Bellevue-based work management company Smartsheet Inc. (NYSE: SMAR) has acquired Outfit, a brand management company headquartered in Australia.
Smartsheet didn't disclose how many employees Outfit has or the financial terms of the deal, which closed Thursday, but a Smartsheet spokesperson said the Outfit team will join Smartsheet's marketing and creative platform Brandfolder. The spokesperson added the Outfit team will work remotely.
"Our goal with Brandfolder is to be the leading creative automation solution on the market, and we’re strategically investing to strengthen our leadership position," Smartsheet CEO Mark Mader said in a release.
The spokesperson said Smartsheet now has more than 3,200 employees, and the Outfit brand will eventually fold into Brandfolder.
Smartsheet, founded in 2005, offers a variety of work management tools, including content management, collaboration tools and task automation. Outfit marks the fifth acquisition in four years for Smartsheet, according to the company. In its second quarter fiscal year 2023 financial results, released Thursday, Smartsheet generated $186.7 million in revenue for the quarter, a 42% year-over-year increase.
Outfit, meanwhile, was founded in 2015. The company helps clients produce branded documents, social media and videos. It counts among its customers Red Hat, Subaru and Cloudera.
In a release, Smartsheet said Outfit CEO Bruce Stronge and the rest of the Outfit team will report to Steven Baker, vice president and general manager of Brandfolder.
“There’s a world-class product and technology fit between Outfit and Brandfolder by Smartsheet," Stronge said. “I’m excited for our talented team to join the Smartsheet family where together we will create incredible value for our mutual customers.”
The acquisition comes after Dennis Durkin, formerly the chief financial officer at Activision Blizzard, resigned from Smartsheet's board after only a few weeks on the job. Durkin left Activision in May 2021, and soon after that the company faced a lawsuit and allegations of a toxic workplace, including sexual harassment and discrimination. The lawsuit named Durkin as a defendant and alleged he didn't tell investors about the sexual harassment or discrimination complaints.
