Once valued at $17.5 billion, Miro has now been sold for $1.79 billion.

Beating AI News Flash: Bending Spoons, a company specializing in acquiring software and operating it for the long term, has agreed to acquire AI collaboration whiteboard Miro, with the deal expected to close in the fourth quarter of this year. Miro's valuation once reached as high as $17.5 billion in 2022, but the equity value corresponding to this deal is now only about $1.79 billion, a decline of nearly 90%.

Miro's high valuation at the time coincided with the pandemic-driven surge in demand for remote work. Since then, the remote collaboration software sector as a whole has cooled, and enterprises have become increasingly cautious about spending on such tools. Miro currently still has nearly 4 million paying users and about $600 million in annual recurring revenue, with nearly 90% coming from enterprise customers.

Bending Spoons only just completed its acquisition of Airtable last week. After previously buying products such as Evernote, WeTransfer, and Vimeo, it has raised prices and cut staff at some of them. Some people in the Miro community are already worried that similar adjustments will next be applied to Miro.