Bending Spoons' $1.36B Miro Deal: A Lesson in SaaS Valuation

Why Miro's Valuation Collapsed

When I first heard about Bending Spoons acquiring Miro for $1.36 billion, I couldn't help but be struck by how far the company had fallen from its peak. In late 2021, Miro was valued at a staggering $17.5 billion—back when investors were willing to bet big on any SaaS company that seemed poised for growth in the remote work era. But today, it's being bought for less than 8% of that valuation.

This is not just about one company's performance—it's a window into the broader changes in the tech investment landscape. After the pandemic-driven boom, many software companies found themselves facing new realities. The market has shifted from exuberance to caution, and SaaS valuations have taken a hard hit.

"It's curious why Miro's board and investors agreed to sell at that price now, especially seeing that the company didn't apparently need the cash."

The Rise of Miro: A Pandemic Success Story

Miro wasn't always a powerhouse. Founded in 2011 as RealtimeBoard, it started as a simple whiteboarding tool. The real turning point came during the pandemic, when remote collaboration became essential for businesses worldwide. Miro's platform allowed teams to virtually work together, mimicking the physical experience of using a whiteboard.

The company capitalized on this moment, expanding rapidly. By 2022, it had grown from five million to about thirty million users in just two years. Its paying customer base expanded by more than 550%, all of which contributed to its sky-high valuation. Miro's success was built on integrations with major platforms like Atlassian, Cisco, Microsoft, and Zoom—making it a one-stop shop for workplace collaboration.

By the time of its peak, Miro had become a critical tool for teams looking to innovate collaboratively. Its AI-powered features added new layers of functionality, from workflow automation to context-rich connectors pulling data from GitHub, Jira, and Slack.

Current State: A Stable but Slower-Growing Business

Fast forward to today, and Miro's story is more nuanced. While the company still boasts over four million paying users and 100 million total users, it's no longer growing at breakneck speed. Still, it remains profitable, with about $600 million in annual recurring revenue—90% of which comes from businesses and enterprises.

Miro also sits on a solid cash position, with about $435 million in net cash. These financials suggest a healthy, stable business, but not the kind of explosive growth that would justify its former valuation.

The Market's New Reality

The dramatic drop in Miro's valuation is part of a broader trend affecting the SaaS industry. After years of aggressive investment, companies have begun to reassess what they actually need. As businesses tightened their belts, many started looking for more efficient ways to operate.

Instead of licensing individual tools, organizations are now gravitating toward integrated suites that offer multiple features under one roof. This shift has hurt Miro's competitive position, especially against better-funded players like Canva and Figma, as well as Microsoft, which offers similar collaboration tools within its broader ecosystem.

This change in corporate behavior has had ripple effects throughout the software world. In 2022, the pandemic tailwinds that once drove SaaS growth began to fade, leading to a more disciplined approach to tech spending and an emphasis on ROI over hype.

Why Bending Spoons Is Buying Now

Bending Spoons is no stranger to this type of deal. The Italian company has a history of acquiring once-hot startups at significantly discounted prices. Its recent purchase of Airtable for $1.28 billion, for instance, mirrored the same pattern.

What makes Bending Spoons' strategy interesting is its focus on companies that were overvalued in 2021 but are still generating substantial recurring revenue and user engagement. These firms are not necessarily failing—they're simply operating in a more mature phase of their lifecycle, where the rapid growth has slowed but profitability remains intact.

For Bending Spoons, Miro represents a bargain. A company with a proven product, strong customer base, and consistent cash flow is available at a fraction of its previous valuation—a win-win for both parties.

The Bigger Picture: What This Means for Investors

What we're seeing with Miro—and similar deals—is a shift in investor sentiment. We're no longer living in an era where investors are willing to overlook fundamental metrics in favor of potential. Now, they want to see sustainable growth, clear path to profitability, and tangible business outcomes.

This evolution is not just about SaaS—it's about how markets reset after a period of excessive optimism. The Miro acquisition sends a message to investors and founders alike: there's no longer a premium for being first or trendy in the software world. What matters now is execution, sustainability, and real value delivery.

As we move forward, I expect more of these types of deals to emerge. Companies that were once seen as high-growth darlings are being re-evaluated through a new lens—one focused on fundamentals rather than future projections.

Conclusion: A Strategic Move in a Changing Market

Bending Spoons' acquisition of Miro is more than just a business deal—it's a reflection of how market forces have evolved. The company may not be growing at its former pace, but it's still valuable and profitable, making it an attractive target for a buyer looking to capitalize on a correction in SaaS valuations.

In the end, this deal underscores that even in a world obsessed with growth, there's still room for smart acquisitions when valuation is reasonable. It's a reminder that sometimes, the best investments come not from chasing the next big thing, but from identifying what already works and acquiring it at a fair price.