Smartsheet, the AI-powered work management platform based in Bellevue, Washington, has been sold to Blackstone and Vista Equity Partners for $8.4 billion.
The company, which serves people at over 85 percent of the Fortune 500 companies, was taken private in the deal. Blackstone and Vista will help the 20-year-old company scale its international presence, continuing its growth story, while reaping the benefits of being in business with an industry leader.
The sale was executed on January 22nd after being agreed to in September and ratified in December.
“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. “Working alongside industry powerhouses Blackstone and Vista, Smartsheet can invest with a long-term horizon to the benefit of our customers, partners and team.”
Smartsheet was founded in 2005, and recently renewed its sponsorship of the McLaren Formula 1 team, which it has supported since 2021.
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