Private Equity Titans Eye $7 Billion Smartsheet Acquisition
A consortium led by Vista Equity Partners and Blackstone is negotiating to acquire Smartsheet, a workplace collaboration software maker valued at $7 billion. Talks are confidential, and terms are undisclosed. The company, serving major corporations, saw its shares rise 10% amid acquisition rumors. Competitors include Asana and Monday.com.
A private equity consortium, including Vista Equity Partners and Blackstone, is negotiating to acquire Smartsheet, a U.S. maker of workplace collaboration software, valued at approximately $7 billion, according to sources familiar with the matter.
If the discussions remain fruitful, a deal could be signed in the coming weeks, according to anonymous sources. Smartsheet's shares surged nearly 10% following the news on Thursday, before trading was briefly halted. The exact terms of the deal remain undisclosed.
Vista Equity Partners currently holds a 4.7% stake in Smartsheet. Smartsheet, headquartered in Bellevue, Washington, dominates the market with its advanced workflow management platform, serving 85% of Fortune 500 companies, including Pfizer and Cisco. Its competitors, such as Asana and Monday.com, cater more to smaller businesses.
(With inputs from agencies.)
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