The Great SaaS Correction: Bending Spoons Acquires Miro for $1.36 Billion

On September 10, 2026, the Italian technology group Bending Spoons announced a definitive agreement to acquire the visual collaboration platform Miro [1][2]. The all-cash transaction values the business at an enterprise value of $1.355 billion to $1.36 billion [1][4]. When accounting for Miro's net cash, the implied equity value rises to approximately $1.79 billion [2][4]. As part of the arrangement, certain Miro shareholders will reinvest $295 million of their proceeds into newly issued Bending Spoons equity [2][4].

This deal is not an isolated event but the latest move in a rapid acquisition spree by Bending Spoons, which recently finalized the purchase of Airtable for $1.28 billion [1][3]. The transaction is expected to close in the fourth quarter of 2026, pending customary closing conditions and regulatory approvals [1][4].

A Stark Lesson in Valuation Volatility

The most striking aspect of the Bending Spoons acquisition of Miro is the collapse of the target's valuation. In January 2022, Miro was valued at $17.5 billion following a $400 million Series C round [1][3]. The current equity value of $1.79 billion represents a decline of approximately 90% from that peak [1][3][5].

This precipitous drop reflects a broader unwinding of software-as-a-service (SaaS) multiples that surged during the pandemic [3]. Miro, which grew from 5 million to 30 million users in just two years during the remote-work boom, found itself in a market where companies began consolidating duplicate apps and preferring integrated product suites over standalone tools [3][5]. Despite this, Miro remains a substantial business, reporting approximately $600 million in annual recurring revenue (ARR), with 90% of that coming from enterprise and business clients [1][4][6].

Commentary: This valuation gap illustrates the "pandemic bubble" in the SaaS sector. Miro wasn't necessarily failing—it is profitable and has a massive user base—but it was priced for a growth trajectory that the post-pandemic economy could not sustain [3]. What this means in practice is that the market has shifted from valuing "potential hyper-growth" to valuing "stable, recurring cash flow." Bending Spoons is essentially acting as a value investor in the software space, picking up high-quality assets at a fraction of their speculative peaks.

The Bending Spoons Playbook: Efficiency over Expansion

Bending Spoons has developed a distinct operational model: acquiring recognizable digital brands and implementing deep transformations to expand earnings [4]. This approach often involves reorganizing teams, overhauling technology, and enhancing monetization [4].

Historically, this strategy has led to significant workforce reductions and pricing shifts. For instance, following its acquisition of WeTransfer, the company planned to eliminate 75% of the staff [1]. Similarly, Evernote saw significant layoffs of US and Chile-based employees after Bending Spoons moved operations to Europe and subsequently increased subscription prices for its Personal plan [1].

Commentary: Bending Spoons operates more like a private equity firm than a traditional software company. The overlooked implication here is the risk to product culture. While Bending Spoons promises investment in Miro's reliability and performance [1][4], their track record suggest that "operational excellence" is often code for aggressive cost-cutting. Users should be wary of potential shifts in free-plan limits or guest access, as seen with Evernote's transition to a more restrictive free tier [1].

Miro's Current Standing and Future Outlook

Despite the valuation dip, Miro enters this deal with strong fundamentals. The platform currently serves over 100 million total users, including roughly 4 million paying customers [3][6]. It also maintains about $435 million in net cash [3][5].

Technologically, Miro has evolved from a simple digital whiteboard into what it calls an "AI innovation workspace" [3][4]. This includes AI-driven workflows, prototyping tools, and connectors that integrate context from platforms like Slack, Jira, and GitHub [3][6]. Bending Spoons has stated that it intends to own and operate Miro for the long term, focusing on the fundamental functionality that supports critical collaborative work [4].

Commentary: The fact that Miro's board agreed to sell at this price, despite being profitable and cash-rich, suggests a profound lack of confidence in the current IPO market for SaaS companies [3]. It appears that the "exit strategy" for mid-to-large scale software firms has shifted; rather than risking a public offering in a volatile market, founders are opting for cash-out deals with consolidators. This marks a transition from the "growth at all costs" era to an era of consolidation.

Key Takeaways

The Deal: Bending Spoons is acquiring Miro for an enterprise value of $1.355 billion to $1.36 billion, with an implied equity value of $1.79 billion [1][2][4].
Valuation Crash: The price is roughly 90% lower than Miro's $17.5 billion peak valuation from early 2022 [1][3][5].
Strong Fundamentals: Miro remains profitable with $600 million in ARR and 100 million total users [3][4][6].
Operational Strategy: Bending Spoons typically focuses on deep restructuring, which has historically resulted in staffing cuts and pricing increases in other acquired properties [1][4].
Market Trend: The acquisition mirrors the recent purchase of Airtable, signaling a trend of consolidating high-revenue SaaS tools at discounted rates [1][3].

This article was generated with AI assistance and has not been independently fact-checked. Readers should verify claims against the listed sources.

The Great SaaS Correction: Bending Spoons Acquires Miro for $1.36 Billion

A Stark Lesson in Valuation Volatility

The Bending Spoons Playbook: Efficiency over Expansion

Miro's Current Standing and Future Outlook

Key Takeaways

Sources