed that Miro generates approximately $600 million in annual recurring revenue (ARR), with 90% stemming from the enterprise sector. Furthermore, the company is profitable and holds $435 million in net cash.

However, Miro faced intense competition from better-funded giants like Canva, Figma, and Microsoft. As corporations began consolidating their software spend and moving toward integrated suites rather than standalone tools, Miro's growth slowed. This pressure led to two significant rounds of layoffs in February 2023 and October 2024.

Metric2021/22 PeakCurrent Acquisition
Valuation$17.5 Billion$1.36 - $1.79 Billion
Total Users~30 Million100 Million
Market PhaseHyper-Growth BubbleMature/Profitable
Did You Know?: Bending Spoons recently pulled a similar move with Airtable, buying it for $1.28 billion after its valuation crashed from over $11 billion.

Frequently Asked Questions

1. Why did Miro's valuation drop so drastically?
The drop is due to the unwinding of inflated SaaS multiples from 2021 and a shift in corporate spending toward integrated software suites.

2. Was Miro failing as a business?
No, Miro remains profitable with significant recurring revenue and a massive user base; the crash was in its market valuation, not its operations.