Bending Spoons to buy collaboration tools maker Miro for $1.36B, 90% less than its 2022 valuation
- ID
- 23192
- Status
- summarized
- Published
- 10 Sep 2026, 10:34 PM
- Fetched
- 11 Sep 2026, 12:25 AM
- Provider
- TechCrunch
- Category
- technology
- Original URL
- https://techcrunch.com/2026/09/10/bending-spoons-to-buy-collaboration-tools-maker-miro-for-1-36b-90-less-than-its-2022-valuation/
- Source URL
- https://techcrunch.com/feed/
Summary
- Score
- 6.5
- Created
- 11 Sep 2026, 12:26 AM
- Tags
- Audience
- saas_foundersdevelopersai_agent_users
What happened
Bending Spoons is acquiring Miro for $1.36B in cash (equity value $1.79B), a 92% drop from its $17.5B late-2021 valuation. Miro now has ~$600M ARR (90% enterprise), $435M net cash, 100M total users, 4M paying users, and is profitable—yet SaaS multiples have unwound so drastically that a profitable company with these numbers fetches a fraction of its peak price.
Why it matters
If you run or fund a SaaS, this is a concrete data point on how far revenue multiples have fallen: a profitable, $600M ARR collaboration tool trades at ~2x ARR versus the ~29x it implied at peak. Founders raising or planning exits should model valuations on current multiples, not 2021 comps, and expect acquirers like Bending Spoons to target profitable but stalled-growth SaaS at distressed prices.
Discussion angle
What does Miro's 92% valuation haircut tell us about realistic exit expectations for Malaysian SaaS founders who hit profitable ARR but not hypergrowth—and whether building AI features (Miro now markets itself as an 'AI innovation workspace') actually moves the multiple or just the narrative?