Miro and Airtable Showcase: Achieving Cash Flow Positivity Isn’t Magical
Insights from the acquisitions of two major B2B brands
1Introduction to Miro and Airtable Acquisitions
Bending Spoons has announced definitive agreements to acquire Miro and Airtable, two prominent B2B brands, at enterprise values of $1.355 billion and $1.285 billion respectively. Both companies had substantial cash reserves and years of runway, yet were priced under 3x ARR. These acquisitions highlight the importance of achieving cash flow positivity, a significant milestone for most B2B companies.
2Cash Reserves in Acquisition Deals
A significant portion of the acquisition prices for Miro and Airtable consisted of their own cash reserves. Airtable's equity value was $2.25 billion with $965 million in cash, while Miro's equity value was $1.79 billion with $435 million in cash. Buyers pay enterprise value and return cash at face value, emphasizing that cash earns the lowest multiple on the cap table.
3Growth Rates and Valuation Multiples
Airtable disclosed a 20%+ year-over-year growth rate, reaching approximately $480 million ARR by June 2026. Miro's ARR was around $600 million, primarily from business and enterprise customers. Despite differing growth rates, both deals cleared within 40 basis points of each other on the multiple, with public comparables trading around 2x.
4Airtable's AI Rebuild Efforts
Airtable underwent a significant AI rebuild, including the launch of Omni, Field Agents, and the acquisition of DeepSky. Despite these efforts, the company's growth trajectory stabilized at 20%, priced as a cash-flow asset. The rebuild made the business defensible but did not significantly alter its valuation multiple.
5Miro's Profitability and Capital Strategy
Miro was profitable before raising $400 million in its Series C round in 2022. The company maintained profitability and disciplined capital management, raising $476 million over fourteen years. Despite its capital efficiency, Miro's equity value was lower than Airtable's, indicating profitability alone does not guarantee a higher valuation.
6Absence of Competing Bids
Neither Miro nor Airtable received competing bids from major players like Salesforce, Microsoft, or Atlassian. The acquisitions were finalized by a Milan-based acquirer known for buying and managing companies for earnings. This highlights the buyer set for well-capitalized B2B companies growing at 20% in 2026.
7Financial Discipline and Exit Strategies
Miro's disciplined capital strategy allowed it to achieve profitability years earlier than Airtable. However, both companies' exits landed within $500 million of each other, showing that capital efficiency, while a good habit, was not the decisive variable in their valuations.
8Impact of Cash Flow Positivity
Achieving cash flow positivity is a significant milestone for B2B companies, providing financial stability and runway. However, as seen with Miro and Airtable, it buys very little at the finish line in terms of valuation multiples, emphasizing the importance of growth rates and strategic positioning.
9Lessons from Miro and Airtable
The acquisitions of Miro and Airtable underscore the importance of financial discipline, growth rates, and strategic positioning in achieving favorable valuations. While cash flow positivity is crucial, it is not the sole determinant of a company's exit value.
10Future Implications for B2B Companies
The experiences of Miro and Airtable offer valuable lessons for B2B companies aiming for successful exits. Achieving cash flow positivity, maintaining growth rates, and strategic positioning are key factors that influence valuation multiples and acquisition outcomes.
11Conclusion: The Real Achievement
The acquisitions of Miro and Airtable demonstrate that achieving cash flow positivity is a real achievement for B2B companies. However, it is not magical and does not guarantee higher valuations. Growth rates, strategic positioning, and financial discipline play crucial roles in determining exit values.
Original article: SaaStr — Miro and Airtable Showcase: Achieving Cash Flow Positivity Isn’t Magical