Smartsheet Work Management Platform Sells for $8.4 Billion

Artificial intelligence-enhanced work management platform Smartsheet was sold for $8.4 billion.

The deal, first announced in September and completed Wednesday (Jan. 22), makes Smartsheet a private company, held by funds managed by asset manager Blackstone and investment group Vista Equity Partners, according to a Wednesday press release.

“In today’s workplace, collaborative work management and AI-enabled user experiences are more important than ever as companies seek to become more efficient and productive,” the release said. “Smartsheet, Blackstone and Vista will seek to invest to expand the company’s leading collaborative work management solutions and deliver exceptional products and experiences for customers and partners.”

Smartsheet’s platform is used by more than 85% of the 2024 Fortune 500 list, per the release.

Last year, the company partnered with Amazon Web Services (AWS) to help companies access their work management data via AWS’ generative AI assistant. The tie-up involved launching a connector that synchronizes data from Smartsheet’s platform into AWS’ generative AI assistant, Amazon Q Business, letting customers query their AI assistant for information managed in Smartsheet.

“By integrating our flexible data model with Amazon Q Business, we’re unlocking access to work management data for our mutual customers so they can focus on driving business outcomes without worrying about where their data lives,” Ben Canning, senior vice president of product experiences at Smartsheet, said in an Oct. 8 news release.

It was reported earlier this month that there was an uptick in private equity deals in Europe last year, as firms in the sector took advantage of the region’s economic downturn to buy big companies at lower valuations.

The total value of buyout deals in Europe worth over $1 billion increased at more than double the rate of the rest of the world. Around $133 billion in major deals were made in Europe during 2024, a 78% increase over the year before. That’s compared to the 29% increase for the rest of the world, to $242 billion.

Many observers expect another increase in dealmaking this year under what is expected to be a more relaxed regulatory environment in the United States brought on by the President Donald Trump administration.

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