Smartsheet has initiated a significant leadership transition following its recent privatization. Mark Mader, who led the company for nearly two decades, has stepped down from his role as Chief Executive Officer. The board has appointed SaaS industry veteran Sunny Gupta as Executive Chair and interim CEO, effective immediately. This change comes several months after the company’s delisting from public markets in January 2025, when Blackstone and Vista Equity Partners completed their acquisition of the collaborative work management platform.
The $8.4 billion take-private transaction has ushered in a new chapter for Smartsheet, allowing the company to operate without the quarterly pressures of public markets. Shareholders received $56.50 per share in the acquisition—a premium of approximately 41% over the stock’s average price during the preceding 90 trading days.
Sunny Gupta brings extensive experience in scaling software businesses to his new leadership role. He most recently guided Apptio through its successful growth trajectory culminating in its 2023 sale to IBM. His immediate focus will center on strategic oversight and operational support as Smartsheet enters its next growth phase. Meanwhile, Mark Mader will continue to contribute to the company’s development in an advisory capacity as the board commences its search for a permanent chief executive.
Should investors sell immediately? Or is it worth buying Smartsheet?
Despite its transition to private ownership, Smartsheet continues to advance its product development roadmap. Recent and upcoming innovations include:
* The August 2025 release of a Timeline View Widget for Dashboards
* Modifications to user subscription models
* Ongoing enhancements to its AI-powered work management platform
These developments demonstrate the company’s continued market adaptability as it serves more than 85% of Fortune 500 companies.
Under Gupta’s leadership, Smartsheet is expected to prioritize the expansion of its AI-driven collaboration solutions and grow its global enterprise customer base. The upcoming Global Partner Summit in November 2025 will provide the first comprehensive look at these new artificial intelligence innovations, signaling the company’s strategic direction under its new leadership structure.
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