Private equity firms Blackstone and Vista Equity Partners on Tuesday announced the acquisition of software maker Smartsheet for $8.4 billion. Smartsheet stock has gained 9% in 2024 amid speculation over a buyout.
On the stock market today, Smartsheet stock rose more than 5% to 55.21. Initial reports of a buyout surfaced in early September.
Smartsheet competes in the work management market vs. Asana and others. Companies use Smartsheet's products to manage workflows and projects and to facilitate collaboration.
In addition, customers for Bellevue, Wash.-based Smartsheet, founded in 2005, include 90 of the Fortune 100 companies and two-thirds of the Fortune 500.
Meanwhile, SMAR stock holds an IBD Composite Rating of 97 out of a best-possible 99, according to IBD Stock Checkup.
Further, IBD's Composite Rating combines five separate proprietary ratings into one easy-to-use rating. Also, the best growth stocks have a Composite Rating of 90 or better.
Also, Vista earlier acquired Avalara, KnowBe4, Duck Creek Technologies, EngageSmart and Model N.
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