Vista Equity Partners and Blackstone Propose $8.4B Acquisition of Smartsheet

Vista Equity Partners and Blackstone have jointly offered to acquire Smartsheet, the cloud-based workplace collaboration platform, for $8.4 billion in cash. The proposed acquisition values Smartsheet’s shares at a 41% premium over the company’s 90-day average closing share price, with shareholders set to receive $56.50 per share upon completion.

The acquisition agreement includes a 45-day “go-shop” period, during which Smartsheet is allowed to solicit alternative buyout proposals. Should a more favorable offer be presented, Smartsheet’s board reserves the right to terminate the current deal, subject to specific terms of the merger agreement.

Smartsheet CEO Mark Mader highlighted that this partnership will help accelerate their growth in modernizing work management for enterprises. He acknowledged the work of Smartsheet employees and emphasized the transaction as a milestone for the company.

Founded in 2005, Smartsheet provides tools for workplace collaboration, task management, and project tracking, with integrations to platforms like Microsoft Office, Google apps, Salesforce, Dropbox, and AWS. Smartsheet’s redesign and innovations over the years have attracted millions of users, cementing its place as a market leader.