Do you prefer to buy local when it comes to your stock portfolio? You’ll soon have a new Eastside option. Bellevue-based Smartsheet recently announced it wants to go public.
“In 2005, our founders set out to build a universal application for work management. They realized that the ‘killer app’ for teamwork management, tracking, project management, team collaboration, and flexible reporting did not exist,” the IPO filing reads. “Our founders developed Smartsheet to be the universal answer to which all email and spreadsheet users could graduate because of its spreadsheet-like user interface and email-integrated design.”
The number of shares available and the price of the shares have yet to be disclosed. While the registration has been filed, it has not yet gone into effect. The symbol the company applied to have its shares listed under on the New York Stock Exchange is “SMAR.”
Smartsheet has been on an upward trajectory for years, so the IPO filing comes as no surprise. Last May, the company announced it had received $52.1 million in funding, bringing its total investments at that time to over $120 million. For the last five years, the company’s revenue has increased by more than 60 percent year-over-year.
Smartsheet was also named one of the Deloitte’s Technology Fast 500™ for the third year in a row in 2017. Deloitte’s Technology Fast 500™ is a ranked a list of the 500 fastest-growing tech companies in North America. The software superstar was ranked 221 with 444% growth.
425 Business reached out to Smartsheet for comment on their decision to file for IPO, but a representative of the company replied that they are unable to comment during the ‘quiet period’.