Stephen Branstetter, COO da Smartsheet, renuncia durante conversas de aquisição relatadas – GeekWire.

# Smartsheet’s Chief Operating Officer Resigns Amid Acquisition Talks


Stephen Branstetter, the chief operating officer at Smartsheet, has resigned from the company. Branstetter, who joined Smartsheet in 2013, notified the company of his decision to leave on September 13. He will continue serving as an advisor until November 18.

The news of Branstetter’s departure comes amidst reports of acquisition talks by private equity firms. Reuters reported on Monday that Smartsheet is nearing a deal to be acquired by Vista Equity Partners and Blackstone for an estimated value of nearly $8 billion.

Branstetter, who was named COO in 2021, has held various roles within the company, including senior vice president of operations and vice president of services and customer success. According to regulatory filings, Branstetter recently sold 1,847 shares of Smartsheet stock, worth approximately $97,000. However, he still retains more than 64,000 shares.

In light of Branstetter’s departure, Smartsheet has announced that it will eliminate the chief operating officer position and move towards a “dual President model with a President, Go-to-Market and a President, Product & Innovation.”

This isn’t the first time Smartsheet has attracted buyout interest from private equity firms. Reuters previously reported in June that the company had hired investment bankers after receiving such interest.

Despite these developments, Smartsheet’s shares have been on the rise, increasing by over 30% since June. The company currently has a market capitalization of around $7 billion.

During its fiscal second quarter earnings report, Smartsheet revealed a 17% increase in revenue, reaching $276.4 million. The company also experienced a significant reduction in operating loss, from $36.1 million in the same period last year to $8.5 million.

When analysts inquired about the acquisition talks during the earnings conference call, Smartsheet CEO Mark Mader declined to comment.

Smartsheet provides cloud-based enterprise work management technologies, allowing businesses to manage and track projects, collaborate, store data, and automate and assign tasks. The company serves 85% of the Fortune 500 as customers and competes with Asana, Monday.com, Microsoft, and other industry players.

Since its launch in 2005 and subsequent initial public offering in 2018, Smartsheet has grown its workforce to over 3,300 employees.