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Smartsheet CEO Mark Mader. (Smartsheet Photo)
Smartsheet is a private company again.
The Bellevue, Wash.-based enterprise software giant completed its $8.4 billion acquisition by Blackstone and Vista Equity Partners on Wednesday, capping off a transaction process first announced in September.
The purchase price represented a premium of about 41% to the volume weighted average closing price of Smartsheet stock for the 90 trading days ending July 17, before a Reuters report on the potential deal.
Smartsheet is no longer listed on the New York Stock Exchange.
The acquisition could be part of increased tech M&A activity in 2025 after a slowdown over the past few years.
Smartsheet, which launched in 2005 and went public in 2018, makes cloud-based enterprise work management technologies for managing and tracking projects, collaborating, storing data, and automating and assigning tasks, among other capabilities. It serves 85% of the Fortune 500 as customers.
Smartsheet reported its third quarter earnings last month, with revenue rising 17% to $286.9 million and GAAP net income of $1.3 million, up from a $32.4 million loss in the year-ago period.
The company’s annualized recurring revenue hit $1.13 billion in the third quarter. Its net cash flow was $63.5 million, up from $15.1 million in the year-ago quarter.
Smartsheet has more than 3,300 employees. There were no immediate updates on headcount or impact to the company’s headquarters location following the acquisition announcement in September.
Vista Equity Partners, an Austin, Texas-based firm with more than $100 billion in assets, previously acquired other publicly traded Seattle-area tech companies including Apptio in 2019 (Apptio later sold to IBM) and Avalara in 2022.
Blackstone, meanwhile, recently gobbled up Seattle-based pet-sitting giant Rover in a $2.3 billion deal.
