Bending Spoons is acquiring Miro, the remote collaboration startup that hit a $17.5 billion valuation in 2021, for $1.36 billion—a stark illustration of how SaaS valuations have collapsed since the pandemic boom. The deal reflects a broader pattern where once-hot software companies are now selling for a fraction of their former price despite remaining profitable with solid revenue streams.

• Miro's valuation dropped 92% from its 2021 peak, though the company remains healthy with $600 million in annual recurring revenue, 4 million paying users, and profitability
• SaaS multiples have unwound dramatically since 2021 as pandemic tailwinds faded and businesses consolidated tools, pushing companies like Miro aside in favor of integrated suites from better-funded competitors like Figma and Microsoft
• Bending Spoons is systematically acquiring recognizable SaaS companies that were priced as future giants but matured into slower-growth, profitable businesses—Airtable sold to them for $1.28 billion last month after a $11 billion 2021 valuation