# Bending Spoons Acquires Miro for $1.36B, a 90% Drop from 2022 Valuation Italian firm continues buying spree of once-high-flying SaaS companies at steep discounts. - **Source:** [TechCrunch](https://techcrunch.com) - **Published:** 2026-09-10 - **Topic:** [Finance](https://brifing.si/c/finance) - **Original article:** - **On Brifing:** https://brifing.si/s/1e0e01f1-821c-4c66-8f07-ad0fffc1cd66 ## The Deal Details Italian software company Bending Spoons is acquiring collaboration platform Miro for $1.36 billion in cash, with an equity value of $1.79 billion. This represents a staggering 92% discount from Miro's late-2021 valuation of $17.5 billion. The acquisition continues Bending Spoons' strategy of purchasing prominent SaaS companies at deeply discounted prices, following their recent $1.28 billion purchase of Airtable. Miro currently boasts 4 million paying users and $600 million in annual recurring revenue, with 90% coming from business clients. ## Miro's Meteoric Rise Founded in 2011 as RealtimeBoard, Miro capitalized on the remote work boom during COVID-19, growing from 5 million to 30 million users between 2020-2022. The platform differentiated itself by integrating with over 250 apps and forming partnerships with tech giants like Microsoft and Zoom. By offering customizable whiteboard tools and AI-powered features, Miro became essential for distributed teams. Its paying customer base expanded 550% during the pandemic, justifying its peak valuation during the SaaS boom years. ## Valuation Reality Check The acquisition price reflects the dramatic correction in SaaS valuations since 2021. While Miro maintains strong metrics - 100 million total users, profitability, and $435 million net cash - market conditions have changed. Enterprises have reduced software spending, eliminating duplicate tools. Miro faced intense competition from better-funded rivals like Canva and Figma, while businesses shifted toward integrated suites rather than standalone collaboration tools. This sector-wide repricing has created opportunities for acquirers like Bending Spoons. ## Workforce Reductions Miro's downsizing preceded the acquisition, with two significant layoffs: 119 employees in February 2023 and 275 in October 2024. These cuts reduced its 2022 headcount of 1,200 by nearly 33%, reflecting both cost optimization and slowing growth. The layoffs occurred as the company transitioned from hyper-growth to sustainable operations, mirroring broader tech industry trends. Despite these reductions, Miro maintained product development, recently introducing AI assistants and workflow automation features. ## Bending Spoons' Strategy The Italian acquirer specializes in purchasing mature SaaS companies that have moved beyond hyper-growth but maintain solid fundamentals. Their portfolio targets businesses with established user bases and recurring revenue streams that are undervalued due to post-pandemic market corrections. This approach allows Bending Spoons to acquire recognizable brands at fractions of their peak valuations, then leverage their existing customer bases for long-term returns rather than rapid growth. ## Market Implications The deal signals continued weakness in exit opportunities for SaaS companies. With Miro's board accepting a 90% valuation cut despite strong financials, it suggests confidence in IPOs or competitive acquisitions has significantly eroded. The transaction follows similar down-round acquisitions in the sector, potentially setting new benchmarks for private SaaS company valuations. This could impact fundraising and exit strategies across the enterprise software landscape. ## Historical Context Miro's trajectory mirrors the broader SaaS boom-and-bust cycle. The 2021 peak saw excessive valuations based on pandemic-driven growth assumptions. As remote work trends normalized, many collaboration tools faced reality checks. Miro's story parallels other pandemic darlings like Zoom and DocuSign, whose valuations also corrected sharply. However, unlike some competitors, Miro maintained product relevance through continuous innovation in AI and integrations. ## Future Outlook The acquisition positions Bending Spoons as a major player in workplace collaboration software. Their growing portfolio of discounted SaaS assets could create cross-selling opportunities and operational synergies. For Miro, the deal provides stability amid challenging market conditions while raising questions about whether this signals more distress sales in the sector. The transaction may accelerate consolidation as other cash-rich buyers seek similar bargains in the SaaS space. ## Sources covering this story - https://techcrunch.com/2026/09/10/bending-spoons-to-buy-collaboration-tools-maker-miro-for-1-36b-90-less-than-its-2022-valuation/ — --- _Summary written by Brifing from the original reporting. Copyright in the original article belongs to its publisher; read the full piece at the link above._