Smartsheet CEO Mark Mader.
Source: Smartsheet
Collaboration software manufacturer smart meter It was announced on Tuesday that it would be acquired by Blackstone and Vista Equity Partners in an all-cash deal that values the company at $8.4 billion.
Shareholders will receive $56.50 per share, a 41% premium to Smartsheet’s average closing price over the past three months.
The company has been gauging interest from potential acquirers for months, according to other media reports. The company went public in 2018 and seeks to compete head-on with other software companies such as Atlassian.
CEO Mark Mader said in a press release: “Looking forward, we believe the expertise and resources of Blackstone and Vista will help us ensure that Smartsheet remains a great place to work for our employees to thrive.” After the news, the stock price up 6%.
The deal has a 45-day bidding period, allowing Smartsheet to solicit other bidders. Barring another offer, the transaction is expected to close in January 2025, subject to shareholder approval.
Qatalyst provided recommendations for Smartsheet. Goldman Sachs and Morgan Stanley are advising private equity bidders.
