Airtable, a workflow software company, has been acquired by Bending Spoons for an enterprise value of approximately $1.29 billion in cash, with an equity value of $2.25 billion including Airtable's cash reserves. This sale represents a drastic drop from its peak valuation of $11 billion in 2021, and its previous valuation of $5.5 billion just months before that, highlighting a significant "capitulation" in the SaaS market. The company had raised about $1.35 billion since its founding in 2012, including $735 million in 2021 and $270 million earlier that year.
Bending Spoons, which recently went public in July at an $18 billion valuation, is known for acquiring software companies that are considered past their prime, such as AOL and Vimeo, and then aggressively cutting costs to streamline operations. This acquisition is its first since going public and aligns with its CEO Luca Ferrari's strategy of seeking predictability in acquisition targets. Airtable's annual recurring revenue as of June 2026 was approximately $480 million, representing over 20% year-over-year growth.
Analysts view this sale as one of the first major "SaaSpocalypse" events, indicating that some companies, or their venture capital backers, are accepting lower valuations. The deal suggests a potential trend where other software companies, especially those that were highly valued during the pandemic-era tech boom but have struggled with sustained growth amid the rise of AI, might face similar fates. Airtable, founded in 2013, had previously aimed for an IPO but struggled with growth challenges, similar to many software firms facing the impact of generative AI tools.
