The Numbers
Bending Spoons closed Airtable at $1.285B enterprise value five weeks ago. This week they announced Miro at $1.355B, expected to close Q4. Both priced under 3x ARR despite years of runway and strong balance sheets.
Airtable: $480M ARR, 20%+ growth, $965M cash on hand. Equity value $2.25B, enterprise value $1.285B. The difference is cash. Forty-three percent of the price was Airtable's own bank account.
Miro: roughly $600M ARR, growth rate undisclosed, $435M cash. Equity value $1.79B, enterprise value $1.355B. Twenty-four percent of the price was cash already in the account.
Cash gets handed back at 1.0x. ARR in these deals got 2.3x to 2.7x. At 60% growth, ARR might get 8x to 10x. Neither company was growing 60%.
What It Means for Sales Orgs
Miro was reportedly profitable in 2020, before raising $400M. Airtable burned through a chunk of its $1.4B raised, cut 491 people across two rounds, then shipped a full AI rebuild under CEO Howie Liu. Miro cut 394 people across two rounds and stayed disciplined on burn.
Opposite capital strategies. Same outcome: mid-single-digit multiples.
For revenue teams, the signal is blunt. Strong unit economics and cash generation buy time to find product-market fit or weather downturns. They do not compound into higher exit multiples when growth normalizes. Public SaaS comps in the 20% growth band trade around 2x ARR. These deals cleared right there.
Airtable's reported headcount sits around 700 post-layoffs. Miro's is estimated between 1,400 and 1,900, suggesting a larger field sales and customer success footprint, though neither company breaks out sales team size publicly. Both are now framed as mature software assets with enterprise install bases, not hypergrowth stories.
Two category-defining collaboration platforms, both with meaningful brand recognition and enterprise relationships, both acquired by the same Milan-based rollup inside a month. The buyer was buying durable usage and enterprise accounts, not distressed assets. The balance sheets were strong. The multiples were not.
Cash flow positive is table stakes. It does not move the exit number when growth slows. For sales leaders forecasting pipeline or quota planning around company trajectory, the reset is clear: profitability buys runway, not repricing.