Brandfolder customers will benefit from the best design automation and template building capabilities

BELLEVUE, Wash.–(BUSINESS WIRE)–Smartsheet, the enterprise platform for dynamic work, has acquired brand management, templates and creative automation platform, Outfit, deepening the investment of the company in its industry-leading digital asset management (DAM) offering, Brandfolder by Smartsheet.

“Digital assets are the lifeblood of many organizations. Increasingly, we are seeing the value that collaboration between work management and digital asset management platforms can bring to our customers,” said Mark Mader, CEO of Smartsheet. “Our goal with Brandfolder is to be the leading creative automation solution on the market, and we are investing strategically to strengthen our leadership position. Adding Outfit to our award-winning Brandfolder platform expands the content experience we can deliver to our new and existing clients who want to create content at scale, quickly, on-brand, every time.

Smartsheet plans to quickly integrate Outfit’s design automation and template creation capabilities into Brandfolder so that existing and new customers can derive even more value from a more powerful DAM and content automation experience. .

As the fifth acquisition in four years, following Converse.AI, Slope, 10,000 Foot, and Brandfolder, this investment represents Smartsheet’s latest step in cementing its position as the platform of choice for managing collaborative work.

The unique needs of today’s marketers and creatives

The fast-paced world of marketing and creative design isn’t slowing down — and in today’s macro environment, teams made up of creatives and non-creatives are often asked to do even more with less. They need to be equipped with the tools they need to do their jobs well, including easy ways to create data-driven and brand-driven marketing materials.

The Value of a World-Class DAM Platform

A leader on the G2 Grid for digital asset management software for 18 consecutive quarters and number one in the Summer Grid 2022 report, Brandfolder’s unified platform has the power to improve the way marketers and creatives work together to deliver high-speed, impactful brand experiences with efficiency and speed. Brandfolder was also recently named to the Constellation ShortList™ for Digital Asset Management (DAM) for High-Volume Commerce in the third quarter of 2022. A new study commissioned, The total economic impact of Brandfolderrecently found that organizations using Brandfolder realized greater efficiency for marketing and creative teams, including a 40% increase in team efficiency and up to 90% time savings when researching digital assets.

The Power of Automated Modeling Solutions

Founded in 2015 and based in Brisbane, Australia, Outfit helps organizations around the world maintain brand consistency and solve marketing production challenges by automating the production of digital and print marketing materials with flexible, web-based templates. constraints. Outfit customers including Subaru, Cloudera, Red Hat, Monash University and Durham Universitygain more control over their brand while allowing teams to produce more quality material, faster, in widely distributed locations.

“There is a world-class product and technology between Outfit and Brandfolder by Smartsheet, but it was equally important to me to join an incredible company that values ​​excellence, innovation and the pursuit of progress the same way that we do at Outfit,” said Bruce Stronge, Founder and CEO of Outfit. “I am thrilled to have our talented team join the Smartsheet family where together we will create incredible value for our mutual customers.”

Financial details

Smartsheet financed the transaction with existing cash on its balance sheet. The transaction is expected to be neutral to Smartsheet’s non-GAAP earnings per share and free cash flow for fiscal 2023, and accretive thereafter.

The transaction, which was unanimously approved by the Boards of Directors of Smartsheet and Outfit, closed today. Stronge and a majority of the Outfit team will join Smartsheet as full-time employees, reporting to Steven Baker, vice president and general manager of Brandfolder.

Additional details regarding the expected financial impact of the acquisition will be provided during Smartsheet’s second quarter fiscal 2023 earnings conference call and webcast today at 4:30 p.m. ET (1:30 p.m. PT). The dial-in number to access the call will be (888) 440-6385 or +1 (646) 960-0180 (outside the United States). The call ID is 7672979. The webcast will be open to listeners through the events section of Smartsheet’s Investor Relations website: https://investors.smartsheet.com.

A webcast replay of the call will be available at https://investors.smartsheet.com or by dialing (800) 700-2030 or +1 (647) 362-9199 (outside the United States). The call-in replay will be available until the end of the day on September 8, 2022. The webcast replay will be available for one year.

Forward-looking statements

This press release contains “forward-looking” statements based on the beliefs and assumptions of our management and on information currently available to management. Forward-looking statements include, but are not limited to, statements about Smartsheet’s outlook for the third fiscal quarter and full fiscal year ending January 31, 2023, and Smartsheet’s expectations regarding possible or anticipated business strategies, potential opportunities for growth and innovation, new products, and potential market opportunities.

Forward-looking statements generally relate to future events or our future financial or operating performance. Forward-looking statements include all statements that are not historical facts and can be identified by words such as “believe”, “continue”, “could”, “potential”, “remain”, “will”, “would”. or similar expressions and negations of these terms. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks include, but are not limited to, risks and uncertainties relating to: our ability to achieve future growth and maintain our rate of growth; our ability to attract and retain customers and increase sales to our customers; our ability to develop and launch new products and services and to evolve our platform; our ability to increase adoption of our platform through our self-service model; our ability to maintain and develop our relationships with strategic partners; the highly competitive and rapidly changing marketplace in which we participate; our ability to identify targets for, execute or realize the benefits of potential acquisitions; our international expansion strategies; and the impact of the COVID-19 pandemic. Further information about the risks that could cause actual results to differ materially from expected results is included in our SEC filings, including our Quarterly Report on Form 10-Q for the quarter ended July 31. 2022 to be filed with the SEC. All forward-looking statements contained in this press release are based on assumptions that we believe are reasonable as of this date. Except as required by law, we undertake no obligation to update these forward-looking statements or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements.

About Smartsheet

Smartsheet (NYSE: SMAR) is the enterprise platform for dynamic work. By aligning people and technology so organizations can scale faster and drive innovation, Smartsheet empowers its millions of users to achieve more. Visit www.smartsheet.com to learn more.

contacts

Chrissy Vaughn

[email protected]