Miro, founded in 2011 as RealtimeBoard, rode the remote work wave to become a $17.5 billion company by late 2021. Its whiteboarding and collaboration tools attracted millions of users during the pandemic, growing from five million to about 30 million users within two years, with its paying customer base expanding by 550%. The company integrated with more than 250 apps, including Atlassian, Cisco, Microsoft, and Zoom, and now positions itself as an 'AI innovation workspace' with AI assistants, workflows, and connectors.
Today, Miro reports more than four million paying users and 100 million total users. Bending Spoons said Miro has about $600 million in annual recurring revenue, 90% from businesses and enterprises, with $435 million in net cash and profitability. The company still employs a workforce that has been reduced from roughly 1,200 in 2022, after two rounds of layoffs — 119 staff in February 2023 and another 275 reported in October 2024.
Bending Spoons is acquiring the equity for $1.79 billion, though the cash purchase price is $1.36 billion. The 92% valuation drop underscores how dramatically SaaS multiples have unwound since 2021. As pandemic tailwinds faded, enterprises tightened software spending, consolidating licenses and favouring suite products from well-funded rivals such as Canva, Figma, and Microsoft. Miro, a standalone collaboration tool, found itself squeezed.
The acquisition mirrors Bending Spoons' recent purchase of Airtable, which was valued at over $11 billion in 2021 but sold for $1.28 billion. The Italian firm appears to be capitalising on a market shift: large, once-hot SaaS companies that were priced to become software giants but have matured into slower-growing, though still profitable, businesses.