Bending Spoons Acquires Miro in $1.36B Deal, Marking 90% Valuation Drop

A Dramatic Valuation Correction

In a significant signal of the current state of the tech M&A market, Bending Spoons has reached an agreement to acquire Miro, the popular digital whiteboarding and collaboration platform. The acquisition price is set at $1.36 billion—a figure that represents a staggering 92% decline from the $17.5 billion valuation Miro commanded during its Series C funding round in early 2022.

This transaction serves as a stark reminder of the valuation bubble that characterized the late 2021 and early 2022 venture capital landscape. During that era, zero-interest-rate environments and the surge in remote work demand propelled workplace productivity tools to astronomical heights. Miro, which became a staple for distributed teams, was a primary beneficiary of that sentiment. However, as market conditions normalized and capital costs rose, maintaining such high multiples became unsustainable for many late-stage SaaS companies.

The Bending Spoons Strategy

Bending Spoons, the Milan-based software powerhouse, has become increasingly known for its aggressive acquisition strategy, focusing on established digital products with strong user bases. By adding Miro to its portfolio—which already includes names like Evernote, WeTransfer, and Meetup—Bending Spoons is consolidating its position in the productivity and creative software space.

The acquisition follows a familiar pattern for Bending Spoons: identifying high-quality assets that may be struggling with bloated overhead or unsustainable venture-backed expectations and integrating them into their more lean, efficiency-focused operational model. While the price tag is a fraction of Miro's peak, it provides an exit for stakeholders in an environment where IPO windows remain largely unpredictable for high-burn startups.

Implications for the Ecosystem

For founders and investors, the Miro acquisition is a definitive case study in the "great reset." It highlights the transition from growth-at-all-costs to a market that prioritizes realistic EBITDA multiples and sustainable unit economics. Many companies that raised capital at the top of the market are now facing the difficult reality of down-rounds or exits that provide little to no return for later-stage investors.

However, for strategic buyers like Bending Spoons, this environment presents a generational opportunity to build a software empire by acquiring category leaders at a massive discount. As the market continues to consolidate, we can expect more formerly high-flying unicorns to seek refuge in the arms of strategic acquirers rather than attempting to navigate the public markets.