Miro was acquired today at a 90% discount to its last valuation. The company reported ARR of more than $500 million in October 2024 and approximately $600 million today, suggesting modest growth. YipitData’s spend data, covering 1.5 thousand U.S. businesses and 4 million U.S. consumers, tells a more concerning story: both customer count and revenue have declined steadily since September 2025. Explore near-real-time performance data on 250,000+ private AI and software companies:

BENDING SPOONS TO BUY MIRO FOR $1.36B ENTERPRISE VALUE Bending Spoons has agreed to acquire digital whiteboard platform Miro in an all-cash deal valuing the company at $1.355B enterprise value and roughly $1.79B in equity value including net cash. Miro is generating about $600M in ARR, with nearly 90% coming from business and enterprise customers. The platform has almost 4M paying users, 250,000+ organizations, and more than 750 customers spending over $100K annually. Certain Miro shareholders will reinvest $295M of their proceeds into newly issued Bending Spoons equity. The deal is expected to close in Q4 2026, pending regulatory approval. Bending Spoons also completed its $1.285B acquisition of Airtable last week, continuing an aggressive expansion of its software portfolio following its July Nasdaq IPO.

Much is written on the Miro + Airtable sales to Bending Spoons as a massive drop in valuation from 2021-era valuations. But they're not really about that They are both ... The End of a Journey Collectively, the founders and the investors decided the journey after many years had come to end. No one was forced to end the journey. Both were profitable with hundreds of millions in the bank and hundreds of millions in revenue. But deep down, the journey had come to an end. Some founders will keep pushing on. Others will say, rationally, after 5+ years of tough times since 2021, and so much change in the Age of AI, that it's time to end this journey. It's never easy. Maybe it is for some. I do know some that easily walked away from start-ups at $100m+ ARR. But I don't know too many. But the time does come for many when you know, 100% or at least close to it, that The Journey Has Come to An End. And this is why I have the most insane respect of all for leaders like Benioff et al. 20-25+ years on The Journey. It's not easy man.

Bending Spoons agreed to acquire workplace-collaboration platform Miro in an all-cash transaction valuing the business at $1.36 billion, as the Italian technology group continues its acquisition spree.

Bending Spoons might end up being the savior for late-stage VCs who went aggressive in SaaS in 2021. Airtable and Miro sold at ~$1.8-2.3B equity values and the late-stage prefs get paid back in full. In an IPO scenario (if possible at all), they take 80%+ hit.

Christie's will auction almost 200 works from British businessman and Monsoon founder Peter Simon's collection, including pieces by Francis Bacon, Piet Mondrian and Joan Miró, valued at up to $168 million

The ARR multiple fallacy ARR multiple is not the right way to think about sub-20% growers. Simple framework: If you’re growing sub-20%, you get a 10-30x EBIDTA or FCF multiple. If you use this rubric, Miro is very fairly valued by Bending Spoons. Only 30%+ growers get the luxury of an ARR multiple. The reason is that 30% growth means you’re doubling in 3 years and so the revenue base will be 2x in 36 months, and the margin structure will look different at 2x scale. Cash flow today is a rounding error against that. So you value the trajectory, and ARR is the cleanest proxy for trajectory. At 15% growth, doubling takes 5 years. That's close enough to "never" that the market stops paying for the future and starts paying for the present. The present is earnings. If you're not producing them, you're not a growth company anymore. You're a bad value company. The mistake founders make is anchoring to the multiple they had at 40% growth and thinking the ARR multiple just compresses. It doesn't compress. It gets replaced. You cross 30% on the way down and the entire valuation framework switches out from under you. Which is why the worst place to be is 20-30% growth with no FCF. Growth investors won't pay for it. Value investors can't. You're priced by whoever is least excited,a really painful place to be.

Bending Spoons is worth $24 billion. It trades at 8x ARR and buys B2B companies at 2.3x to 2.7x ARR. 5 learnings from its first 102 days as a public company: #1#. Revenue grew 126%. Organic growth was 3%. Nearly all of the $393M of added revenue in Q2 came from six acquisitions. The CEO says he doesn't optimize for organic growth. He optimizes for EPS, which grew 167%. #2#. R&D is 8% of revenue. Sales and marketing is 10%. HubSpot and Datadog each spend about 70% of revenue on those two lines. Bending Spoons spends 18.6%. About 60 people run Vimeo. The core team is under 700 people, at $4M+ of revenue each. #3#. Miro sold at 2.3x ARR, five weeks after Airtable at 2.7x. $1.08B of ARR for $2.64B, signed 37 days apart. Miro was valued at $17.5B in 2022. Bending Spoons underwrites to a 25% unlevered return. At its 54% margin, that supports about 2.2x ARR. #4#. 1,830 people came with AOL, Eventbrite and Vimeo. Only a few hundred were kept. Airtable arrived with 935 employees, more than Bending Spoons’ entire core team. Reorganization costs were $51M in Q2 alone. #5#. AI writes 90%+ of the code. Customers pay about 10% more for the AI features. The CEO says a customer who paid 100 will now pay about 110. The AI gain shows up as capacity: the same 60 people on a business four times the size. If you're at $300M to $800M in ARR growing under 25%, this is the buyer most likely to at least call. But ... the only do a handful of deals a year. Its own stock trades at roughly 7x to 8x revenue. Your revenue is worth about 3x more inside Bending Spoons than it is in your hands.