Vista Equity Partners, which is led by billionaire Robert F. Smith, is reportedly partnering with Blackstone to purchase Smartsheet, the popular enterprise work management platform.
According to multiple reports, Smith made the purchase in all cash, costing him approximately $8.4 billion. This purchase makes it one of the largest recent acquisitions in the software space.
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Smartsheets CEO, Mark Mader stated that he believes this partnership will help the franchise continue to grow. “For more than a decade, we have built a thriving community of employees, partners, and customers, each focused on building and benefiting from Smartsheet’s industry-leading work management platform. Our next phase of growth and customer success is underway. We look forward to partnering with Blackstone and Vista Equity Partners to accelerate our vision of modernizing work management for enterprises globally,” said Mark Mader.
“Modern enterprises rely on Smartsheet’s simple and scalable solutions to manage a diverse range of business-critical processes every single day because they enable seamless collaboration, enhanced productivity, and faster and more informed decision-making,” Monti Saroya, co-head of Vista’s Flagship Fund, and John Stalder, managing director at Vista, said in a joint statement.
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“We look forward to partnering closely with Blackstone and Smartsheet to support its ambitious goal of making its platform accessible for every organization, team, and worker relying on collaborative work to achieve successful outcomes,” they added.
