Bending Spoons has snapped up Miro, the once-hot workplace collaboration startup, for a fraction of its 2022 valuation. Founded as RealtimeBoard in 2011, Miro soared to 30 million users and a $17.5 billion valuation by 2022, only to see its value crash to $1.36 billion in 2024. Despite its decline, Miro remains profitable and has over 4 million paying users today.

The company’s pivot to an ‘AI innovation workspace’ saw it integrate with 250 apps and partner with giants like Atlassian and Microsoft. Yet, as the pandemic tailwinds faded, competition from Canva and Figma grew, pushing Miro to cut jobs twice in 2023 and 2024. Bending Spoons, a seasoned software acquirer, sees a buying opportunity in a company that’s still doing well but isn’t the tech darling it once was.

The sale price of Miro is part of a broader trend in SaaS companies: once seen as future tech giants, they now face tougher realities. Bending Spoons, in particular, is capitalizing on this shift, targeting businesses that have matured into stable but not explosive growth.

Still, the question remains: why did Miro sell now, with no cash shortage? Has the faith in SaaS companies going public or finding a similar exit dropped so low?