Italian software firm Bending Spoons has agreed to acquire Miro, the popular digital whiteboarding and collaboration platform, for $1.36 billion in cash, representing an equity value of $1.79 billion. The deal marks a dramatic devaluation for the company, which reached a towering $17.5 billion valuation during its last major funding round in late 2021.
This acquisition continues Bending Spoons’ pattern of purchasing high-profile SaaS companies at significantly reduced prices. The Italian group recently purchased Airtable for $1.28 billion, far below its previous $11 billion valuation, suggesting a strategic focus on acquiring established businesses with steady revenue rather than chasing hyper-growth valuations from the pre-2022 market boom.
Founded in 2011 as RealtimeBoard, Miro surged in popularity during the COVID-19 pandemic as remote work became standard. It built a platform integrating with over 250 applications, forming partnerships with tech giants like Microsoft, Cisco, Atlassian, and Zoom. Today, the company describes itself as an “AI innovation workspace,” offering AI assistants, workflow automation, and connectors for platforms such as GitHub, Jira, and Slack.
Miro’s user base expanded rapidly, growing from five million to approximately 30 million between 2020 and 2022. While growth has slowed, the company currently reports more than four million paying customers and 100 million total users. According to Bending Spoons, Miro generates roughly $600 million in annual recurring revenue, 90% of which comes from business and enterprise clients. The company also holds about $435 million in net cash and operates profitably.
The 92% drop in valuation highlights the broader unwind of SaaS multiples since 2021. As pandemic-driven urgency faded, enterprises tightened spending and consolidated duplicate software licenses. Miro faced intense competition from better-funded rivals such as Canva, Figma, and Microsoft, leading some businesses to prefer integrated product suites over standalone collaboration tools.
Reflecting these market pressures, Miro reduced its workforce twice in recent years, laying off 119 employees in February 2023 and an estimated 275 staff members in October 2024. The company had approximately 1,200 employees in 2022.
The sale raises questions about investor confidence in the path to liquidity for mature SaaS firms. Despite not facing an immediate cash crisis, Miro’s board and investors agreed to sell at a steep discount to its former high-water mark, signaling a shift in how the market values once-hot tech startups.
Good for Miro’s users, maybe? A profitable acquisition ensures the product won’t be shuttered like some failed startups.
I’m surprised Microsoft didn’t make a move. They have the integration ecosystem that could really boost Miro’s platform.
Does anyone actually miss the $17.5B valuation? The market corrected itself; this price reflects reality now.
Bending Spoons clearly knows how to spot value when others panic. This strategy mirrors their Airtable deal perfectly.
A ninety-two percent drop is brutal to watch. What was once a unicorn is now a bargain-bin acquisition.