Smartsheet (NYSE: SMAR), a Bellevue, WA-based enterprise platform for dynamic work, acquired Outfit, a Brisbane, Australia-based brand management, templating and creative automation platform.
The acquisition will deepen the company’s investment into its digital asset management (DAM) offering, Brandfolder by Smartsheet.
Established in 2015 by Bruce Stronge, Founder, Outfit helps organizations around the globe maintain brand consistency and solve marketing production challenges by automating the production of digital and print marketing materials with flexible, constraints-based templates. Customers include Subaru, Cloudera, Red Hat, Monash University and Durham University.
Led by Mark Mader, CEO, Smartsheet is a modern work management platform that empowers companies of all sizes to scale and deliver value as business requirements evolve. Its solutions are used by more than 75% of the companies in the Fortune 500 to implement, manage, and automate processes across a broad array of departments and use cases.
The transaction, which has been unanimously approved by the board of directors of both Smartsheet and Outfit, closed on September, 1, 2022. Stronge and a majority of the Outfit team will join Smartsheet as full-time employees, reporting up through Steven Baker, VP and General Manager, Brandfolder.
Smartsheet has funded the transaction with existing cash on its balance sheet. The transaction is expected to be neutral to Smartsheet’s fiscal year 2023 non-GAAP earnings per share and free cash flow, and accretive thereafter.
FinSMEs
02/09/2022