Bending Spoons SpA agreed to acquire digital collaboration platform Miro in an all-cash deal valuing the company at $1.36 billion, representing an equity value of $1.79 billion. The transaction marks a steep 92% decline from Miro's peak valuation of $17.5 billion in late 2021, highlighting a dramatic market correction for SaaS companies. Despite the valuation drop, Miro remains profitable with $600 million in annual recurring revenue. Some Miro shareholders will reinvest $295 million into Bending Spoons.
Bending Spoons acquisition of Miro
- ▪Bending Spoons SpA agreed to acquire workplace-collaboration platform Miro in an all-cash transaction valuing the business at $1.36 billion
- ▪The transaction between Bending Spoons SpA and Miro is expected to close in the fourth quarter of 2026, subject to regulatory approvals
- ▪The acquisition of Miro by Bending Spoons SpA implies an equity value of about $1.79 billion after accounting for Miro's net cash
Miro valuation collapse since 2021
- ▪Miro cut its workforce twice during its post-pandemic slowdown, laying off 119 employees in February 2023 and another 275 employees in October 2024
- ▪Miro was valued at $17.5 billion in late 2021, representing an approximate 92% drop in valuation compared to its $1.36 billion acquisition price in September 2026
Miro revenue profitability metrics
- ▪Miro generates approximately $600 million in annual recurring revenue, with nearly 90% of that revenue coming from business and enterprise customers
- ▪Miro has approximately $435 million in net cash, is profitable, and has grown to serve more than 4 million paying users and 100 million total users
SaaS market valuation correction
- ▪The sharp decline in Miro's valuation highlights a broader unwinding of software-as-a-service (SaaS) multiples since their peak in 2021
- ▪Bending Spoons acquired software platform Airtable for $1.29 billion in August 2026, following a peak valuation for Airtable of over $11 billion in 2021
Shareholder reinvestment in Bending Spoons
- ▪Certain Miro shareholders agreed to reinvest $295 million of their transaction proceeds into newly issued Bending Spoons equity
- ▪Bending Spoons SpA held its initial public offering at the Nasdaq Market Site in New York City on July 1, 2026
Debatable claims
- ▪The 2021 valuations of SaaS startups were unsustainably inflated
- ▪Private equity-style restructuring of software companies harms the tech ecosystem
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