Airtable, once valued at nearly $12bn in 2021, is set to be acquired by Bending Spoons for just under $2.3bn. This marks a significant reduction from its previous valuation, reflecting a broader market downturn for software-as-a-service (SaaS) companies.

Bending Spoons, known for acquiring and restructuring struggling software firms like Evernote and AOL, targets companies with loyal user bases but challenged growth. While Airtable's annual recurring revenue is nearly $500mn and growing at 20 per cent, it has been impacted by the "SaaSpocalypse" and the rise of AI agents that lower barriers to entry for collaborative work management software.

Competitors like Monday.com and Asana, despite positive cash flow, have seen their stock values plummet from their 2021 peaks. Although Airtable's sale price is considerably lower, early investors may still see a return, and a multibillion-dollar cash exit remains substantial. The trend suggests more such acquisitions may occur as private equity firms seek opportunities in the software sector.