Bending Spoons to buy collaboration tools maker Miro for $1.36B, 90% less than its 2022 valuation

The Italian serial acquirer of software companies seems to be exploiting a specific change: Large, recognizable SaaS companies that were priced in 2021 as if they’d become software giants, but matured into slower-growing but still substantial businesses with decent recurring revenue and established user bases.

Still, it’s curious why Miro’s board and investors agreed to sell at that price now, especially seeing that the company didn’t apparently need the cash. Has confidence in SaaS companies being able to go public or find a comparable exit really plummeted that low?