Report: Smartsheet in talks to be acquired by private equity firms including Vista and Blackstone
Summary
Shares of Smartsheet rose nearly 10% following the report, before declining slightly to end the day up more than 4% in advance of the release of its its second quarter earnings after the market closed. Smartsheet CEO Mark Mader declined to comment Thursday afternoon during the company’s earnings conference call when analysts asked about the report of the acquisition talks. Reuters reported in June that Smartsheet hired investment bankers after receiving buyout interest from private equity firms. Vista Equity Partners, an Austin, Texas-based firm with more than $100 billion in assets, previously acquired other publicly traded Seattle-area tech companies including Apptio in 2019 Avalara in 2022. M&A activity has slowed in the past few years, creating “pent-up demand (and supply), particularly in the private equity universe,” according to a recent report from PwC.
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