Smartsheet CEO Mark Mader.
Supply: Smartsheet
Collaboration software program maker Smartsheet on Tuesday introduced Blackstone and Vista Fairness Companions will purchase it in an all-cash deal valuing the corporate at about $8.4 billion.
Stockholders will obtain $56.50 per share, a 41% premium to Smartsheet’s common closing value during the last three months.
The corporate had been gauging curiosity from potential acquirers for a number of months. Smartsheet went public in 2018 and sought to go head-to-head with different software program firms like Atlassian.
“As we look to the future, we are confident that Blackstone and Vista’s expertise and resources will help us ensure Smartsheet remains a great place to work where our employees thrive,” CEO Mark Mader stated in a launch. Smartsheet shares rose 6% on the information.
The transaction has a 45-day go-shop interval, permitting Smartsheet to solicit different bidders. Barring one other provide, the deal is anticipated to shut by January 2025, pending shareholder approval.
Qatalyst suggested Smartsheet. Goldman Sachs and Morgan Stanley suggested the personal fairness bidders.
