Key Takeaways
- • Blackstone and Vista Equity Partners completed the acquisition of Smartsheet for $8.4 billion in an all-cash transaction, taking the Bellevue-based work management software company private in January 2025.
- • Smartsheet shareholders received $56.50 per share in cash, representing a 41% premium to the 90-day volume-weighted average price as of July 17, 2024, and a 16% premium to the highest closing price in the prior 12 months.
- • The deal closed in the fourth quarter of Smartsheet's fiscal year ending January 31, 2025, following shareholder approval and completion of a 45-day go-shop period during which no superior bids emerged.
- • The transaction marks the end of less than seven years of public trading for Smartsheet, which had been listed on the NYSE under ticker SMAR.
- • Blackstone and Vista plan to leverage the platform's enterprise-grade work management capabilities to accelerate AI innovation and global expansion under private ownership.
Summary
Blackstone and Vista Equity Partners have completed their $8.4 billion acquisition of Smartsheet, the enterprise work management software platform based in Bellevue, Washington. The all-cash transaction closed in January 2025, converting Smartsheet from a public company to a privately held entity controlled by the two major alternative asset managers. The deal represents a significant consolidation move in the SaaS sector, with the two buyers acquiring all outstanding shares at $56.50 per share in cash.
The acquisition price reflects substantial value recognition for Smartsheet shareholders. At $56.50 per share, the offer represented a 41% premium to Smartsheet's volume-weighted average closing price for the 90 trading days ending July 17, 2024—the last full trading day before media reports emerged regarding a potential sale. The offer also represented a 16% premium to the stock's highest closing price over the preceding 12-month period, signaling competitive pricing relative to recent trading history.
The transaction process included standard protections for Smartsheet shareholders, including a 45-day go-shop period that allowed the company to solicit alternative bids from other potential acquirers. No superior offers materialized during this solicitation window, and the transaction proceeded to completion following shareholder approval. Smartsheet's relatively brief tenure as a public company—less than seven years on the NYSE under ticker SMAR—ended with this take-private transaction.
According to Mark Mader, Smartsheet's CEO, the partnership with Blackstone and Vista represents an opportunity to accelerate the company's vision of modernizing work management for enterprises globally. The transaction was framed as a testament to Smartsheet's employees' efforts in building an enterprise-grade, market-leading platform and maintaining a strong community of partners and customers. Under private ownership, Blackstone and Vista intend to leverage the software platform to drive AI innovation and expand international operations.
The acquisition price reflects substantial value recognition for Smartsheet shareholders. At $56.50 per share, the offer represented a 41% premium to Smartsheet's volume-weighted average closing price for the 90 trading days ending July 17, 2024—the last full trading day before media reports emerged regarding a potential sale. The offer also represented a 16% premium to the stock's highest closing price over the preceding 12-month period, signaling competitive pricing relative to recent trading history.
The transaction process included standard protections for Smartsheet shareholders, including a 45-day go-shop period that allowed the company to solicit alternative bids from other potential acquirers. No superior offers materialized during this solicitation window, and the transaction proceeded to completion following shareholder approval. Smartsheet's relatively brief tenure as a public company—less than seven years on the NYSE under ticker SMAR—ended with this take-private transaction.
According to Mark Mader, Smartsheet's CEO, the partnership with Blackstone and Vista represents an opportunity to accelerate the company's vision of modernizing work management for enterprises globally. The transaction was framed as a testament to Smartsheet's employees' efforts in building an enterprise-grade, market-leading platform and maintaining a strong community of partners and customers. Under private ownership, Blackstone and Vista intend to leverage the software platform to drive AI innovation and expand international operations.
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