Blackstone and Vista Equity Partners close $8.4bn Smartsheet acquisition

Blackstone and Vista Equity Partners completed their $8.4bn acquisition of Smartsheet, a leading enterprise work management platform.

The transaction, initially announced in September 2024 and approved by stockholders in December, allows Smartsheet shareholders to receive $56.50 per share in cash. As a result, Smartsheet has delisted from the New York Stock Exchange and will now operate as a privately held company.

Mark Mader, President and CEO of Smartsheet, expressed optimism about the company’s future under its new ownership. “With Blackstone and Vista as partners, we can invest with a long-term horizon to benefit our customers, partners, and team,” Mader said.

The acquisition underscores the growing importance of collaborative work management solutions powered by AI. Smartsheet, Blackstone, and Vista plan to expand the company’s platform and global reach to enhance productivity and customer satisfaction.

“Smartsheet enables seamless collaboration on mission-critical projects,” said Sachin Bavishi, Senior Managing Director at Blackstone. “We look forward to delivering even greater value through innovation and investment.” Monti Saroya, Co-Head of Vista’s Flagship Fund, added, “Smartsheet’s platform helps teams perform with the efficiency modern enterprises demand. We’re excited to drive continued innovation and productivity gains.”

Advisors for the transaction included Qatalyst Partners for Smartsheet, while Goldman Sachs, Morgan Stanley, and law firms Kirkland & Ellis and Simpson Thacher represented Blackstone and Vista.

Smartsheet is trusted by millions globally, including over 85% of the 2024 Fortune 500, as a category leader in enterprise work management. With the backing of Blackstone and Vista, Smartsheet is poised to deliver the next wave of innovation in collaborative solutions.

Source: Business Wire

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