Smartsheet is a SaaS platform offering solutions for collaborative work automation, including task delegation, progress tracking, document sharing, and calendar management. The platform has integrated with Microsoft, Atlassian, Salesforce, Dropbox, and Amazon Web Services (AWS). The platform also offers no-code automation features that allows non-technical users to build workflows on the platform. As of March 2021, Smartsheet serves customers in more than 190 countries while claiming that over 75% of Fortune 500 companies use its solutions. The platform, offered in eight languages, has offices in Boston, London, Edinburgh, and Sydney and operates a subscription model starting at USD 14 per user per month.
During 2018-2019, Smartsheet was active in the M&A market, acquiring 10,000ft (a project management tool), TernPro (the developer of Slope Software), and Converse.AI (a business automation bot developer). Its latest acquisition was in September 2020, when it acquired the digital asset management platform Brandfolder.
In FY2021, the company reported USD 386 million in revenue, growing 42% YoY from USD 271 million in 2020. The revenue growth was supported by a 45% YoY increase in the platform’s subscription revenue, which accounted for 92% of total revenue (up slightly from 90% in the previous year). Customers with an annualized contract value (ACV) of more than USD 100,000 increased by 68% YoY to around 590. Furthermore, the average ACV increased by 40% YoY to approximately USD 5,100.
Revenue guidance for FY2022 was upgraded to USD 544 million–545 million due to better than expected results in Q3 FY2022, implying a YoY growth of ~41%, from the guidance of USD 530 million–533 million provided in Q2 FY2022. Smartsheet revised its FY2022 non-GAAP net loss per share guidance slightly upwards to USD 0.32–0.30 from USD 0.44–0.36 given in Q2 FY2022.
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