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.
This content was originally published on Investing.com
