Miro

Collaboration Software · SaaS · M&A

Acquisition

Bending Spoons buys Miro for $1.36B, 90% below its 2022 valuation

It marks the second faded-unicorn buyout in as many months, as the acquirer builds a playbook of restructuring discounted SaaS brands for profit.

• Bending Spoons signed a definitive agreement to acquire Miro in an all-cash deal valuing it at $1.355 billion in enterprise value, or about $1.79 billion including net cash, expected to close in Q4 2026.
• Miro began in 2011 as a whiteboarding tool called RealtimeBoard and now bills itself as an 'AI innovation workspace,' serving over 100 million users and 250,000 organizations, with about 4 million paying customers.
• The price marks roughly a 92% drop from Miro's $17.5 billion valuation in late 2021, despite the company now generating about $600 million in annual recurring revenue and remaining profitable.
• Some existing Miro shareholders have agreed to roll $295 million of their proceeds into newly issued Bending Spoons equity rather than cash out entirely.
• The deal comes just weeks after Bending Spoons closed its $1.29 billion acquisition of Airtable, making Miro the second discounted onetime software unicorn it has bought in as many months.
• Bending Spoons has a track record of deep layoffs and consolidation after acquisitions, and Miro had already cut about 7% of staff in 2023 and another 18% (roughly 275 people) in October 2024.
• The steep markdown of a still-growing, profitable company shows how far SaaS valuations have reset since the pandemic-era peak, when investors paid premiums for growth alone.