Vista Equity Partners, led by billionaire Robert F. Smith, is partnering with Blackstone to acquire Smartsheet, the popular enterprise work management platform.
The all-cash deal values Smartsheet at approximately $8.4 billion, marking one of the largest recent acquisitions in the software space.
Under the terms of the agreement, the two firms will pay $56.50 per share, a 41% premium to Smartsheet’s 90-day average stock price.
Smartsheet’s Continued Growth With New Partners
Smartsheet has been a key player in the enterprise work management sector, serving millions of users, including 85% of the Fortune 500.
“For more than a decade, we’ve built a thriving community focused on benefiting from Smartsheet’s industry-leading platform,” CEO Mark Mader said.
“We are confident that Blackstone and Vista’s expertise will help us innovate further, delivering even greater value for our customers.”
Strategic Vision and Future Plans
This acquisition is part of a broader trend in the enterprise software sector, where investment firms are seeking opportunities in scalable, cloud-based solutions.
Blackstone’s Martin Brand and Vista’s Monti Saroya highlighted Smartsheet’s critical role in managing business processes and their commitment to expanding the company’s capabilities.
Smartsheet will continue operating under its current name but will transition into a privately held entity once the deal closes, expected by early 2025.
The company’s leadership believes that the combined expertise of Blackstone and Vista will accelerate investments in next-gen work management technologies.
Feature Image Credit: The New York Times
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