Smartsheet to be Acquired by Blackstone and Vista in $8.4 Billion Deal

Slice of Technology Team

Sep 29, 2024

Key Highlights:

Smartsheet to be acquired in an $8.4 billion all-cash transaction.
Shareholders to receive $56.50 per share, a 41% premium to the 90-day volume-weighted average.
Blackstone and Vista will leverage combined resources to accelerate work management innovation.
The deal includes a 45-day “go-shop” period for alternative proposals.
Transaction expected to close in Q4 of fiscal year ending January 31, 2025.

Source: Business Wire

Quotes

“ “We look forward to partnering with Blackstone and Vista Equity Partners to accelerate our vision of modernizing work management for enterprises, globally.” ”

Mark Mader, CEO at Smartsheet

Our Take:

This acquisition highlights the continued demand for scalable work management solutions in an increasingly distributed workforce. Smartsheet’s robust platform, combined with the financial and operational resources of Blackstone and Vista, is poised to accelerate its innovation and growth. The 41% premium offered to shareholders underscores the value the Buyers see in Smartsheet’s long-term potential, making this deal a strategic play in the enterprise software market.

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