Smartsheet, the Bellevue, Wash.-based enterprise software program firm that went non-public earlier this 12 months in an $8.4 billion acquisition, has minimize jobs amid its management transition.
An individual accustomed to the state of affairs informed GeekWire that greater than 120 staff have been impacted. Smartsheet confirmed Thursday that it made layoffs however declined to reveal a quantity.
The reductions come shortly after the exit of longtime CEO Mark Mader, who announced in August that he would retire on the finish of September. Sunny Gupta, co-founder of Apptio and a well known Seattle tech chief, was named performing CEO and government chair on the time.
Smartsheet had grown to greater than 3,300 individuals as of a 12 months in the past — tripling its headcount over the earlier 5 years, in line with its final quarterly filing as a public firm.
The acquisition by Blackstone and Vista Fairness Companions closed in January, taking Smartsheet off the New York Inventory Change. The $8.4 billion deal represented a roughly 41% premium over the corporate’s common inventory value within the months earlier than studies of the transaction.
Vista and Blackstone are energetic in Seattle-area tech. Vista beforehand acquired Apptio and Avalara, whereas Blackstone acquired Rover.
Within the months following the deal, Smartsheet was pushing aggressively into artificial intelligence, each when it comes to inside AI utilization and AI-based options in its merchandise.
The Puget Sound Enterprise Journal first reported news of the layoffs.
