Leader in Digital Asset Management Deepens Smartsheet’s Content Capabilities and Strengthens Product Portfolio for Dynamic Work
BELLEVUE, Wash.--(BUSINESS WIRE)--Smartsheet (NYSE: SMAR), the enterprise platform for dynamic work, today announced that it has agreed to acquire Brandfolder, the market momentum leader in digital asset management (DAM), as awarded in a 2020 G2 Report. Combining Brandfolder’s world-class DAM capabilities with Smartsheet’s leading collaborative work management platform will create a dynamic solution that manages workflows around content and collaboration, and enable organizations to break down silos, execute more effectively, and make better decisions faster.
Established in 2012 and headquartered in Denver, Colorado, Brandfolder provides a centralized platform to easily organize, discover, control, distribute, and measure all forms of digital content. In addition to supporting the logistics of content management, Brandfolder’s capabilities provide insights and analysis on the discoverability and reusability of assets throughout the entire content lifecycle for internal and external stakeholders. Built for companies of all sizes and industries, Brandfolder is used by some of the world’s most innovative and valuable brands including major retailers, technology companies, consumer packaged goods, professional sports teams, media companies, and creative agencies.
“Content is becoming an increasingly central component of any enterprise workflow across a broad range of departments, including marketing, legal, finance, and sales,” said Mark Mader, CEO of Smartsheet. “Brandfolder’s content capabilities coupled with Smartsheet’s powerful workflow and collaboration features will provide teams with a dynamic solution to securely manage, share, and publish their content, empowering cross team and organization collaboration.”
With Brandfolder, Smartsheet customers will be able to manage, track and discover all content within their workflows reducing the creation of repetitive assets to drive greater transparency and efficiency. Internal teams will be able to gain insights into their content and make strategic asset decisions with Brandfolder’s performance data features through brand-specific tags that track where the content is being used and how it's performing. This tagging also enables external contributors to easily identify and utilize assets through Brandfolder’s identification and categorization search capabilities.
“Brandfolder has evolved how brands access, manage, and deploy their assets through an intuitive platform, but as work becomes heavily content centric, teams need a way to manage content alongside work,” said Luke Beatty, executive chairman and founder of Brandfolder. “Together, Smartsheet and Brandfolder will give talented teams a dynamic solution to create and discover great content from inception to execution that builds a brand and impacts the bottom line.”
“Brandfolder gives brands an intuitive platform to easily share, store, and track digital assets and gain insights on those assets to make strategic decisions,” said Steve Baker, President and CEO of Brandfolder. “The unbeatable combination of Brandfolder and Smartsheet will enable our customers to efficiently track and manage the entire content creation lifecycle from inception to deployment.”
Smartsheet will pay approximately $155 million for the acquisition, subject to certain customary adjustments and indemnification obligations, with a combination of cash and stock. Closing is expected to occur in September. Additional details regarding the anticipated financial impact of the acquisition will be provided in conjunction with our second quarter of fiscal year 2021 earnings announcement on September 2, 2020. Software Equity Group was Brandfolder’s exclusive financial advisor on the transaction.
Smartsheet (NYSE: SMAR) is the enterprise platform for dynamic work. By aligning people and technology so organizations can move faster and drive innovation, Smartsheet enables its millions of users to achieve more. Visit www.smartsheet.com to learn more.
This press release contains “forward-looking” statements that are based on our management’s beliefs and assumptions and on information currently available to management. Forward-looking statements include, but are not limited to, statements about Smartsheet’s expectations regarding the integration of Brandfolder and Smartsheet capabilities, the synergies and benefits of the proposed acquisition of Brandfolder, possible or assumed business strategies, channel and partner strategies, potential growth and innovation opportunities, new products, and potential market opportunities.
Forward-looking statements generally relate to future events or our future financial or operating performance. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as “believe,” “continue,” “could,” “potential,” “remain,” “will,” “would” or similar expressions and the negatives of those terms. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks include, but are not limited to, risks and uncertainties related to: our ability to integrate Brandfolder and Smartsheet capabilities; our ability to realize synergies and efficiencies from our proposed acquisition of Brandfolder; our ability to identify targets for, execute on, or realize the benefits of, potential acquisitions, including that of Brandfolder; our ability to achieve future growth and sustain our growth rate; our ability to attract and retain talent; our ability to attract and retain customers (including government customers) and increase sales to our customers; our ability to develop and release new products and services and to scale our platform; our ability to increase adoption of our platform through our self-service model; our ability to maintain and grow our relationships with channel and strategic partners; the highly competitive and rapidly evolving market in which we participate; the ongoing effects of the global COVID-19 pandemic; and our international expansion strategies. Further information on risks that could cause actual results to differ materially from forecasted results is included in our filings with the US Securities and Exchange Commission (SEC), including our Quarterly Report on Form 10-Q for the fiscal quarter ended April 30, 2020 filed with the SEC on June 8, 2020. Any forward-looking statements contained in this press release are based on assumptions that we believe to be reasonable as of this date. Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements.