Smartsheet Reaches $1 Billion in Annualized Recurring Revenue
17 Januar 2024 - 3:00PM
Business Wire
The company is the first in the collaborative
work management category to achieve this milestone
Smartsheet (NYSE:SMAR), the enterprise work management platform,
announced today that it reached $1 billion in annualized recurring
revenue (ARR) earlier in Q4, a significant milestone in the
company’s history that comes on the heels of being named a Leader
in the December 2023 Gartner® Magic Quadrant™ for Collaborative
Work Management. Smartsheet was also recently recognized as a
Leader in two IDC reports - IDC MarketScape: Worldwide
Collaborative Work Management 2023-2024 Vendor Assessment1 and IDC
MarketScape: Worldwide Cloud Project and Portfolio Management
2023-2024 Vendor Assessment.2
Smartsheet was founded with the goal of empowering people to
define better ways for managing work. When Smartsheet began serving
customers in 2006, companies were running important parts of their
businesses on email, documents, and spreadsheets, and it was
challenging to remain in sync or execute at pace. The cloud-based
Smartsheet platform enabled teams and organizations to manage their
work and collaborate with teammates, customers, and partners,
pioneering what would later become the collaborative work
management category.
Today, Smartsheet powers mission-critical work securely and
reliably at scale for thousands of organizations worldwide,
including approximately 85% of the 2023 Fortune 500 companies.
Customers rely on the platform to open thousands of new restaurant
locations, distribute vaccines, build rockets, and more.
"Smartsheet started its journey almost 19 years ago to transform
the way people and organizations work,” said Mark Mader, CEO of
Smartsheet. "Crossing this financial threshold of $1 billion in ARR
is meaningful, but at the same time should be recognized as another
marker along the way. The truly exhilarating moments are seeing not
what we've built for ourselves, but rather what our customers build
on our platform. We believe that innovating throughout nearly two
decades and expanding the way we serve customers has made us a
market leader, and it’s hearing from customers about how they are
changing lives and solving problems that's most gratifying.”
“Work coordination platforms fill a gap in the digital workplace
between systems of record and communications tools. They are at the
heart of the real work that is getting done,” said Dion
Hinchcliffe, Vice President and Principal Analyst at Constellation
Research. “The category has been growing steadily as these tools
become more effective at connecting people, applications, and data,
and Smartsheet crossing the $1 billion in ARR mark indicates
another inflection point in growth and maturity for the
category.”
Innovation at Smartsheet is fueled by enabling customers to
achieve their goals, deliver on promises, and solve problems in
innovative ways. With this ethos, the company is continuously
evolving and enhancing its platform. In September, Smartsheet
unveiled the next generation of its platform with massive scale and
AI threaded throughout to help organizations manage their most
sophisticated workloads with ease.
Smartsheet believes its commitment to customer-centric
innovation is a cornerstone of its success and one of the reasons
customers choose the platform. Last year, Smartsheet received the
distinction of being a Customers’ Choice in the June 2023 Gartner
Peer Insights™ ‘Voice of the Customer’ in the Collaborative Work
Management market. The company received the highest rating (4.6 out
of 5) and the highest percentage of customers willing to recommend
the platform (98%) out of 203 reviews as of April 2023.
“We have a very diverse set of clients who are achieving
outstanding results with Smartsheet,” said Amin Panjwani, CEO of
Achievan.com, Smartsheet’s Platinum Partner. “The platform’s
powerful capabilities combined with our team’s deep expertise can
transform how our clients operate. Smartsheet reaching this
milestone indicates to us that their focus on customer-first
innovation is working, and we are eager to continue growing our
partnership and business together.”
1doc #US49434923, December 2023 2doc #US49434823, December
2023
Financial Disclaimer
Smartsheet’s annual financial statements for the year ending
January 31, 2024 are not yet available. Smartsheet’s preliminary
annualized recurring revenue information described herein is an
estimate and subject to the completion of Smartsheet’s financial
closing procedures and any adjustments. The preliminary annualized
recurring revenue information described herein may differ
materially from the actual results that will be reflected in
Smartsheet’s reports filed with the U.S. Securities and Exchange
Commission.
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About Smartsheet
Smartsheet is the modern enterprise work management platform
trusted by millions of people at companies across the globe,
including approximately 85% of the 2023 Fortune 500 companies. The
category pioneer and market leader, Smartsheet delivers powerful
solutions fueling performance and driving the next wave of
innovation. Visit www.smartsheet.com to learn more.
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Media Contact: Chrissy Vaughn pr@smartsheet.com
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