Smartsheet Makes Another Software Acquisition With Deal for 10,000ft
Smartsheet, a company that sells collaborative project-tracking software for business users, announced Thursday it has acquired 10,000ft, a startup developing digital tools organizations use to organize their schedules and track the time they spend on work projects. Both firms are based in the Seattle area.
Smartsheet (NASDAQ: SMAR) did not disclose financial terms of the deal, but says adding 10,000ft’s products and staff will benefit Smartsheet users who work on their companies’ marketing and creative teams.
According to 10,000ft’s website, the organizations that license its software include architecture and design firms, marketing agencies, and software developers. The startup says it has more than 1,000 clients, including consulting and financial services firms Accenture (NYSE: ACN) and PwC. One customer, New Jersey-based Hollister Construction Services uses 10,000ft’s products to track current and future building projects, including budget information and the time cards workers use to log their hours.
In the short term, 10,000ft customers won’t experience any changes to the software, or how much they’re charged to use it, the company says.
“With the integration of 10,000ft, Smartsheet customers will benefit from the ability to plan and allocate resources across their projects, optimize resource allocation by function or skill set, track time against forecast, and gain real-time portfolio level visibility into the status of budgets and deliverables,” Smartsheet says in its announcement of the acquisition.
Smartsheet went public a little over a year ago. Its purchase of 10,000ft follows another deal, made in January, to acquire Seattle-based TernPro. Smartsheet says 10,000ft’s tools will complement TernPro’s flagship product, Slope, software that lets customers mark up documents, images, videos, and other media before publishing them.
Three ex-Microsoft (MSFT) employees—Gavin Kelly, Rob Girling, and 10,000ft CEO Martijn van Tilburg—founded the startup in 2011. Their vision was to build software that allowed teams to easily “see the big picture of their businesses,” according to a company blog post reflecting on its sale to Smartsheet.