Bending Spoons Miro acquisition has reshaped the workplace collaboration market. The Italian software company is buying the whiteboard platform for **$1.36 billion in cash**, an equity value of $1.79 billion. That is a 92% drop from Miro’s $17.5 billion valuation in late 2021.
The deal shows how far once-hyped software companies have fallen from their pandemic-era peaks. It also reveals what Bending Spoons looks for when it buys established software businesses at steep discounts.
What the Bending Spoons Miro Deal Means
Miro began in 2011 as a whiteboarding tool called RealtimeBoard. It grew rapidly during the COVID-19 pandemic, when remote teams needed digital replacements for physical whiteboards. The company integrated with more than 250 apps and formed partnerships with Atlassian, Cisco, Microsoft, and Zoom.
Between 2020 and 2022, Miro grew from 5 million to about 30 million users. Its paying customer base expanded by 550%, helping justify its $17.5 billion valuation.
Today, Miro describes itself as an “AI innovation workspace.” It offers AI assistants for whiteboards, AI workflows, prototyping tools, and AI connectors that pull context from platforms like GitHub, Jira, and Slack.
Miro Is Still Growing
Miro has not collapsed. The company now reports:
More than 4 million paying users
100 million total users
About $600 million in annual recurring revenue, with 90% from businesses and enterprises
Roughly $435 million in net cash
Profitability
So why sell for so much less than its 2021 peak? The answer lies in how much software valuations have changed since the pandemic boom.
Why Miro’s Valuation Fell 92%
By 2022, fading pandemic tailwinds pushed companies to cut spending. Businesses trimmed duplicate apps and licenses and began preferring suites of products over individual collaboration tools.
Miro competed with much better-funded rivals such as Canva, Figma, and Microsoft. As enterprises consolidated their software stacks, standalone tools like Miro were often pushed aside.
The workforce felt the pressure too. Miro had about 1,200 employees in 2022 and cut jobs twice:
February 2023 — 119 staff laid off
October 2024 — reportedly another 275 people
These cuts reflect a broader shift in how the market values once-hyped software companies. Growth alone is no longer enough. Investors now want profitability and sustainable margins.
How Bending Spoons Picks Its Targets
Bending Spoons follows a clear pattern. It targets large, recognizable software companies that were priced in 2021 as if they would become software giants. These businesses matured into slower-growing but still substantial operations with solid recurring revenue and established user bases.
The Miro deal mirrors the company’s recent purchase of Airtable. That company was valued at over $11 billion in 2021 but sold to Bending Spoons for $1.28 billion last month.
Both deals share common traits:
Strong brand recognition
Significant recurring revenue
Large user base
Valuation reset of 80% to 90% from peak
For Bending Spoons, this is a chance to acquire quality assets at distressed prices. The company gains profitable, cash-rich businesses without paying boom-era premiums.
What Bending Spoons Gains
Miro’s $600 million in annual recurring revenue and profitable operations make it an attractive addition. Its 100 million users represent a massive installed base that could be monetized further or integrated with other Bending Spoons products.
The $435 million in net cash on Miro’s balance sheet also means Bending Spoons is effectively paying less than the headline figure suggests.
What This Means for Miro Users
For existing Miro users, the acquisition likely means business as usual in the short term. Bending Spoons has a track record of maintaining acquired products while optimizing operations for profitability.
Over the long term, users should watch for:
Potential pricing changes as Bending Spoons seeks returns
Integration with other Bending Spoons-owned tools
Possible feature consolidation or expansion
The collaboration software market continues to consolidate. Standalone tools face pressure from integrated suites like Microsoft 365, Google Workspace, and Figma’s expanding platform. Miro’s sale at a 92% discount signals that even category leaders are not immune to market shifts.
The Unanswered Question
Why did Miro’s board and investors agree to sell now, especially when the company did not apparently need the cash?
The answer may lie in plummeting confidence that software companies can go public or find a comparable exit. If the IPO window remains closed and strategic buyers are scarce, a $1.36 billion cash offer from Bending Spoons may have looked like the best available outcome.
For investors who bought into Miro’s $17.5 billion valuation, it is a painful exit. For Bending Spoons, it is another calculated bet on software companies that still generate real revenue, just not the hypergrowth their 2021 price tags implied.
Frequently Asked Questions
How much is Bending Spoons paying for Miro?
Bending Spoons is acquiring Miro for $1.36 billion in cash, representing an equity value of $1.79 billion.
How much did Miro’s valuation drop?
Miro was valued at $17.5 billion in late 2021. The $1.36 billion acquisition price represents a 92% decline.
How many users does Miro have?
Miro reports more than 4 million paying users and 100 million total users. The company generates approximately $600 million in annual recurring revenue.
Why is Bending Spoons buying Miro?
Bending Spoons targets established software companies with strong recurring revenue and large user bases that are available at significant discounts from their 2021 valuations. Miro is profitable, holds $435 million in net cash, and generates $600 million in annual recurring revenue.
What other companies has Bending Spoons acquired?
Bending Spoons recently acquired Airtable for $1.28 billion. Airtable was valued at over $11 billion in 2021.
