Smartsheet, an enterprise work management platform, announced that it has entered into a definitive agreement to be acquired by funds managed by Blackstone and Vista Equity Partners for approximately $8.4 billion in cash. If successfully completed, the acquisition would be one of the largest take-private transactions this year.

Founded in 2005, Smartsheet provides software that enables organizations to manage, track and automate workflows through a single platform. Today, Smartsheet has over 3,000 employees and its software is used by 85% of Fortune 500 companies.

Shareholders will receive $56.50 per share, a 41% premium to Smartsheet's average closing price over the past three months. Smartsheet has a 45-day period to explore further offers, with the transaction expected to close by January 2025, subject to shareholder approval.