Bending Spoons Acquires Collaboration Software Firm Miro for $1.36 Billion
The deal marks a significant valuation reset for the once high-flying digital whiteboard company.
By TechVaultHub Staff · · Updated September 11, 2026
Italian software acquirer Bending Spoons has purchased the collaborative workspace platform Miro for $1.36 billion in cash. This acquisition reflects a steep decline from Miro's 2021 peak valuation of $17.5 billion.
The Acquisition Deal
Bending Spoons has finalized an agreement to acquire Miro, the prominent workplace collaboration startup, in a cash transaction valued at $1.36 billion. The deal implies a total equity value of $1.79 billion. This purchase follows a broader corporate strategy by Bending Spoons to consolidate established software companies that have experienced significant valuation adjustments since the height of the pandemic-era tech boom. By acquiring Miro, the firm continues its trend of picking up high-utility software products at a fraction of their previous private market price tags. The transaction is notable for the massive disparity between the sale price and the $17.5 billion valuation Miro commanded in late 2021, underscoring a dramatic cooling of the software-as-a-service market.
Historical Context and Growth
Originally founded in 2011 as a whiteboarding tool titled RealtimeBoard, Miro gained massive traction during the COVID-19 pandemic as global workforces shifted to remote operations. The company effectively filled a void for digital collaboration by mirroring the functionality of physical whiteboards and integrating with over 250 third-party applications, including Zoom, Microsoft, and Cisco. Its rapid scaling was evident between 2020 and 2022, when its user base exploded from 5 million to 30 million, while its paying customer segment grew by 550%. Currently, the platform has pivoted toward the "AI innovation workspace" model, offering automated workflows and AI-driven prototyping tools that pull contextual data from enterprise staples like GitHub, Slack, and Jira.
Operational Hurdles and Market Shifts
Despite its continued growth to a current total of 100 million users and 4 million paying customers, Miro has faced substantial operational challenges. Following the end of pandemic-era growth, the firm underwent two rounds of staff reductions: 119 employees were laid off in February 2023, followed by another 275 job cuts in October 2024. These layoffs occurred as organizations began consolidating their software spending and moving toward unified enterprise suites rather than individual, niche collaboration tools. In this competitive landscape, Miro found itself competing against deep-pocketed rivals like Figma, Canva, and Microsoft. The shift in corporate preference, combined with a broader cooling of SaaS investment multiples, significantly hampered Miro's ability to maintain its massive 2021 private valuation.
Industry Trends in SaaS Acquisitions
The acquisition of Miro serves as a case study for the current state of the software industry, specifically the trend of 'fallen unicorns.' Bending Spoons is actively seeking out established, profitable companies that generate consistent revenue but are no longer receiving venture capital interest at their former premium levels. Miro currently reports $600 million in annual recurring revenue, with 90% of that volume originating from business and enterprise clients. Furthermore, the company holds $435 million in net cash and maintains profitability. This deal closely mirrors the recent acquisition of Airtable, which Bending Spoons purchased for $1.28 billion just last month, despite that firm's previous $11 billion valuation. Such moves suggest that the window for achieving massive, IPO-level exits has narrowed significantly for many late-stage private software firms.
The case for
Supporters of this deal may point to the fact that Miro remains a profitable, high-revenue company with a massive, established user base of 100 million people, providing Bending Spoons with a very stable and functional enterprise asset.
Concerns
The primary concern is the massive 92% valuation drop from the 2021 peak, which raises questions about the long-term outlook for SaaS companies and whether current investors have lost confidence in the sector's ability to achieve substantial future exits.
What's next
It remains to be seen how Bending Spoons will integrate Miro into its broader portfolio of software tools. Investors and industry analysts will likely monitor whether further consolidation occurs within the workplace collaboration space as businesses continue to favor all-in-one software suites.
FAQs
What is the total purchase price of the Miro acquisition?
Bending Spoons is acquiring Miro for $1.36 billion in cash. The deal reflects an equity value of approximately $1.79 billion.
How much did Miro's valuation decrease since 2021?
Miro's valuation has seen a 92% decrease compared to its 2021 peak of $17.5 billion. This drop is attributed to the broader cooling of SaaS multiples and shifts in enterprise spending.
Is Miro currently a profitable company?
Yes, Miro is reported to be profitable. Additionally, the company currently holds roughly $435 million in net cash.
How many users does Miro have?
Miro currently supports over 100 million total users. Of these, approximately 4 million are classified as paying users.
What is Miro's current annual revenue?
Miro generates $600 million in annual recurring revenue. About 90% of this revenue is derived from business and enterprise-level customers.
Sources
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