Smartsheet, a leader in AI-enhanced work management solutions, has completed its acquisition by funds managed by Blackstone and Vista Equity Partners in a deal valued at approximately $8.4 billion. The acquisition, which was first announced in September 2024 and approved by Smartsheet stockholders in December 2024, marks a new chapter for the company as it transitions to a privately held entity.
Key Details of the Acquisition
- Stockholder Compensation: Smartsheet stockholders are entitled to receive $56.50 in cash for each share of common stock they held prior to the closing.
- Delisting: Smartsheet’s stock is no longer listed on the New York Stock Exchange, marking the completion of the transaction.
Strategic Benefits and Future Vision
- Enhanced Investments: The acquisition brings Smartsheet closer to Blackstone and Vista’s global expertise, allowing for long-term investments aimed at expanding Smartsheet’s collaborative work management solutions.
- Expansion Goals: The goal is to scale Smartsheet’s business internationally and make its AI-driven products and solutions available to a broader range of customers and partners.
- Collaborative Innovation: With backing from Blackstone and Vista, Smartsheet will continue to innovate, delivering enhanced products and experiences for customers across industries.
Leadership and Insights
- Mark Mader, Smartsheet’s President and CEO: “We look forward to working with Blackstone and Vista to drive significant long-term growth and innovation, benefitting our customers, partners, and employees.”
- Sachin Bavishi, Senior Managing Director at Blackstone: “Smartsheet’s enterprise-grade work management tools have been critical in helping organizations optimize workflows, and we’re excited to partner in delivering greater value and innovation.”
- Monti Saroya and John Stalder, Vista: “Smartsheet’s intuitive platform plays a critical role in empowering modern enterprises to work more efficiently, and we look forward to expanding its capabilities and reach.”
The completion of this acquisition sets the stage for Smartsheet to enhance its AI-powered collaborative work management platform, backed by the significant resources and expertise of Blackstone and Vista. As Smartsheet embarks on this new phase, it aims to expand its international footprint, foster innovation, and further streamline organizational productivity globally.
