Bending Spoons, the software company known for acquiring and operating apps over the long term, has agreed to acquire AI whiteboard platform Miro, with the deal expected to close in the fourth quarter of this year. The transaction values Miro’s equity at about $1.79 billion, down sharply from the company’s 2022 valuation of $17.5 billion.
Miro’s earlier valuation came during the pandemic-era surge in remote work demand. Since then, the broader market for remote collaboration software has cooled, and companies have grown more cautious about spending on such tools. Even so, Miro still has nearly 4 million paying users and about $600 million in annual recurring revenue, with close to 90% of that coming from enterprise customers.
The deal also comes just a week after Bending Spoons completed its acquisition of Airtable. The company has previously bought products including Evernote, WeTransfer, and Vimeo, and later raised prices and cut staff at some of those businesses. That history has already prompted concern within the Miro community over whether similar changes could follow after the acquisition closes.
Bending Spoons, a company focused on acquiring software products and operating them for the long term, has agreed to acquire AI collaborative whiteboard platform Miro. The transaction is expected to close in the fourth quarter of this year.
Miro was valued as high as $17.5 billion in 2022. In this deal, the implied equity value is down to about $1.79 billion, a drop of nearly 90% from that earlier peak.
Miro’s lofty valuation came during the pandemic, when demand for remote work tools surged. Since then, the broader remote collaboration software sector has cooled, and businesses have become more cautious with spending on these tools.
Miro still has nearly 4 million paying users and about $600 million in annual recurring revenue. Close to 90% of that revenue comes from enterprise customers.
Bending Spoons completed its acquisition of Airtable only last week. The company had previously acquired products including Evernote, WeTransfer, and Vimeo, and later raised prices and reduced staff at some of those products.
Members of the Miro community have already expressed concern that similar changes may eventually affect Miro as well.
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