WA-based Smartsheet sold to Blackstone, Vista for $8.4 billion

Vista Equity Partners and Blackstone have announced their acquisition of Smartsheet, a Bellevue, Washington-based software maker, for approximately $8. 4 billion in cash. The deal, which values Smartsheet shares at $56. 50 each, includes a 45-day "go-shop" period that allows the company to seek alternative acquisition proposals from other interested parties. This period expires on November 8, giving Smartsheet the opportunity to explore potentially better offers.

Vista and Blackstone aim to enhance Smartsheet's platform, focusing on making it accessible to a broader range of organizations and teams engaged in collaborative work. Monti Saroya, co-head of Vista’s Flagship Fund, and John Stalder, managing director at Vista, expressed their enthusiasm for partnering with Blackstone and Smartsheet to achieve ambitious goals. The acquisition comes at a time when the Federal Reserve has cut its benchmark interest rate, which may influence the investment landscape. This move highlights the ongoing trend of consolidation within the software sector and underscores the significant interest in technology investments. The acquisition is expected to have a notable impact on the regional tech ecosystem in Bellevue and beyond.