Italian technology firm Bending Spoons agreed to acquire Airtable for about $1.285 billion, a sharp drop from the collaboration software company's $11.7 billion private valuation in 2021.
Including Airtable's cash, the deal implies an enterprise value of roughly $2.25 billion, highlighting how far software valuations have fallen since the pandemic-era boom, when investors awarded high-growth SaaS companies record multiples, according to Forge Global.
The deal reflects the broader reset across venture-backed software.
Airtable, however, continues to expand, generating about $480 million in annual recurring revenue as of June, up roughly 20% year over year, according to The Wall Street Journal.
Even so, investors were no longer willing to pay the lofty multiples seen in 2021.
