● Covered by 1 source · 1 reportMedium impact1 neutral
Bending Spoons Acquires Collaboration Tool Miro for $1.36 Billion, 90% Below 2021 Valuation
Key points
- Bending Spoons acquired Miro for $1.36 billion cash.
- Miro's valuation dropped 90% from $17.5 billion in 2021.
- Miro has 100 million users and $600 million in annual recurring revenue.
- The acquisition reflects a broader decline in SaaS valuations.
Bending Spoons Acquires Miro
Bending Spoons has purchased Miro, a company specializing in collaboration tools, for $1.36 billion in cash. This acquisition marks a substantial reduction in Miro's valuation, which stood at $17.5 billion in late 2021.
Miro's Growth and Pandemic Boom
Founded in 2011 as RealtimeBoard, Miro experienced significant growth during the COVID-19 pandemic as remote work increased demand for virtual whiteboarding and collaboration tools. The company expanded its platform to integrate with over 250 applications and partnered with major tech firms like Atlassian, Cisco, Microsoft, and Zoom. By 2022, Miro's user base grew from five million to 30 million, and its paying customer base increased by 550%.
Current Financials and User Base
Miro currently serves over 100 million total users, including more than four million paying users. Bending Spoons reported Miro's annual recurring revenue at approximately $600 million, with 90% originating from businesses and enterprises. The company also holds about $435 million in net cash and is profitable.
Market Shift and Valuation Decline
The 90% decrease in Miro's valuation illustrates the broader trend of declining software-as-a-service (SaaS) multiples since 2021. Post-pandemic, companies reduced spending on duplicate applications and licenses, impacting collaboration tool providers. Miro, facing competition from larger rivals such as Canva, Figma, and Microsoft, also underwent two rounds of layoffs, affecting 119 employees in February 2023 and an additional 275 in October 2024.
✨ This summary was generated by AI from the outlets' reporting listed below. It is not independently verified and may contain errors — check the original sources. How BrevFeed works →
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Reporting from
Bending Spoons has acquired Miro, a collaboration tools maker, for $1.36 billion in cash, which represents a significant decrease from Miro's $17.5 billion valuation in late 2021. This acquisition highlights the unwinding of software-as-a-service (SaaS) valuations since 2021 and the shift in enterprise spending habits post-pandemic.