Funds managed by private investment firm Blackstone and Vista Equity Partners (Vista) have completed their acquisition of AI-enhanced enterprise grade work management platform, in a transaction valued at approximately $8.4bn.
The deal was previously announced on 24 September, 2024, and approved by Smartsheet stockholders on 9 December, 2024.
With the completion of the take private transaction, Smartsheet stockholders are entitled to receive $56.50 in cash for each share of Smartsheet common stock they owned immediately prior to the closing. Smartsheet’s stock has ceased trading, and the company is no longer listed on the New York Stock Exchange.
“We are so pleased to reach another significant milestone, and look forward with optimism to the next chapter for Smartsheet,” stated Mark Mader, President and CEO of Smartsheet, in a press statement. “Working alongside industry powerhouses Blackstone and Vista, Smartsheet can invest with a long-term horizon to the benefit of our customers, partners and team.”
According to the the statement, Blackstone and Vista will now seek to invest to expand the company’s collaborative work management solutions. Further, Smartsheet will benefit from Blackstone and Vista’s global expertise to help it scale its international business and make its products and expertise available to customers and partners worldwide.
