Beyond the Bank Account: What Miro & Airtable Acquisitions Teach About SaaS Valuations

The Deals Under the Microscope

At a glance, The recent acquisitions of collaborative software giants Miro and Airtable by Milan-based Bending Spoons have sent ripples through the SaaS world. Valued at $1.355 billion and $1.285 billion respectively, these deals involved two highly recognized B2B brands, both flush with cash and considered market leaders.

However, a deeper dive into these transactions reveals a critical lesson for every SaaS founder: while a robust balance sheet offers significant advantages, it doesn’t guarantee a premium valuation or insulate against post-acquisition changes. Let’s unpack the key takeaways from these high-profile sales.

Meanwhile, In a span of just five weeks, Bending Spoons, an operator known for acquiring and optimizing digital products like Evernote and WeTransfer, secured definitive agreements for both Airtable and Miro. These companies, both well-capitalized with years of runway, were sold at enterprise values just under 3x their Annual Recurring Revenue (ARR).

A striking detail immediately emerged: a substantial portion of the acquisition price for both companies represented cash they already held. Combined, Miro and Airtable had approximately $1.4 billion in their bank accounts, making up about a third of their combined equity value in these transactions.

Cash on Hand: A Double-Edged Sword

In practical terms, It’s a common misconception that a massive cash reserve automatically translates to a higher company valuation. However, the Airtable and Miro deals starkly illustrate the reality:

• Cash Multiplier: Buyers pay enterprise value and effectively “hand back” your cash at face value. A dollar in the bank is worth exactly $1.00.
• ARR Multiplier: In contrast, Airtable’s ARR was valued at approximately 2.7x, and Miro’s at about 2.3x. For high-growth companies (e.g., 60%+ growth), ARR multiples can soar to 8x or 10x.

This means that while Airtable held nearly a billion dollars and Miro close to half a billion, this capital didn’t compound or get repriced at a premium in the transaction. It simply returned to shareholders at its original value, highlighting that a large cash pile, without corresponding growth, earns the “worst multiple on the cap table.”

Growth Rate: The True Valuation Driver

For example, The primary factor influencing the ARR multiples in these acquisitions was the growth rate, not the cash balance.

• Airtable’s Growth: Bending Spoons’ announcement for Airtable cited over 20% year-over-year ARR growth, reaching approximately $480 million.
• Miro’s Growth: The Miro release provided ARR figures (around $600 million, 90% from business customers) and user counts (4 million paying users, 100 million total), but notably omitted a growth rate. Third-party estimates suggest Miro’s growth in recent years has been in the high single digits.

Despite their differing cash reserves, both deals settled within 40 basis points of each other on the multiple (Airtable at 2.7x, Miro at 2.3x). This aligns with public market comparables for companies in the 20% growth band, which typically trade around 2x ARR. The lesson is clear: the growth rate, above all else, sets the price.

Airtable’s AI Rebuild: A Strategic Move, Not a Valuation Booster

That said, Airtable, under CEO Howie Liu, embarked on an ambitious “refounding” strategy, heavily investing in AI capabilities. This included significant product overhauls like Omni and Field Agents, and the acquisition of DeepSky, bringing in top AI talent. Liu described the period as “wartime leadership,” with the company generating cash while still retaining a substantial portion of its raised capital.

This intense rebuild stabilized Airtable’s business and enhanced its defensibility. However, it did not fundamentally alter its growth trajectory to a point that would command a significantly higher multiple. A company growing at 20% on $480 million ARR is ultimately priced as a cash-flow asset, regardless of its innovative roadmap. The cash reserves bought Airtable the time to execute this pivot, but couldn’t accelerate its market impact.

Capital Efficiency vs. Exit Valuation

The capital strategies of Miro and Airtable offered a stark contrast:

• Miro: Raised a total of $476 million over fourteen years, was profitable by 2020, and maintained a disciplined approach, ending with about $435 million in net cash.
• Airtable: Raised approximately $1.4 billion and experienced significant burn, including multiple rounds of layoffs.

Despite Miro’s early profitability and capital efficiency, its equity value was actually lower than Airtable’s in these exits. This suggests that while capital efficiency is a valuable discipline, it wasn’t the decisive factor in achieving a premium exit valuation in these specific scenarios. Being profitable years earlier didn’t automatically translate into a better outcome in 2026.

The Buyer Landscape and Leverage

However, One notable aspect of these deals was the apparent lack of a bidding war. Despite their prominent positions in the collaboration software market, neither Salesforce, Microsoft, nor Atlassian reportedly entered with competing bids. Instead, both companies were acquired by an operator like Bending Spoons, known for optimizing cash flows rather than paying control premiums for future strategic roadmaps.

For a well-capitalized B2B company growing at 20% in the current market, this appears to be the typical buyer profile. A fortress balance sheet provides the leverage to decline an offer, but it doesn’t necessarily summon a second, higher bidder. The fact that both companies proceeded with the sale suggests they weighed the value of waiting another year against the current offer.

Miro’s Shareholder Reinvestment

Meanwhile, Further illustrating buyer leverage, Miro’s deal included a unique clause: certain shareholders agreed to reinvest $295 million of their proceeds directly back into newly issued Bending Spoons stock. This accounted for about 16% of Miro’s equity value, a condition not present in the Airtable deal. This highlights how, even for a “strongest possible version of a seller” like Miro (profitable, cash-rich, no forced timeline), the terms can still bend towards the buyer’s needs and funding capabilities.

What a Strong Balance Sheet Does Provide

While a large cash reserve may not guarantee a sky-high valuation, it offers crucial advantages, primarily related to downside protection and optionality:

• A Structured Process: It allows for a well-managed acquisition process with advisors and normal closing conditions, avoiding the distress of a “fire sale.”
• Avoiding Discounted Rounds: Companies can avoid desperate bridge rounds at punitive valuations during challenging market conditions.
• Exits Above Capital Raised: Both companies achieved exits that provided a return above the capital they had collectively raised, ensuring investors saw positive returns (though the distribution varied significantly for early vs. late-stage investors).
• Cash for Founders and Employees: Vested equity converts to actual cash, providing a tangible payout rather than rolled-over promises.
• Funding for Strategic Pivots: As seen with Airtable, cash provides the runway to invest in significant product rebuilds or strategic shifts without immediate fundraising pressure.

In practical terms, These benefits are undeniably valuable, but they largely pertain to mitigating risk and maintaining control over the timing and process of an exit, rather than maximizing the price beyond what growth metrics dictate.

The Post-Acquisition Reality for Employees

A sobering aspect of these acquisitions, particularly by an operator like Bending Spoons, is the likely impact on employees. Bending Spoons’ historical track record with acquisitions (Evernote, WeTransfer, Vimeo, AOL) consistently shows significant post-acquisition restructuring and layoffs, often affecting a large percentage of the acquired workforce.

For example, For Miro and Airtable employees, this means a dual reality: while vested equity likely translates into a meaningful check, the probability of job retention under the new ownership is historically low. Cash allows sellers to choose their buyer and timing, but it doesn’t grant a vote on the future of the product or the team after the deal closes.

The Ultimate Lesson: Prioritize Growth Over a Cash Pile

The overarching takeaway from the Miro and Airtable acquisitions is a powerful one for all SaaS leaders: getting to cash flow positive is a significant achievement that buys you control over your timeline. However, it’s a way station, not the ultimate destination. What truly matters is how you leverage that control.

That said, With a combined $1.4 billion in dry powder and years of autonomy, neither company managed to convert that control into a growth rate that significantly altered their valuation multiples. The market for growth-stage capital is increasingly focused on AI-native companies achieving triple-digit growth. A 20% grower, even with a massive bank account, cannot rely on attracting a premium “next round” or a strategic buyer paying a high multiple for future potential.

“Deploy the cash into the growth rate. A dollar of cash is worth $1. A dollar of ARR at 20% growth is worth $2.30. A dollar of ARR at 60% growth is worth several times that. If the money can move you from the first band to the second, spending it is the highest-return use available.”

The strategic imperative is clear: once “default alive,” aggressively deploy capital into initiatives that demonstrably accelerate your growth rate. Whether through R&D, sales and marketing, or strategic acquisitions, the highest return on investment comes from moving your company into a higher growth band.

A growing cash pile should be seen as an opportunity to invest in growth, not just a static asset. In the SaaS world, it’s often “Grow or Die.”

Expert Perspective

From an industry angle, the clearest signal around SaaS Acquisition Valuation is how it may influence airtable. The story reads less like a one-day spike and more like a marker of broader movement.

The next phase will depend on how quickly teams, regulators, or customers react. In practice, that gives SaaS Acquisition Valuation room to reshape expectations across miro over the near term.

For readers focused on practical impact, the best next step is to watch what changes around cash once attention turns into execution.

Frequently Asked Questions

Why does SaaS Acquisition Valuation matter right now?

The Deals Under the MicroscopeAt a glance, The recent acquisitions of collaborative software giants Miro and Airtable by Milan-based Bending Spoons have sent ripples through the SaaS world.

What broader change could SaaS Acquisition Valuation signal?

Valued at $1.355 billion and $1.285 billion respectively, these deals involved two highly recognized B2B brands, both flush with cash and considered market leaders.However, a deeper dive into these transactions reveals a critical lesson for every SaaS founder: while a robust balance sheet offers significant advantages, it doesn’t guarantee a premium valuation or insulate against post-acquisition changes.

What should the market watch next around SaaS Acquisition Valuation?

Let’s unpack the key takeaways from these high-profile sales.Meanwhile, In a span of just five weeks, Bending Spoons, an operator known for acquiring and optimizing digital products like Evernote and WeTransfer, secured definitive agreements for both Airtable and Miro.

Source: https://www.saastr.com/one-thing-miro-airtable-show-getting-cash-flow-positive-isnt-magical/