Smartsheet: Acquisition by Blackstone and Vista Equity Partners Completes at $8.4 Billion Valuation
Deal News | Jan 22, 2025 | Vista Equity Partners
In a significant development in the technology and investment landscape, Smartsheet has completed its acquisition by Blackstone and Vista Equity Partners in a deal valued at approximately $8.4 billion. The transaction was initially announced in September 2024 and received approval from Smartsheet's stockholders by December 2024. As part of this taking-private transaction, Smartsheet's common stockholders will receive $56.50 in cash per share, and the company has been delisted from the NYSE. Mark Mader, Smartsheet's CEO, expressed optimism about this new chapter, highlighting the potential to leverage the expertise of Blackstone and Vista to invest in long-term growth and global expansion. Blackstone and Vista both emphasized their commitment to driving product innovation, enhancing customer experiences, and expanding Smartsheet's presence internationally. Qatalyst Partners acted as financial advisor, and Fenwick & West LLP provided legal counsel to Smartsheet, while Goldman Sachs and Morgan Stanley advised Blackstone and Vista, with Kirkland & Ellis and Simpson Thacher & Bartlett providing legal counsel.
Sectors
- Private Equity
- Enterprise Software
Geography
- United States – Smartsheet is based in Bellevue, Washington; Blackstone and Vista Equity Partners are major players in the US-based private equity and investment markets.
Industry
- Private Equity – This transaction involves significant investment and acquisition activity by Blackstone and Vista Equity Partners, both prominent private equity firms.
- Enterprise Software – Smartsheet operates within the enterprise software sector, providing work management solutions to corporate clients.
Financials
- $8.4 Billion – Total valuation of the acquisition deal for Smartsheet by Blackstone and Vista Equity Partners.
- $56.50 per share – Price per share offered to Smartsheet stockholders in the acquisition.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Smartsheet | Target Company | Company | Smartsheet is a leading enterprise work management platform that has been acquired by Blackstone and Vista Equity Partners. |
| Blackstone | Acquiring Company | Company | Blackstone is the world's largest alternative asset manager, acquiring Smartsheet in partnership with Vista Equity Partners. |
| Vista Equity Partners | Acquiring Company | Company | Vista Equity Partners specializes in investments in enterprise software and technology-enabled businesses. |
| Mark Mader | CEO of Smartsheet | Person | President and CEO of Smartsheet, overseeing the company's strategy and operations. |
| Qatalyst Partners | Financial Advisor to Smartsheet | Company | Provided exclusive financial advisory services to Smartsheet during the acquisition. |
| Fenwick & West LLP | Legal Counsel to Smartsheet | Company | Served as legal counsel for Smartsheet in the acquisition. |
| Goldman Sachs & Co. LLC | Financial Advisor to Blackstone and Vista | Company | Acted as financial advisor to Blackstone and Vista Equity Partners. |
| Morgan Stanley & Co. LLC | Financial Advisor to Blackstone and Vista | Company | Provided financial advisory services to Blackstone and Vista Equity Partners. |
| Kirkland & Ellis LLP | Legal Counsel to Blackstone and Vista | Company | Provided legal advice to Blackstone and Vista Equity Partners. |
| Simpson Thacher & Bartlett LLP | Legal Counsel to Blackstone and Vista | Company | Served as legal counsel for Blackstone and Vista Equity Partners during the acquisition. |