Bending Spoons, an Italian company known for acquiring software firms at reduced valuations, has agreed to buy Miro, a workplace collaboration platform, for $1.36 billion in cash. This price represents a substantial decline from Miro's $17.5 billion valuation in late 2021.
Miro, originally launched in 2011 as RealtimeBoard, gained prominence during the COVID-19 pandemic by providing a virtual whiteboarding tool that supported remote collaboration. The platform expanded its capabilities by integrating with over 250 applications and partnering with major companies such as Atlassian, Cisco, Microsoft, and Zoom. It also introduced AI-driven features, including assistants and workflows, to enhance its collaboration tools.
At its peak in 2022, Miro had grown to approximately 30 million users, with a 550% increase in paying customers over two years. Currently, the company reports over 100 million users and more than four million paying customers, generating around $600 million in annual recurring revenue, primarily from business and enterprise clients. Miro is also profitable and holds about $435 million in net cash.
Despite continued growth, Miro's valuation has decreased by roughly 90%, reflecting a broader market correction in software-as-a-service (SaaS) company valuations since the pandemic-driven surge in 2021. As companies reassess spending and consolidate software tools, competition from well-funded rivals like Canva, Figma, and Microsoft has intensified. Miro has also undergone workforce reductions, cutting over 390 jobs since early 2023.
Bending Spoons has similarly acquired Airtable recently at a fraction of its previous valuation, indicating a strategic focus on established SaaS businesses that have stabilized with solid recurring revenue but slower growth. This acquisition raises questions about the current confidence levels in SaaS companies’ ability to pursue public offerings or achieve high-value exits, especially when sellers like Miro appear financially stable yet opt to sell at reduced prices.