Bending Spoons acquires Airtable and Miro amid valuation scrutiny

Bending Spoons has announced the acquisition of Airtable and is currently in the process of buying Miro. Miro generates $600 million in annual revenue but was previously valued at $17.3 billion. This valuation implies a requirement for sustained growth of at least $600 million annually for the next 34 years, a trajectory many analysts view as unrealistic. Airtable, which was once a customer favorite, experienced a significant performance decline approximately two years ago. Users reported that views took 45 seconds to load even for small tables containing 20 to 200 items. The company reportedly shifted its focus from its core product to building AI agents and other tools, leading to widespread customer dissatisfaction. The argument posits that AI is not killing SaaS; rather, companies like Airtable and Miro are struggling due to distracted leadership, poor product decisions, and unsustainable venture capital valuations that force consolidation. The market for similar tools remains fragmented with multiple successful players, including Coda, Smartsheet, Mural, FigJam, and Jamboard, contradicting the 'winner-takes-all' narrative often promoted by investors. As one observer noted, AI did not kill Airtable; the team getting distracted from their core value did.