Two private equity firms are in advanced talks to acquire software maker Smartsheet, according to a report. Smartsheet stock has gained 11% in 2024 amid speculation over a buyout.
On the stock market today, Smartsheet stock rose 2.2% to 53.37 in afternoon trading.
Vista Equity Partners and Blackstone are in talks to buy Smartsheet at around $8 billion, according to Reuters. 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.
Customers for Bellevue, Wash.-based Smartsheet, founded in 2005, include 90 of the Fortune 100 companies and two-thirds of the Fortune 500.
SMAR stock holds an IBD Composite Rating of 98 out of a best-possible 99, according to IBD Stock Checkup.
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.
Follow Reinhardt Krause on Twitter @reinhardtk_tech for updates on artificial intelligence, cybersecurity and cloud computing.
