Bending Spoons announced a definitive agreement to acquire Miro at a $1.355 billion enterprise value, with the deal expected to close in the fourth quarter. This follows the recent acquisition of Airtable at a $1.285 billion enterprise value, which closed five weeks ago. Both companies are well-known B2B brands and were acquired by the Milan-based rollup within about a month, marking significant moves in the SaaS sector.
The acquisitions reflect a strategic approach by Bending Spoons, which targeted companies that were cash flow positive and had substantial runway. Airtable and Miro collectively held about $1.4 billion in cash against roughly $4 billion in combined equity value. Notably, $965 million of Airtable's price and $435 million of Miro's price consisted of the companies' own cash reserves. Buyers pay the enterprise value and effectively return the cash to the sellers at face value, meaning cash is valued at 1.0x, while ARR multiples were lower.
These deals highlight the current SaaS market dynamics where cash flow positivity is crucial but does not command high valuation multiples. Airtable's ARR was valued at 2.7x, and Miro's at about 2.3x, despite Airtable growing at 60%. In contrast, high-growth companies might see ARR multiples of 8x to 10x. The acquisitions underscore a trend where buyers prioritize companies with strong balance sheets and sustainable cash flow over high ARR multiples alone.
The Miro acquisition is set to close in the fourth quarter, following Airtable's recent deal closure. Together, these transactions demonstrate Bending Spoons' focus on consolidating established SaaS brands with solid financial footing. The combined equity value of the two deals is approximately $4 billion, with a significant portion of the transaction prices representing the companies' own cash holdings.