Bending Spoons buys Miro as SaaS valuations reset

Bending Spoons’ agreement to acquire Miro is a reminder that even widely adopted software businesses are being repriced as the SaaS market matures.

What happened

Bending Spoons agreed to acquire Miro for $1.36 billion in cash, with an equity value reported at $1.79 billion. Miro was valued at $17.5 billion during the 2021 software boom and now generates roughly $600 million in annual recurring revenue.

Why it matters

The gap between Miro’s former private valuation and today’s transaction price shows how dramatically software multiples have reset. Growth alone is no longer enough to support peak-era pricing.

The bigger picture

Consolidators such as Bending Spoons are increasingly able to buy recognisable software assets at prices that would have looked impossible a few years ago, creating a new M&A cycle across mature SaaS.