Smartsheet Acquisition, Valuation, Funding & Investors
Smartsheet was acquired by Vista Equity Partners and Blackstone for $8.4B in September 2024, a 8.8x multiple on $958M of revenue.
Smartsheet revenue at acquisition
$958M
Last twelve months · Sep 2024
Smartsheet revenue multiple at acquisition
8.8x
EV/Revenue · Sep 2024
Cumulative funding Smartsheet raised
$119M
across 6 funding rounds
About Smartsheet
Smartsheet is a Bellevue, Washington-based enterprise work management software company whose cloud platform lets teams plan, track, automate and report on projects and processes using a spreadsheet-like interface. The platform includes dashboards, workflow automation, resource management and the Brandfolder digital asset management product, and integrates with Microsoft 365, Google Workspace, Salesforce, Slack and other business tools. It sells subscriptions to businesses and public-sector organisations of all sizes, including a large share of the Fortune 500, with professional services providing a small part of revenue. In the fiscal year ended January 31, 2024 Smartsheet reported revenue of $958.3 million, of which $904.0 million was subscription revenue, and it employed about 3,330 people. The company listed on the New York Stock Exchange in 2018 and was taken private in January 2025 by funds managed by Blackstone and Vista Equity Partners in an $8.4 billion all-cash deal. Smartsheet was founded in 2005 as Navigo Technologies by former Onyx Software executives including Brent Frei, Maria Colacurcio and Eric Browne, and was led for most of its history by chief executive Mark Mader.
Founded
2005
HQ
Bellevue, WAWebsite
Status
Acquired
Customer focus
B2B
Revenue model
Subscription
Revenue
$67M (May 2017)
Valuation
$852M (May 2017)
Smartsheet Acquisition
Smartsheet was acquired by Vista Equity Partners and Blackstone for $8.4B on 24 September 2024.
The acquisition price implies a 8.8x revenue multiple on $958M of revenue.
Before the acquisition Smartsheet had raised $119M across 6 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 | 8.8x |
Sources: blackstone.com, smartsheet.com, sec.gov, sec.gov
Smartsheet Valuation
Smartsheet is currently valued at $852M, based on its Series F in May 2017. Read the announcement ↗
The $52M round was led by Insight Partners, with participation from Sutter Hill Ventures, Mike Arntz, Jenny Ceran, Summit Partners and Madrona.
Smartsheet valuation by funding round
| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| May 2017 | Series F | $852M | 12.7x |
Smartsheet Revenue
Smartsheet's latest recorded revenue is $67M, as of its Series F in May 2017. At a $852M valuation, that implies a 12.7x revenue multiple.
Smartsheet revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| May 2017 | $67M | $852M | 12.7x | 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 $119M across 6 funding rounds.
Smartsheet's first fundraising round was a $3M Series A in June 2007. 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; 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; Insight Partners; Madrona | $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. |
| Dec 2012 | Series D | Insight Partners (lead); Madrona | $26M | - | Smartsheet announced on December 3, 2012 that it had raised $26 million led by Insight Venture Partners, with existing backer Madrona Venture Group also participating, bringing its total funding to $34 million. Ryan Hinkle, a principal at Insight, joined the board as part of the transaction. The six-year-old Bellevue, Washington company said it would use the money to accelerate sales and marketing, advance software development and expand partnerships. Its redesigned online collaboration tool was used by more than a million people in 100 countries, and paying customers included HomeAway, DHL, Toshiba, ESPN and Sony Music. Smartsheet competed with Microsoft, Google, Jive and Box in online collaboration and work management. The company was founded in 2005 by former Onyx Software executives including Brent Frei, and in May 2014 it raised a further $35 million led by Sutter Hill Ventures at about triple this round's valuation. |
| Sep 2010 | Series C | Madrona (lead) | $2M | - | Smartsheet raised $1.5 million in September 2010 in a Series C round led by existing investor Madrona Venture Group, bringing its total financing to close to $7 million. The Bellevue, Washington company developed collaborative project management software that brought spreadsheets, e-mails, files, to-do lists, discussion threads, customer information and schedules into one online hub. It was benefiting from strong adoption through the Google Apps Marketplace, where integration with Google's productivity suite drove new sign-ups. The company had last raised $1.25 million in January 2009 from Madrona and co-founder Brent Frei. Smartsheet was founded in 2005 by local entrepreneur Brent Frei, previously co-founder of Onyx Software. Following the 2010 relaunch of its redesigned product, revenue grew by more than 100 percent a year for four consecutive years, setting up larger rounds led by Insight Venture Partners in 2012 and Sutter Hill Ventures in 2014. |
| Jan 2009 | Series B | Madrona (lead); Brent Frei | $1M | - | Smartsheet raised $1.25 million in January 2009 from existing investor Madrona Venture Group and co-founder Brent Frei. Frei said the money would help the Bellevue, Washington company reach profitability in 2010. The round came as Smartsheet was reworking its product, eventually cutting around 60 percent of its features to make its online spreadsheet-style project management tool simpler to use. The company sold a web-based service that let teams manage projects, share files, track tasks and collaborate in a familiar grid interface. Smartsheet had been founded in 2005 by Frei and other former Onyx Software executives and had raised $2.69 million from Madrona and Frei in 2007. The small raise kept the company funded through the financial crisis ahead of the 2010 relaunch of its redesigned product, after which revenue grew by more than 100 percent a year for four years. |
| Jun 2007 | Series A | Madrona (lead); Brent Frei (lead) | $3M | - | Smartsheet.com raised $2.69 million of new venture capital in June 2007 in a round led by Madrona Venture Group and former Onyx Software chief executive Brent Frei. The nine-person Bellevue, Washington company offered an online project management and collaboration service built around a familiar spreadsheet-like grid. At the time it competed with Microsoft, 37signals, Google's JotSpot and eProject, a 110-person Seattle company, in web-based project management. Frei had co-founded Smartsheet in 2005 with other former Onyx executives and funded much of its early development himself. Madrona went on to invest in every subsequent private round of the company, through the 2017 Series F that preceded its 2018 listing on the New York Stock Exchange. The funding supported product development and early sales as Smartsheet built its base of small teams and businesses. |
Who has invested in Smartsheet?
8 investors have backed Smartsheet across its funding rounds, including Madrona, Insight Partners, Sutter Hill Ventures, Brent Frei, Summit Partners and Top Tier Capital Partners.
Lead investors include Insight Partners, Sutter Hill Ventures, Madrona and Brent Frei.
Smartsheet Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| Seattle, WA | 6 | Lead | Jun 2007 | |
| New York City, NY | 3 | Lead | Dec 2012 | |
| San Francisco, CA | 2 | Lead | 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} Brent Frei | Bellevue, WA | 2 | Lead | Jun 2007 |
| San Francisco, CA | 1 | Participant | May 2014 | |
| Mike Arntz | Seattle, WA | 1 | Participant | May 2017 |
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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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, Checkr, Clio and Icertis.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Netherlands | Publicly listed | $1.7B | $383M | $6.3B | 3.5x | |
| San Francisco, CA | Private | - | - | $14B | - | |
| San Francisco, CA | Private | $800M | - | $5B | 25.0x | |
 Vancouver | Private | $400M | - | $5B | 12.5x | |
| Seattle, WA | Private | $300M | - | $5B | 50.0x | |
| United States | Publicly listed | $6.3B | $2.1B | $18B | 3.8x |
Smartsheet Public Comps
Smartsheet is no longer listed, but its public comps include Topicus, Intapp, RWS Holdings, CS Disco, Hibino, Xp Industrial FII, Dye & Durham, GetBusy, SS&C Technologies and Constellation Software.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1.7B | $383M | 4.0x | 3.5x | 18.2x | 12.2x | |||
| $578M | ($16M) | 5.6x | 5.3x | (199.2x) | 24.4x | |||
| $927M | ($26M) | 0.8x | 0.8x | (29.2x) | 5.0x | |||
| $157M | ($44M) | 1.8x | 1.6x | (6.3x) | (39.8x) | |||
| $427M | $59M | 0.6x | 0.5x | 4.3x | - | |||
| Xp Industrial FII | ($10M) | - | (7.7x) | - | - | - | ||
| $293M | $144M | 3.3x | 3.4x | 6.8x | 6.9x | |||
| $30M | $2M | 1.9x | 1.7x | 30.9x | 24.7x | |||
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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 Bellevue, WA, United States. |
| Is Smartsheet publicly listed? | No, Smartsheet was acquired by Vista Equity Partners and Blackstone in September 2024. |
| Who acquired Smartsheet? | Smartsheet was acquired by Vista Equity Partners and Blackstone in September 2024. |
| How much was Smartsheet acquired for? | Smartsheet was acquired for $8.4B in September 2024, a 8.8x 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 $119M across 6 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 Madrona, Insight Partners, Sutter Hill Ventures, Brent Frei, Top Tier Capital Partners, Mike Arntz, Jenny Ceran and Summit Partners. |
| What is Smartsheet's revenue? | Smartsheet's latest recorded revenue is $67M (May 2017). |
| What is Smartsheet's revenue multiple? | Smartsheet's latest valuation implies a 12.7x revenue multiple ($852M valuation on $67M of revenue). |
| Which companies are comparable to Smartsheet? | Companies comparable to Smartsheet include Topicus, The Deployment Company, Checkr, Clio, Icertis 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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