Smartsheet Acquisition, Valuation, Funding & Investors
Smartsheet was acquired by Vista Equity Partners for $8.4B in September 2024, a 7.5x multiple on $1.1B of revenue.
Smartsheet acquisition price
$8.4B
Acquired by Vista Equity Partners · Sep 2024
Smartsheet revenue at acquisition
$1.1B
Last twelve months · Sep 2024
Smartsheet revenue multiple at acquisition
7.5x
EV/Revenue · Sep 2024
Cumulative funding Smartsheet raised
$87M
across 2 funding rounds
About Smartsheet
Smartsheet is a Bellevue-based enterprise work management platform enabling teams to plan, capture, manage, automate, and report on work at scale. The SaaS solution supports project tracking, resource allocation, and integrations with tools like Microsoft Office and Google Workspace, serving industries from IT to marketing with customizable workflows.
Founded
2005
HQ
Seattle, WAWebsite
Status
Acquired
Customer focus
B2B
Revenue model
Subscription
Revenue
$100M (May 2017)
Valuation
$852M (May 2017)
Smartsheet Acquisition
Smartsheet was acquired by Vista Equity Partners for $8.4B on 24 September 2024.
The acquisition price implies a 7.5x revenue multiple on $1.1B of revenue.
Before the acquisition Smartsheet had raised $87M across 2 funding rounds.
Smartsheet, a leading enterprise work management platform for collaborative projects, was acquired by funds managed by Blackstone and Vista Equity Partners in a $8.4 billion all-cash take-private transaction announced on September 24, 2024. The deal provided Smartsheet shareholders with $56.50 per share, a 41% premium to the 90-day volume-weighted average closing price prior to sale rumors. Stockholder approval occurred on December 9, 2024, with the transaction closing shortly after, leading to Smartsheet's delisting from the New York Stock Exchange and transition to private ownership. Vista Equity Partners, a global investment firm focused on enterprise software, and Blackstone, investing through its flagship private equity vehicle, aim to accelerate Smartsheet's growth by expanding its AI-powered platform, global reach, and innovation in work management solutions. Trusted by millions including over 85% of the 2024 Fortune 500, Smartsheet benefits from the buyers' expertise in software portfolios—Vista's including Quickbase and Lucid Software, Blackstone's in enterprise solutions—to enhance productivity, customer experiences, and international scalability. The agreement featured a 45-day go-shop period ending November 8, 2024, with termination fees of $250 million if Smartsheet backed out post-period or $500 million reverse fee if buyers withdrew. Advisors included Qatalyst Partners and Fenwick & West for Smartsheet, Goldman Sachs and Morgan Stanley for buyers, and law firms Kirkland & Ellis and Simpson Thacher for Blackstone and Vista. The acquisition reflects rising demand for collaborative tools amid AI advancements, positioning Smartsheet for long-term investments without public market pressures.
| Acquirer | Date | Type | Price | EV/Revenue |
|---|---|---|---|---|
| 24 Sep 2024 | PE buyout | $8.4B | 7.5x |
Smartsheet Valuation
Smartsheet is currently valued at $852M, based on its Series F in May 2017.
The $52M round was led by Insight Partners, with participation from Sutter Hill Ventures, Mike Arntz, Employee Stock Option Fund, Jenny Ceran, Summit Partners and 1 other investor.
Smartsheet valuation by funding round
| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| May 2017 | Series F | $852M | 8.5x |
Smartsheet Revenue
Smartsheet's latest recorded revenue is $100M, as of its Series F in May 2017. At a $852M valuation, that implies a 8.5x revenue multiple.
Smartsheet revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| May 2017 | $100M | $852M | 8.5x | Series F |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Smartsheet Funding History
Smartsheet has raised a total of $87M across 2 funding rounds.
Smartsheet's first fundraising round was a $35M Series E in May 2014. The most recent completed round was a $52M Series F in May 2017.
Smartsheet funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| May 2017 | Series F | Insight Partners (lead); Sutter Hill Ventures; Mike Arntz; Employee Stock Option Fund; Jenny Ceran; Summit Partners; Madrona | $52M | $852M | Smartsheet is a Bellevue, Washington-based SaaS platform for managing and automating collaborative work, offering spreadsheet-like tools for project and work management that integrate with services like Box, Dropbox, and Microsoft Teams. In May 2017, it raised $52.1 million in a Series F funding round led by Insight Venture Partners, with participation from Madrona Venture Group, Sutter Hill Ventures, Summit Partners, and others including Employee Stock Option Fund, bringing total funding to over $120 million. The post-money valuation reached $852 million, up from a pre-money of $800 million, positioning it near unicorn status. The funding supports accelerated investments in product development, sales and marketing, global expansion, and infrastructure to meet rising enterprise demand for collaborative work management beyond legacy tools. Smartsheet reported subscription revenue exceeding $70 million in 2016, with over 60% year-over-year growth for five years, and was on pace to hit $100 million in annual recurring revenue in Q2 2017; Inc. 5000 ranked it #1021 with 425% three-year growth and $64.3 million 2016 revenue. Investors highlighted Smartsheet's product evolution and market fit in enterprise collaboration, with CEO Mark Mader emphasizing automation to streamline workflows. This round marked a tenfold valuation increase from its 2014 funding at $75-80 million, reflecting strong traction in a competitive space with cloud communication tools. |
| May 2014 | Series E | Sutter Hill Ventures (lead); Top Tier Capital Partners | $35M | - | Smartsheet, a Bellevue, Washington-based SaaS platform for collaborative work management with a spreadsheet-like interface, raised $35 million in a Series E round on May 5, 2014, led by Sutter Hill Ventures, with participation from previous investors Insight Venture Partners and Madrona Venture Group, bringing total funding to $70 million. The financing aimed to fuel expansion amid rapid adoption by over 42,000 paying organizations and millions of users, including major enterprises like Google, Netflix, GSA, and Groupon, with the enterprise customer base growing 5x in the prior year. CEO Mark Mader noted the company was generating cash and expected revenues far north of $10 million in 2014, maintaining triple-digit revenue growth for four years running. The round occurred at a valuation approximately triple the previous $26 million round from late 2012, though the exact post-money figure was not publicly disclosed in press releases or reports. Smartsheet planned to use the funds to double its 120-person workforce, bolster sales and marketing, and enhance its product, which offers mobile apps, pre-built templates, and integrations with tools like Box, Dropbox, Salesforce, Google Drive, and Zapier. Sutter Hill Ventures' Jim White joined the board, praising Smartsheet's blend of spreadsheet simplicity and enterprise-grade database, project management, and collaboration capabilities, driven by viral adoption from the bottom up within teams handling marketing, IT, and other processes. By 2017, Smartsheet raised a $52.1 million Series F round led by Insight Venture Partners at a pre-money valuation of $800 million (post-money $852 million), with participation from Madrona, Sutter Hill, and new investor Summit Partners, bringing total funding over $120 million and marking a tenfold valuation increase from the 2014 round, which sources retrospectively valued around $75-80 million. The platform continued serving tens of thousands of paying customers across 190 countries, including over half of the Fortune 500, positioning it as a key player in modern enterprise work management beyond legacy tools. |
Who has invested in Smartsheet?
8 investors have backed Smartsheet across its funding rounds, including Sutter Hill Ventures, Insight Partners, Madrona, Summit Partners, Employee Stock Option Fund and Top Tier Capital Partners.
Lead investors include Insight Partners and Sutter Hill Ventures.
Smartsheet Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| San Francisco, CA | 2 | Lead | May 2014 | |
| San Francisco, CA | 1 | Participant | May 2014 | |
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>){kind=small} Mike Arntz | Seattle, WA | 1 | Participant | May 2017 |
| San Francisco, CA | 1 | Participant | May 2017 | |
| Jenny Ceran | Atlanta, GA | 1 | Participant | May 2017 |
| Boston, MA | 1 | Participant | May 2017 | |
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Start Free TrialAcquisitions by Smartsheet
Smartsheet has acquired 5 companies to date.
Last acquisition by Smartsheet was on August 24th 2020. Smartsheet acquired Brandfolder by Smartsheet for $155M.
Latest Acquisitions by Smartsheet
| 10,000ft | |||||
| Description | Brandfolder by Smartsheet is a digital asset management platform enabling organizations to organize, distribute, and analyze media files. Acquired by Smartsheet in 2022, it serves marketers with AI-powered search and rights management. Denver-headquartered since 2012, Brandfolder integrates with Adobe and supports enterprise-scale content workflows. | 10,000ft is a Seattle-based project and resource management platform acquired by Float in 2021, designed for teams at companies like Basecamp and Zapier. The tool offers capacity planning, forecasting, and analytics across 1,000-plus organizations worldwide, from 10-person startups to 1,000-employee services firms. 10,000ft integrates with Jira, Asana, and Slack to visualize workloads and project timelines in real time. | TernPro is a technology services firm providing Slope, a SaaS platform for marketing and creative project management. Seattle-based, Slope facilitates planning, collaboration, and tracking for content production teams in advertising and media agencies. Features include task assignment, budget oversight, and asset libraries. Founded in 2019, TernPro serves clients like Nike and Microsoft, integrating with Adobe Creative Cloud and Slack. | Slope is a San Francisco-based software platform for creative content planning and approval, launched in 2016. Designed for marketing and agency teams, it streamlines project planning, progress tracking, feedback collection, and stakeholder approvals through integrated tools. Born from the founders' agency experience with clients on hundreds of campaigns, Slope consolidates disparate workflows into a single system, serving enterprises like Adobe and Unilever. | |
| HQ Country | | | | | |
| HQ City | Seattle, WA | - | Detroit, MI | Seattle, WA | |
| Deal Date | 24 Aug 2020 | 2 May 2019 | 16 Jan 2019 | 15 Jan 2019 | |
| Valuation | $155M | $28M | $6M | undisclosed | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
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Smartsheet Competitors
Smartsheet competitors include listed companies like Topicus and SS&C Technologies, and private ones like The Deployment Company, Clio, Checkr and Tricentis.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Netherlands | Publicly listed | $1.8B | $393M | $5.4B | 3.0x | |
| San Francisco, CA | Private | - | - | $14B | - | |
 Vancouver | Private | $400M | - | $5B | 12.5x | |
| San Francisco, CA | Private | $800M | - | $4.6B | 5.8x | |
| Austin, TX | Private | $425M | $86M | $4.5B | 10.6x | |
| United States | Publicly listed | $6.3B | $2.1B | $19B | 3.9x |
Smartsheet Public Comps
Smartsheet is no longer listed, but its public comps include Topicus, Intapp, RWS Holdings, CS Disco, Hibino, Xp Industrial FII, GetBusy, Valtes Holdings, SS&C Technologies and Constellation Software.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1.8B | $393M | 3.4x | 3.0x | 15.3x | 10.6x | |||
| $578M | ($16M) | 4.6x | 4.5x | (164.3x) | 20.9x | |||
| $927M | ($26M) | 0.7x | 0.7x | (27.2x) | 4.8x | |||
| $157M | ($44M) | 1.1x | 1.0x | (4.0x) | (22.1x) | |||
| $435M | $60M | 0.6x | 0.6x | 4.3x | - | |||
| $9M | - | 10.0x | - | - | - | |||
| $30M | $2M | 2.1x | 2.0x | 35.2x | 32.5x | |||
| $77M | $6M | 0.6x | 0.6x | 7.4x | - | |||
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Common questions about Smartsheet
| When was Smartsheet founded? | Smartsheet was founded in 2005. |
| Where is Smartsheet headquartered? | Smartsheet is headquartered in Seattle, WA, United States. |
| Is Smartsheet publicly listed? | No, Smartsheet was acquired by Vista Equity Partners in September 2024. |
| Who acquired Smartsheet? | Smartsheet was acquired by Vista Equity Partners in September 2024. |
| How much was Smartsheet acquired for? | Smartsheet was acquired for $8.4B in September 2024, a 7.5x revenue multiple. |
| What is Smartsheet's valuation? | Smartsheet was last valued at $852M in its Series F in May 2017. |
| How much funding has Smartsheet raised? | Smartsheet has raised $87M across 2 funding rounds. |
| What was Smartsheet's last funding round? | Smartsheet's last funding round was a $52M Series F in May 2017, led by Insight Partners. |
| Who are Smartsheet's investors? | Smartsheet's investors include Sutter Hill Ventures, Top Tier Capital Partners, Mike Arntz, Employee Stock Option Fund, Jenny Ceran, Summit Partners, Insight Partners and Madrona. |
| What is Smartsheet's revenue? | Smartsheet's latest recorded revenue is $100M (May 2017). |
| What is Smartsheet's revenue multiple? | Smartsheet's latest valuation implies a 8.5x revenue multiple ($852M valuation on $100M of revenue). |
| Which companies are comparable to Smartsheet? | Companies comparable to Smartsheet include Topicus, The Deployment Company, Clio, Checkr, Tricentis and SS&C Technologies. |
| How many companies has Smartsheet acquired? | Smartsheet has acquired 5 companies, including Brandfolder by Smartsheet, 10,000ft, TernPro, Slope and Converse.AI. |
| What was the largest acquisition by Smartsheet? | The $155M acquisition of Brandfolder by Smartsheet in August 2020 is the largest acquisition Smartsheet has made to date. |
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