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Smartsheet CEO Mark Mader at the company’s ENGAGE customer conference in September 2023. (Smartsheet Photo)
Smartsheet reported its third quarter earnings, 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.
Bellevue, Wash.-based Smartsheet is preparing to go private again following a $8.4 billion deal with Vista Equity Partners and Blackstone, announced in September. Smartsheet said last month it did not receive any alternative offers from other potential acquirers during a 45-day “go-shop period.”
The deal is expected to close by the end of January.
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, which 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.
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, which launched in 2005, 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.
