Bending Spoons to acquire Miro for $1.355 billion in stark valuation correction

Bending Spoons has entered into a definitive agreement to acquire the collaboration platform Miro in an all-cash transaction. The deal underscores a dramatic shift in the valuation of pandemic-era software companies as the industry corrects from previous peaks.

The acquisition values Miro at an enterprise value of $1.355 billion, with an implied equity value of approximately $1.79 billion. This figure represents a precipitous drop from the company's peak valuation of $17.5 billion in late 2021. According to financial data, Miro remains a robust business, reporting approximately $600 million in annual recurring revenue—nearly 90% of which is generated from business and enterprise customers. The company is currently profitable and holds about $435 million in net cash. As part of the agreement, certain Miro shareholders have agreed to reinvest $295 million of their proceeds into newly issued Bending Spoons equity.

The SaaS Valuation Collapse

Founded in 2011, Miro experienced explosive growth during the COVID-19 pandemic as the global surge in remote work drove demand for digital whiteboarding and collaboration tools. However, the subsequent period saw a widespread "unwinding" of SaaS multiples across the sector. This correction was further accelerated by intensifying competition from integrated productivity suites, specifically those offered by Microsoft and Figma, which squeezed the standalone market for collaboration tools.

A Strategy of Consolidation

For Bending Spoons, the Miro acquisition is the latest move in a calculated strategy to acquire established, high-revenue SaaS platforms at a fraction of their historical peaks. The company recently executed a similar play by acquiring Airtable for approximately $1.28 billion. By targeting functional but "distressed" platforms in terms of valuation, Bending Spoons aims to optimize these assets for long-term earnings growth. "We acquire businesses with the intention of owning and operating them for the long term, and Miro will be no exception," said Bending Spoons CEO Luca Ferrari.

Industry Implications

This transaction serves as a case study in the volatility of the software bubble. It demonstrates that even companies with massive user bases, strong revenue streams, and profitability can face drastic valuation cuts when market sentiment shifts. The deal highlights the emergence of Bending Spoons as an aggressive consolidator in the enterprise software space, capitalizing on the gap between operational value and speculative peak pricing.

Future Outlook

While the financial terms are set, the focus now shifts to how Bending Spoons will integrate Miro into its portfolio to drive growth. Miro CEO Andrey Khusid stated that the partnership allows the company to deliver on its vision with ambition, suggesting that the operational focus will remain on product evolution. Market observers will be watching to see if this acquisition triggers further consolidation among other pandemic-era unicorns facing similar valuation pressures.