Smartsheet, the startup known for its cloud-based calendar and other workplace collaboration tools, has filed to go public. The company will debut on the NYSE under the ticker symbol SMAR.
The filing comes the week after Dropbox hit the public markets. Smartsheet is worth significantly less (its last private valuation clocked in at about $852 million), but Dropbox's strong debut could still be a bellwether for Smartsheet and other smaller tech companies.
In fact, Smartsheet is just one of several software startups to set the IPO process in motion on the heels of Dropbox. Electronic signature company DocuSign (valued at an estimated $3 billion) reportedly filed confidentially for an IPO last week. And Zuora (valued at $738 million), which makes tools to help other companies manage subscription services, filed its S-1 on March 16.
Now that Smartsheet has taken the first official step toward becoming a public company, let's take a look at the numbers surrounding its IPO. A quick look at Smartsheet's history Founded: 2005
Headquarters: Bellevue, WA
Total equity funding: about $121 million
Most recent private valuation: $852 million with a $52.1 million round led by Insight Venture Partners in May 2017
M&A: Smartsheet acquired Converse.AI, a maker of intelligent chatbots for business communication, in January. Key info from Smartsheet's SEC filing Revenue: $111 million in the fiscal year ended January 31, 2018, up from $67 million in FY 2017.
Net loss: $49 million in FY 2018, up from $15 million in FY 2017.
Principal shareholders:
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Insight Venture Partners: 32.1% pre-IPO stake
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Madrona Venture Group: 28.4%
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Brent Frei (co-founder & board member): 8.9%
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Sutter Hill Ventures: 5.4%
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Mark Mader (CEO): 2.3%
Total compensation for key executives in FY 2018:
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Mark Mader: $1.9 million
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Gene Farrell (senior VP of product): $2.7 million
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Kara Hamilton (senior VP of people operations): $927,000
Additional facts:
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Most of Smartsheet's revenue (about $100 million) comes from subscriptions.
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The company has incurred losses each year since its 2005 founding.
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Notable customers include Starbucks and Cisco
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Smartsheet had 787 employees as of January 31, 2018, up from 274 at the end of FY 2016.
Check out some related coverage, including a datagraphic exploring Dropbox's NASDAQ debut and an explanation of Spotify's forthcoming direct listing.