Smartsheet Reaches $1 Billion in Annualized Recurring Revenue

Smartsheet (NYSE:SMAR), the enterprise work management platform, announced today that it reached $1 billion in annualized recurring revenue (ARR) earlier in Q4, a significant milestone in the company’s history that comes on the heels of being named a Leader in the December 2023 Gartner Magic Quadrant for Collaborative Work Management. Smartsheet was also recently recognized as a Leader in two IDC reports - IDC MarketScape: Worldwide Collaborative Work Management 2023-2024 Vendor Assessment¹ and IDC MarketScape: Worldwide Cloud Project and Portfolio Management 2023-2024 Vendor Assessment.²

Smartsheet was founded with the goal of empowering people to define better ways for managing work. When Smartsheet began serving customers in 2006, companies were running important parts of their businesses on email, documents, and spreadsheets, and it was challenging to remain in sync or execute at pace. The cloud-based Smartsheet platform enabled teams and organizations to manage their work and collaborate with teammates, customers, and partners, pioneering what would later become the collaborative work management category.

Today, Smartsheet powers mission-critical work securely and reliably at scale for thousands of organizations worldwide, including approximately 85% of the 2023 Fortune 500 companies. Customers rely on the platform to open thousands of new restaurant locations, distribute vaccines, build rockets, and more.

"Smartsheet started its journey almost 19 years ago to transform the way people and organizations work,” said Mark Mader, CEO of Smartsheet. "Crossing this financial threshold of $1 billion in ARR is meaningful, but at the same time should be recognized as another marker along the way. The truly exhilarating moments are seeing not what we've built for ourselves, but rather what our customers build on our platform. We believe that innovating throughout nearly two decades and expanding the way we serve customers has made us a market leader, and it’s hearing from customers about how they are changing lives and solving problems that's most gratifying.”

“Work coordination platforms fill a gap in the digital workplace between systems of record and communications tools. They are at the heart of the real work that is getting done,” said Dion Hinchcliffe, Vice President and Principal Analyst at Constellation Research. “The category has been growing steadily as these tools become more effective at connecting people, applications, and data, and Smartsheet crossing the $1 billion in ARR mark indicates another inflection point in growth and maturity for the category.”