Bending Spoons to Buy Miro for $1.36B After 92% Valuation Collapse
Bending Spoons will buy profitable Miro for $1.36 billion in cash, about 90% below its 2021 peak, as inflated SaaS valuations keep unwinding across software.
Summary
On September 10, 2026, Italian software acquirer Bending Spoons disclosed its purchase of Miro for $1.36 billion in cash, with an equity value of $1.79 billion. The cash price is 92% below Miro’s $17.5 billion valuation in late 2021. Miro remains profitable, holds about $435 million in net cash and generates roughly $600 million in annual recurring revenue, 90% from businesses and enterprises. It has more than 4 million paying users among 100 million total. Bending Spoons also paid $1.28 billion last month for Airtable, valued above $11 billion in 2021, extending its acquisition of slower-growing SaaS companies with recurring revenue and established users.
Founded in 2011 as whiteboarding tool RealtimeBoard, Miro benefited from pandemic remote work, climbing from 5 million to about 30 million users within two years by 2022 as paying customers increased 550%. Its AI innovation workspace offers whiteboards, AI assistants and workflows, prototyping, user-built integrations and connectors drawing context from GitHub, Jira and Slack. It integrates with more than 250 apps and partners with Atlassian, Cisco, Microsoft and Zoom. As pandemic demand faded, customers cut duplicate software and favored product suites, intensifying competition from better-funded Canva, Figma and Microsoft. Miro employed about 1,200 people in 2022, then cut 119 jobs in February 2023 and reportedly 275 in October 2024. The steep discount reflects weaker SaaS multiples and raises questions about why investors accepted an exit despite Miro’s profitability and cash position.
Positives
- Miro generates about $600 million in annual recurring revenue, with 90% coming from businesses and enterprises.
- More than 4 million paying users and 100 million total users give Miro a substantial established customer base.
- About $435 million in net cash and profitability leave Miro financially stronger than many discounted acquisition targets.
- More than 250 app integrations and partnerships with Atlassian, Cisco, Microsoft and Zoom broaden Miro’s workplace reach.
- AI assistants, workflows, prototyping and connectors for GitHub, Jira and Slack expand Miro beyond digital whiteboarding.
Risks & concerns
- The $1.36 billion cash price is 92% below Miro’s $17.5 billion valuation from late 2021.
- Canva, Figma and Microsoft present better-funded competition as businesses consolidate spending into broader software suites.
- Miro cut 119 jobs in February 2023 and reportedly another 275 in October 2024 after employing about 1,200 people in 2022.
- Fading pandemic demand and customer cuts to duplicate applications weakened the conditions that powered Miro’s rapid expansion.
- The discounted sale despite profitability and $435 million in net cash signals limited confidence in stronger SaaS exits or public listings.