Bending Spoons buys Miro for one-point-three-six billion dollars

Bending Spoons is buying collaboration software company Miro for $1.36 billion in cash, TechCrunch reports, a price far below the valuation the company commanded at the height of the pandemic-era software boom. The deal assigns an equity value of $1.79 billion, according to the report, compared with a late-2021 valuation of $17.5 billion. Miro, founded in 2011 as RealtimeBoard, grew quickly as remote work made digital whiteboards a default tool rather than a niche add-on.

The numbers describe a market that changed faster than product roadmaps. Miro’s user base expanded sharply during Covid-era remote work, and the company built out an ecosystem of integrations—more than 250 apps, TechCrunch says—alongside partnerships with firms including Atlassian, Cisco, Microsoft and Zoom. It now markets itself as an “AI innovation workspace”, layering assistants, workflows and connectors that pull context from tools such as GitHub, Jira and Slack. But the post-2021 reset in software valuations has been brutal for single-purpose SaaS companies, especially those that rode emergency budgets and then met procurement teams tasked with cutting “duplicate” licenses.

Miro’s reported business profile makes the sale price harder to read as a rescue. TechCrunch says the company is profitable, with about $600 million in annual recurring revenue and roughly $435 million in net cash. About 90% of revenue comes from businesses and enterprises, the report adds, and the company still claims a vast user base. Yet the board and investors agreed to sell anyway, at a valuation down roughly 92% from 2021. When a company with cash and recurring revenue takes a down-round exit, it usually reflects something that does not show up in top-line metrics: slower growth that will not reaccelerate, a public-market window that remains shut, or a competitive landscape where suites and incumbents can bundle the category away.

That bundling pressure is explicit in the competitive set. TechCrunch lists Canva, Figma and Microsoft as rivals, and notes a broader enterprise shift toward suites rather than standalone collaboration tools. In that world, the product can remain widely used while pricing power erodes: the buyer’s negotiating leverage rises when the alternative is “already included” in a broader contract. Miro has already cut staff since its expansion phase, with layoffs reported in 2023 and 2024.

Bending Spoons has been assembling a portfolio of former high-fliers at discounted prices, including a recent acquisition of Airtable, TechCrunch notes. Miro’s 2021 valuation is gone; the company’s whiteboards, connectors and cash balance are what remain on the table.