Going Private • Internet Software and Services

The Blackstone Group and Vista Equity Partners Acquire Smartsheet

On September 24, 2024, private equity firms The Blackstone Group and Vista Equity Partners acquired internet software and services company Smartsheet for 8.4B USD

Acquisition Context
  • This is The Blackstone Group’s 24th and Vista Equity Partners’ 49th transaction in the Internet Software and Services sector.
  • This is The Blackstone Group’s 19th and Vista Equity Partners’ 3rd largest (disclosed) transaction.
  • This is The Blackstone Group’s 215th and Vista Equity Partners’ 138th transaction in the United States.
  • This is The Blackstone Group’s 3rd and Vista Equity Partners’ 2nd transaction in Washington.

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M&A Deal Summary

Date September 24, 2024
Target Smartsheet
Sector Internet Software and Services
Buyer(s) The Blackstone Group
Vista Equity Partners
Deal Type Going Private
Deal Value 8.4B USD
Advisor(s) Qatalyst Partners (Financial)
Fenwick & West (Legal)

Target Company

Smartsheet

Bellevue, Washington, United States
Smartsheet is a cloud‑based work management platform designed to help teams plan, track, automate, and report on work across projects and workflows. The Company offers a no‑code platform that integrates with existing systems and scales from individual teams to enterprise portfolios. Smartsheet was founded in 2005 and is based in Bellevue, Washington.
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Buyers Overview 2

Buyer

The Blackstone Group

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1987
PE ASSETS 394.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

The Blackstone Group is a global alternative investment management firm. The Firm's investment activities span real estate, secondary investments, hedge funds, credit, infrastructure, and private equity. Blackstone's private equity group targets opportunities globally including buyout acquisitions of established companies, development projects, growth equity financings, and industry consolidations. Sectors of interest include automotive, healthcare, chemicals, industrial, commercial property, lodging, communications, media/publishing, consumer & retail, packaging, consumer products, pharmaceuticals, energy, technology, entertainment, telecommunications, financial services, theme parks, food & beverage, and transportation. Blackstone's private equity real estate group looks for opportunities across North/South America, Asia, Australia/New Zealand, and Europe. The real estate group will consider both equity and debt investments. Areas of interest include healthcare, hotel, industrial, office, residential, and retail. The Blackstone Group was formed in 1987 and is based in New York, New York.


Deal Context for Buyer #
Overall 344 of 365
Sector: Internet Software and Services 24 of 24
Type: Going Private 39 of 42
State: Washington 3 of 3
Country: United States 215 of 231
Year: 2024 16 of 21
Size (of disclosed) 19 of 185
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-09-20 G6 Hospitality

Carrollton, Texas, United States

G6 Hospitality owns, operates and franchises economy lodging locations under the Motel 6 brand and the Studio 6 Extended Stay brand. G6 Hospitality is based in Carrollton, Texas.

Sell $525M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-11-06 Retail Opportunity Investments

San Diego, California, United States

Retail Opportunity Investments is a fully integrated real estate company that intends to qualify as a REIT for U.S. federal income tax purposes. The company is focused on acquiring, owning, leasing, repositioning, and managing a diverse portfolio of necessity-based retail properties, including primarily well-located community and neighborhood shopping centers, anchored by national or regional supermarkets and drugstores. Retail Opportunity Investments is based in San Diego, California.

Buy $4.0B
Buyer

Vista Equity Partners

Austin, Texas, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2000
PE ASSETS 100.0B USD
Size Mega
Type Sector Focused
DESCRIPTION
Entrance to Frost Bank Tower, Vista Equity's main office in Austin, Texas.
Entrance to Frost Bank Tower, Vista Equity's main office in Austin, Texas.

Vista Equity Partners is a mega-sized asset management firm focused on private equity, public equity, credit, and other strategies. The Firm's private equity group looks to invest in and acquire software and technology enabled services companies. Specific areas of interest include software, software-as-a-service (SaaS), technology-enabled business services, and technology-enabled information services. Vista can commit up to $700 million per transaction and will consider a variety transaction situations, including management/leveraged buyouts, growth or acquisition financings, recapitalizations or restructurings, spinouts, and take privates. Vista Equity Partners was formed in 2000 and is based in Austin, Texas.


Deal Context for Buyer #
Overall 149 of 155
Sector: Internet Software and Services 49 of 52
Type: Going Private 25 of 25
State: Washington 2 of 3
Country: United States 138 of 143
Year: 2024 7 of 7
Size (of disclosed) 3 of 33
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-09-23 Gnosis Freight

Charleston, South Carolina, United States

Gnosis Freight provides supply chain visibility and execution software, made available through its proprietary Container Lifecycle Management (CLM) platform focused on the full lifecycle of your shipping containers. The company's global footprint encompasses a diverse customer base, including top cargo owners (BCOs), ocean carriers, forwarders, truckers, 3PLs, technology providers, and other critical supply chain partners utilizing CLM platform to achieve new levels of efficiency, cost savings, and collaboration within their supply chain. Gnosis Freight is based in Charleston, South Carolina.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-01-30 RiskExec

Knoxville, Tennessee, United States

RiskExec is a SaaS-based fair lending analytics and reporting platform that helps banks, mortgage lenders, credit unions, and non-traditional lenders more easily comply with demanding regulatory requirements, including HMDA, CRA, and SBL/1071. RiskExec’s browser-based software automatically incorporates new regulatory, geographic, and peer institution data in real-time to help lenders stay up to date on evolving requirements. RiskExec was founded in 2015 and is based in Knoxville, Tennessee.

Buy -