Smartsheet has been acquired by funds managed by Blackstone and Vista Equity Partners for roughly $8.4 billion.
Blackstone and Vista Equity Partners are set to acquire all outstanding shares of workplace management business Smartsheet for $56.50 per share in cash as part of the proposed transaction. All parties involved clarify that this offer represents a 41 percent premium over the volume-weighted average closing price of Smartsheet's stock for the 90 trading days ending on July 17, 2024, which was the last full trading day before reports of a potential sale emerged.
"For more than a decade, we have built a thriving community of employees, partners, and customers, each focused on building and benefiting from Smartsheet’s industry-leading work management platform," said Mark Mader, CEO of Smartsheet. "Our next phase of growth and customer success is underway, and we look forward to partnering with Blackstone and Vista Equity Partners to accelerate our vision of modernising work management for enterprises globally."
This transaction is a testament to our employees’ outstanding work in serving customers and partners and building an enterprise-grade, market-leading platform. As we look to the future, we are confident that Blackstone and Vista’s expertise and resources will help us ensure Smartsheet remains a great place to work where our employees thrive while driving innovation and delivering even greater value for customers and stakeholders."
Additionally, the offer provides a 16 percent premium over the highest closing stock price recorded over the previous 12 months, ending on July 17, 2024.
