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Press Release


SMARTSHEET REACHES $1 BILLION IN ANNUALIZED RECURRING REVENUE

The company is the first in the collaborative work management category to
achieve this milestone 

 

BELLEVUE, Wash., January 17, 2024 – 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.

 

Gartner Disclaimer 

Gartner® is a registered trademark and service mark of Gartner, Inc. and Magic
Quadrant™ and Peer Insights™ are registered trademarks of Gartner, Inc. and/or
its affiliates in the U.S. and internationally and are used herein with
permission. All rights reserved.

 

Gartner Peer Insights content consists of the opinions of individual end users
based on their own experiences, and should not be construed as statements of
fact, nor do they represent the views of Gartner or its affiliates. Gartner does
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Gartner does not endorse any vendor, product or service depicted in its research
publications, and does not advise technology users to select only those vendors
with the highest ratings or other designation. Gartner research publications
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construed as statements of fact. Gartner disclaims all warranties, expressed or
implied, with respect to this research, including any warranties of
merchantability or fitness for a particular purpose.

 

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