# Bending Spoons buys Miro ($1.355B) five weeks after Airtable ($1.285B) — and the exit math is a warning about whose tools you rent

> Updated 2026-09-11 · type: news · category: productivity-knowledge · status: active · rev 1

Bending Spoons bought Miro at $1.355B five weeks after Airtable at $1.285B — recurring revenue fetched just 2.3-2.7x, a warning about rented tools.

- Open source: no
- Last verified: 2026-09-11

- **Canonical:** https://gtmstacker.com/registry/news/bending-spoons-miro-airtable/
- **Source:** [saastr.com · Jason Lemkin](https://www.saastr.com/one-thing-miro-airtable-show-getting-cash-flow-positive-isnt-magical/)
- **Tags:** productivity-knowledge, news, build-vs-buy, saas-consolidation, lock-in, governance

## Is Bending Spoons buys Miro ($1.355B) five weeks after Airtable ($1.285B) — and the exit math is a warning about whose tools you rent open source?

No, Bending Spoons buys Miro ($1.355B) five weeks after Airtable ($1.285B) — and the exit math is a warning about whose tools you rent is not open source.


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Bending Spoons agreed to acquire Miro at a $1.355B enterprise value, five weeks after closing Airtable at $1.285B. SaaStr's analysis: roughly a third of both prices was the companies' own cash converting at 1.0x, with recurring revenue fetching only 2.3-2.7x — cash-flow-positive maturity bought very little at the finish line. Two core collaboration tools thousands of GTM stacks rent just changed hands.

## Notes

- Facts per SaaStr (2026-09-11): Miro at $1.355B EV (definitive agreement, closing expected Q4); Airtable at $1.285B EV (closed five weeks earlier); ~$1.4B combined cash on the two balance sheets converting at 1.0x; ARR multiples in the 2.3-2.7x range. Lemkin's argument: cash-flow-positive maturity is necessary but buys little at exit — growth rate is what compounds valuation.
- The GTM-stack read: Bending Spoons' model is buying mature SaaS and running it for cash, which historically means price and packaging changes for tenants. If Miro boards or Airtable bases sit anywhere load-bearing in your stack, the data-portability question ("how do we get everything out?") moved from theoretical to scheduled. This is the concrete, dated version of the lock-in argument for keeping exportable, open formats at the core of a GTM stack.
- Curated from the GTM Stacker signal registry (2026-09-11 pass: daily pull + viral-posts brief).