Smartsheet, the AI enhanced enterprise grade work management platform, announced the completion of its acquisition by funds managed by Blackstone (“Blackstone”) and Vista Equity Partners (“Vista”) in a transaction valued at approximately $8.4 billion.
The transaction was previously announced on September 24, 2024, and approved by Smartsheet stockholders on December 9, 2024. With the completion of the take private transaction, Smartsheet stockholders are entitled to receive $56.50 in cash for each share of Smartsheet common stock they owned immediately prior to the closing. Smartsheet’s stock has ceased trading, and the company is no longer listed on the New York Stock Exchange.
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“We are so pleased to reach another significant milestone, and look forward with optimism to the next chapter for Smartsheet,” stated Mark Mader, President and CEO of Smartsheet. “Working alongside industry powerhouses Blackstone and Vista, Smartsheet can invest with a long-term horizon to the benefit of our customers, partners and team.”
In today’s workplace, collaborative work management and AI-enabled user experiences are more important than ever as companies seek to become more efficient and productive. Smartsheet, Blackstone and Vista will seek to invest to expand the company’s leading collaborative work management solutions and deliver exceptional products and experiences for customers and partners. Further, Smartsheet will benefit from Blackstone and Vista’s global expertise to help it scale its international business and make its products and expertise available to customers and partners worldwide.
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Sachin Bavishi, a Senior Managing Director at Blackstone, said, “Smartsheet’s enterprise grade work management solutions have long enabled teams at leading organizations to collaborate seamlessly across mission-critical projects and workflows. We are excited to partner with Smartsheet’s management team to deliver even greater value to customers through continued product innovation and investment by leveraging our and Vista’s combined scale and resources.”
“Smartsheet’s intuitive and easy-to-use platform brings people, work and technology together to help teams perform with the pace, scale and proficiency modern enterprises and their workforces have come to expect,” said Monti Saroya, Co-Head of Vista’s Flagship Fund and Senior Managing Director, and John Stalder, Managing Director at Vista. “We are pleased to welcome Smartsheet to the Vista ecosystem, and we look forward to working alongside Blackstone to drive continued product innovation, productivity gains and outstanding customer experiences to thousands of organizations worldwide.”
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Source – businesswire
