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Smartsheet, a provider of cloud-based work management solutions targeted at enterprises, today announced that it is acquiring 10,000ft, a Seattle-based company developing real-time resource management, capacity planning, and reporting software. Terms of the deal weren’t disclosed, but Smartsheet says it will reveal the specifics in its first-quarter 2020 earnings announcement.
“Effective resource management is a mission-critical need for many organizations today, yet most tools specializing in capacity planning are overly complex and costly to manage,” said Smartsheet CEO Mark Mader. “10,000ft offers a unique combination of enterprise-grade functionality with simplicity and ease-of-use, aligning with our vision to empower everyone to more effectively plan, track, automate, and report on work.”
10,000ft, which was founded in 2011, offers a software-as-a-service (SaaS) suite that facilitates project planning and orchestration, enabling managers to track time by initiative and build out accurate forecasts. Its platform can keep tabs on schedules and budgets (i.e., hours, fees, and expenses), plus factors like work plans and statuses. Through 10,000ft’s team management dashboard, users can view project staffing and capacity predictions, assign (or reassign) employees, and configure reports. Moreover, with its prebuilt integrations and API, users can export data to QuickBooks, Google Sheets, Zapier, and other third-party tools.
As of April, 10,000ft said it has over 1,000 customers in consulting, advertising and creative agencies, consumer products, and technology sectors, including recognizable names like Twitter, Ogilvy, Accenture, Edelman, Arup, Mercedes-Benz, PricewaterhouseCoopers, and Stanford University.
Smartsheet says 10,000ft’s tools will be integrated with its products and “significantly strengthen” their value proposition for marketing and professional services customers.
“10,000ft was designed to help organizations make more confident operational decisions across their portfolio of work. Those could be decisions about who is best suited to work on a specific initiative, what pipeline projects need staffing, or the forecast for hiring,” said 10,000ft vice president of growth Anne Prins. “We’re excited to join the Smartsheet team to empower more users in more industries to leverage resource management to improve how they work.”
10,000ft marks Smartsheet’s third acquisition since its founding in 2005. In January 2019, it snatched up Seattle-based content collaboration technology company TernPro (maker of Slope), and in 2017 it bought Converse.AI, an Edinburgh-based startup developing intelligent chatbots for businesses.
Currently, Smartsheet — which became a publicly traded company in 2018 — serves over 3 million users and over 76,000 brands, encompassing 90% of the Fortune 100. It recently surpassed 1,000 employees and opened new offices in Boston and London. And prior to its IPO, it attracted $113.2 million in venture capital at an $800 million valuation from Insight Venture Partners, Madrona Venture Group, Sutter Hill Ventures, Summit Partners, and other investors.
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