Smartsheet Inc’s Share Surge

Smartsheet Inc (NYSE:SMAR), a workplace collaboration software company, experienced a nearly 7% increase in its share price after reports emerged about a potential acquisition by a consortium, including Vista Equity Partners and Blackstone (NYSE:BX).

Acquisition Details

The consortium is contemplating a takeover of the U.S. software maker, currently valued at approximately $7 billion, as reported by Reuters on Thursday. The specifics of this potential deal have not yet been disclosed.

Smartsheet previously engaged Qatalyst Partners in July to explore acquisition proposals from private equity entities, highlighting an ongoing interest in the company from significant investment firms.

Platform Capabilities

Smartsheet provides a platform that enables organizations to manage, track, and automate workflow processes more effectively than traditional tools like Microsoft (NASDAQ:MSFT) Excel.

Client Base

The company boasts a robust client base, including notable corporations such as Pfizer (NYSE:PFE), Cisco (NASDAQ:CSCO), and American Airlines (NASDAQ:AAL), and services 85% of Fortune 500 companies.

Vista’s Stake

Additionally, private equity firm Vista holds a 4.7% stake in Smartsheet.