Smartsheet, the Bellevue, Wash.-based enterprise software program firm that went personal earlier this yr in an $8.4 billion acquisition, has reduce jobs amid its management transition.
An individual acquainted with the state of affairs instructed GeekWire that greater than 120 workers 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 introduced in August that he would retire on the finish of September. Sunny Gupta, co-founder of Apptio and a widely 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 yr in the past — tripling its headcount over the earlier 5 years, in accordance with its closing quarterly submitting as a public firm.
The acquisition by Blackstone and Vista Fairness Companions closed in January, taking Smartsheet off the New York Inventory Trade. The $8.4 billion deal represented a roughly 41% premium over the corporate’s common inventory value within the months earlier than reviews 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 synthetic intelligence, each when it comes to inner AI utilization and AI-based options in its merchandise.
The Puget Sound Enterprise Journal first reported information of the layoffs.
