Bending Spoons to buy collaboration tools maker Miro for $1.36B, 90% less than its 2022 valuation
Bending Spoons is buying Miro for $1.36B, a huge dip in valuation for the workplace collaboration startup, which was valued at $17.5B in late 2021.
Italian software firm Bending Spoons has acquired workplace collaboration platform Miro for $1.36 billion, a sharp decline in valuation from Miro's $17.5 billion price tag in late 2021. Founded in 2011, Miro began as a whiteboarding tool and experienced explosive growth during the COVID-19 pandemic, when remote work drove demand for its product.
By 2022, Miro boasted over 30 million users and a 550% increase in paying customers. The recent acquisition represents a 92% drop in Miro's valuation, reflecting the unwinding of software-as-a-service (SaaS) multiples since 2021. Bending Spoons, which acquired Miro for roughly 90% less than its 2022 value of $1.79 billion, highlights the changing landscape of the SaaS industry.
While Miro remains profitable and has about $600 million in annual recurring revenue, its valuation decline suggests that mature SaaS companies are now trading at more modest multiples. Bending Spoons' recent acquisitions, including Airtable for $1.28 billion, suggest a trend of acquiring established but slower-growing SaaS firms with solid user bases.
The reasons behind Miro's board and investors agreeing to the lower sale price remain unclear, particularly considering the company's strong performance.
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