Key facts
- Bending Spoons is acquiring Miro for $1.36 billion in cash.
- Miro's equity value is $1.79 billion.
- Miro was valued at $17.5 billion in late 2021.
- Miro has over four million paying users and 100 million total users.
- Miro has approximately $600 million in annual recurring revenue.
- Miro has about $435 million in net cash.
Bending Spoons, an Italian company known for acquiring software firms at significantly reduced valuations, has agreed to purchase Miro for $1.36 billion in cash. The deal values Miro's equity at $1.79 billion, a steep decline from its peak valuation of $17.5 billion in late 2021. Miro, which began as a whiteboarding tool called RealtimeBoard in 2011, experienced rapid growth during the COVID-19 pandemic as companies shifted to remote work. It expanded its platform to integrate with over 250 apps and formed partnerships with major tech companies like Atlassian, Cisco, Microsoft, and Zoom. Miro now positions itself as an 'AI innovation workspace,' offering AI assistants and workflows. The company reported having grown to approximately 30 million users by 2022, with its paying customer base increasing by 550%. Currently, Miro boasts over four million paying users and 100 million total users, generating about $600 million in annual recurring revenue, 90% of which comes from businesses. The company also holds approximately $435 million in net cash and is profitable. The significant drop in Miro's valuation reflects a broader market correction in software-as-a-service (SaaS) multiples since 2021. Increased spending cuts by companies and competition from larger, integrated suite providers like Canva, Figma, and Microsoft likely impacted Miro's growth trajectory. Miro had previously reduced its workforce, laying off 119 employees in February 2023 and reportedly another 275 in October 2024, down from about 1,200 employees in 2022. Bending Spoons' acquisition strategy appears to target established SaaS companies that, while no longer experiencing hyper-growth, maintain substantial recurring revenue and user bases at a fraction of their previous valuations, similar to its recent acquisition of Airtable.