Smartsheet, a workplace collaboration software company, will be taken private in an $8 point 4 billion deal with Vista Equity Partners and Blackstone.
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00:00Smartsheet, a workplace collaboration software company, will be taken private in an $8.4 billion deal with Vista Equity Partners in Blackstone.
00:10Shareholders will receive $56.50 per share, an 8.5% premium over the last closing price.
00:17The deal has been unanimously approved by Smartsheet's board and includes a 45-day go-shop period for other offers.
00:24Known for serving 85% of Fortune 500 companies, Smartsheet has prioritized growth over profitability since its 2005 founding,
00:33recording losses except for one quarter this year.