Robert F. Smith’s Vista Equity Partners and Blackstone Acquire Smartsheet for $8.4 Billion

Billionaire Robert F. Smith, the CEO and founder of Vista Equity Partners, is joining forces with Blackstone to acquire Smartsheet, a leading enterprise work management platform based in Bellevue, Washington. Smartsheet, a key tool for managing modern workflows, is being utilized by companies worldwide. According to a recent release, approximately 85% of Fortune 500 companies rely on Smartsheet's platform for efficient collaboration and productivity.

Mark Mader, the CEO of Smartsheet, expressed his enthusiasm about the new partnership, “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.”

Vista Equity Partners, a global investment firm that manages assets of over $100 billion by March 2024, is well-known for its concentrated emphasis on enterprise software, data, and technology-enabled businesses. Blackstone, the biggest alternative asset manager in the world, strives to provide compelling returns for investors while also strengthening the companies it invests in.   Monti Saroya and John Stalder, both managing directors at Vista, acknowledged the importance of Smartsheet in modern enterprise operations. In a joint statement, they highlighted the platform's worth, stating:

“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.” Saroya and Stalder stressed that Vista is committed to supporting Smartsheet's goal of making its platform accessible to all organizations. “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.

The acquisition is a significant shift in the enterprise software industry, as Smartsheet is set to expand globally and innovate under the new ownership of two industry giants, Vista Equity Partners and Blackstone.