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Vista and Blackstone in talks to buy Smartsheet, shares gain

Smartsheet Inc (NYSE:SMAR), a company specializing in workplace collaboration software, saw its shares surge nearly 7% following reports of a potential acquisition by a consortium that includes Vista Equity Partners and Blackstone (NYSE:BX).

The consortium is considering a takeover of the U.S. software maker, which is currently valued at around $7 billion, Reuters reported Thursday.

The specifics of the deal under consideration have not been disclosed. 

Smartsheet had previously engaged Qatalyst Partners in July to explore acquisition proposals from private equity entities. This development follows that exploration, indicating a continued interest in the company from major investment firms.

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

Smartsheet has a strong client base, including large corporations such as Pfizer (NYSE:PFE), Cisco (NASDAQ:CSCO), and American Airlines (NASDAQ:AAL), and boasts serving 85% of Fortune 500 companies.

Private equity firm Vista owns a 4.7% stake in Smartsheet.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.