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Mirakl: Pressure valuation in the face of a changing model
In 2021 Mirakl raised $ 555 million during a E seriesbringing its valuation to $ 3.5 billion. This funding rewarded a dazzling trajectory, making the company one of the champions of the Saas in Europe. Three years later, while Mirakl displays a Recurrent annual income (arr) of $ 177 million, And reached for the first time in 13 years, profitability on its historical activity, a major strategic turn takes place. The company, specializing in marketplaces infrastructure, aims to become a Ai-war and multi-development platformintegrating Retail media, management of catalogs and automated payments.
This repositioning comes at a critical moment, the‘RAr slows down ( +15 % in 2024 against +50 % in 2021) And the organic growth of the SaaS Marketplace model seems to run out of steam. The bet of artificial intelligence and retail media is supposed to open new income relays, but it generates considerable investments and weakens overall profitability. However, a valuation of $ 3.5 billion is based on the hypothesis of a rapid and controlled expansion. Can Mirakl still justify it?
A rapid rise, a marked slowdown
Founded in 2012the company created by Philippe Corrot and Adrien Nussembaum, has established itself as the reference of SaaS marketplacesallowing companies to integrate an online sales model via third parties. Mirakl benefited from a favorable market dynamic, with the boom in e-commerce and the digital transformation of the great actors of the retail and the B2B.
Growth has been spectacular but obviously slows down. The arr is gone from $ 100 million in 2021 at 177 million in 2024but with an annual increase divided by three over this period. This settlement of growth is combined with an evolution of the SaaS market, where valuations have dropped significantly. While technological companies previously benefited from multiple high (15x-20x per), they fell to 6x-10xweakening non -profitable companies and limiting their access to financing.
A strategic pivot that increases the financial structure
To relaunch growth, Mirakl begins a transition to a Expanded e-commerce ecosystem. The company invests massively in Mirakl Adsmedia retail solution allowing marketplaces to monetize their audience, and Mirakl Connectsellers integration platform and catalog optimization. In parallel, Mirakl relies on artificial intelligence with its Catalog Transforman automation solution for the processing of produced data, and incorporates advanced features throughout its offer.
The acquisition of Adspert in December 2024 strengthens this new strategy, but its integration and its commercial adoption remain uncertain. These new initiatives require considerable resources and, for the moment, do not yet generate income comparable to Mirakl Platform. The profitability obtained in 2023 on historical activity could be compromised if these new products are not imposed quickly.
A recovery difficult to defend
With $ 177 million inMirakl is valued almost 20 times its round. Such multiple appears excessive in the current context. If Mirakl was valued according to the current SaaS standards, its capitalization would be between 1 and 2.7 billion dollarswell below 3.5 billion displayed in 2021.
As it stands, two options are emerging:
- Accelerate the monetization of new offers to compensate for the drop in SaaS dynamics and justify current valuation.
- Revise the recovery downwards in the event of a new fundraising, an adjustment already observed in several European Scale-ups that have raised during the cheap money period (2019-2021).
Three scenarios for 2025-2026
If the strategic pivot works and the new offers are gaining momentum, Mirakl could find a dynamic of growth, carry its repair beyond $ 250 million and stabilize its profitability. This scenario would preserve a valuation close to current levels.
In a more prudent case, the transition to AI and the media retail takes longer than expected. The RAP progresses moderately, without significant acceleration. In 2023, a sign of caution for shareholders, the company contracted a syndicated credit of 100 million euros while interest rates were at the highestan alternative to a fundraising in equity and avoiding any reassessment of the valuation of the company.
The most critical scenario would be that of too slow adoption of new offers, combined with a shortness of breath. In this case, Mirakl may have to raise funds under less favorable conditions, to a valuation below that of 2021.
A bet under surveillance
Mirakl has proven the solidity of its SaaS model, but its repositioning towards a multi-solution platform raises questions about its ability to maintain its profitability and valuation. The market has changed, and the current level of arrorship does not fully justify the $ 3.5 billion displayed during the last round of the table.
If the pivot works and the monetization of new offers is accelerating, Mirakl will be able to legitimately claim a lasting expansion. But if the transition turns out to be slower and more expensive than anticipated, an adjustment of valuation could impose itself.
If Mirakl manages to impose its pivot and transform its new offers into profitable growth relays, the bet will be won. But if the AI and the media retail are struggling to generate income that meets investments committed, the company may come up against a brutal reality with an untenable recovery and an inevitable correction.
