Mark Mader, CEO of Smartsheet.
Source: Smartsheet
Collaboration software maker Smart Sheet Apple Inc. announced Tuesday that it will be acquired by Blackstone and Vista Equity Partners in an all-cash deal valued at about $8.4 billion.
Shareholders will receive $56.50 per share, representing a 41% premium to Smartsheet's average closing stock price over the past three months.
The company had been gauging interest from potential buyers for several months. Smartsheet went public in 2018 and sought to compete directly with other software companies like Atlassian.
“As we look to the future, we are confident that the expertise and resources of Blackstone and Vista will help us ensure that Smartsheet remains a great place to work where our employees thrive,” CEO Mark Mader said in a statement. Smartsheet shares rose 6% on the news.
The deal includes a 45-day buyout period, allowing Smartsheet to solicit additional offers. Absent another offer, the deal is expected to close by January 2025, pending shareholder approval.
Qatalyst advised Smartsheet, while Goldman Sachs and Morgan Stanley advised the private equity bidders.
