Miro’s Valuation Plummets in Major Sale | Tech News

0:00On September 10th, so, Miro, that collaboration software startup that was once valued at a whopping $17 billion back in 20. 21 is now being bought by Bending Spoons for just $1.36 billion in cash. That's a massive drop, a 92% dip in valuation, showing how much the tech market has shifted since those boom times. Miro really headed stride during the pandemic, when everyone was working remotely and needed tools to replicate that in-person whiteboard vibe. They built out a platform that could connect with hundreds of other apps and partnered with big names like Microsoft and Zoom, positioning themselves as an AI innovation workspace. But the tech landscape changed fast. As companies started tightening their belts in 2022, they cut down on duplicate software. Miro, facing stiff competition from giants like Canva and Microsoft, likely found it harder to stand out as businesses preferred more integrated. Suits. This acquisition by Bending Spoons is part of a pattern.

1:02They've been picking up these once hyped software companies for a fraction of their peak value, like AirTable last month. It seems they're targeting established SaaS businesses that are still solid, but aren't seeing that hyper growth anymore. It does make you wonder why Miro's board and investors agree to this deal now, especially since the company didn't seem desperate for cash. It raises questions about how confident people are in the future of these software companies going public or finding similar exits. From the industry, powered by AI, this is Tech News Today.