Bending Spoons, the Italian software roll-up that IPO'd on Nasdaq in July 2026, announced a definitive agreement to acquire Airtable for $1.285 billion in an all-cash deal. At its 2021 peak, Airtable was valued at $11 billion; the current deal values it at roughly 11.6% of that peak. Airtable's annual recurring revenue stands at approximately $480 million as of June 2026, growing over 20% year-over-year, and the company serves 500,000+ organizations including 80% of the Fortune 100.
Bending Spoons, which has built a private-equity-style acquisition playbook (AOL in January 2026, Eventbrite in March 2026), plans to retain long-term investment in Airtable and focus on AI capabilities. Airtable co-founder Howie Liu stated: 'Partnering with Bending Spoons gives us the resources and the long-term commitment Airtable needs to pursue that vision even more boldly as we build the AI-native platform of the future.' The deal is expected to close by year-end pending regulatory approval.
This signals deepening pressure on mid-market SaaS valuations despite 20%+ ARR growth. Airtable raised $1.4+ billion before this exit, retaining $1 billion in cash at announcement, yet still traded at a 3x multiple on forward-looking ARR. Architects shipping no-code or low-code platforms should monitor: the SaaS 'discount to SAUL' (software adoption ultra-low-margin reality) persists even for profitable, high-growth portfolio companies. Bending Spoons is betting on cost discipline and integration advantage where independent venture-backed SaaS boards saw capital efficiency and exit optionality constraints.