Bending Spoons to buy Miro for $1.36B, 90% less than its 2022 valuation
20 days ago
- Bending Spoons acquired Miro for $1.36 billion in cash, a 92% drop from its $17.5 billion valuation in 2021.
- Miro, founded as RealtimeBoard in 2011, grew rapidly during the pandemic, reaching 100 million total users and $600 million in annual recurring revenue.
- The company now has 4 million paying users, is profitable with $435 million net cash, but saw its valuation plummet due to declining SaaS multiples and competition from Canva, Figma, and Microsoft.
- Miro laid off employees twice (119 in Feb 2023 and 275 in Oct 2024) as pandemic tailwinds faded and businesses consolidated software spending.
- Bending Spoons' acquisition mirrors its purchase of Airtable for $1.28 billion, reflecting a trend of buying once-high-flying SaaS companies at discounted prices.