SYDNEY - Smartsheet Inc . (NYSE: NYSE:SMAR), a provider of enterprise work management platforms, today announced the appointment of Helen Masters as the new Managing Director of the Asia Pacific and Japan (APJ) region. Masters, who brings over 25 years of experience in the tech industry, will be tasked with accelerating growth and enhancing customer and partner engagement across the APJ region.
Helen Masters' previous roles include Executive Vice President and GM International Sales for Ivanti, where she managed international teams and partners. She has also held significant positions at Infor, Cisco Systems (NASDAQ:CSCO), and SAP, focusing on sales performance and partner programs. Her extensive background is expected to contribute to Smartsheet's strategic expansion in Asia Pacific.
Max Long, President of Go-To-Market at Smartsheet, expressed confidence in Masters' ability to drive key initiatives and add value to the company's large-scale organizational clients. Masters herself is poised to leverage Smartsheet's unique solutions to improve work management flexibility and efficiency, particularly in a changing workplace landscape that increasingly incorporates AI and innovative tools.
The announcement follows Smartsheet's recent ENGAGE Customer Conference in Seattle, where the company showcased new features and a revamped user experience. Smartsheet, which opened its Sydney office in early 2020, has nearly 13.5 million users worldwide across 190 countries and is utilized by approximately 85% of the 2024 Fortune 500 companies.
As the Managing Director for APJ, Masters is expected to play a crucial role in Smartsheet's growth trajectory and its mission to facilitate collaboration and productivity among its users. This move is part of Smartsheet's ongoing efforts to strengthen its leadership team and expand its global presence. The information for this article is based on a press release statement.
In other recent news, Smartsheet Inc. has agreed to an acquisition deal with Blackstone (NYSE:BX) and Vista Equity Partners, a transaction valued at approximately $8.4 billion. This substantial development has led to several changes in stock ratings, with UBS downgrading Smartsheet stock from Buy to Neutral, Canaccord Genuity and JPMorgan adjusting their ratings to align with the acquisition price of $56.50 per share, and RBC Capital raising its price target for Smartsheet to $56.50. William Blair also adjusted its Smartsheet stock rating from "Outperform" to "Market Perform" in light of the acquisition news.
In addition, Smartsheet reported a 17% increase in revenue for the second quarter of fiscal year 2025, totaling $276.4 million, and a similar rise in its annualized recurring revenue, reaching $1.093 billion. These are notable developments in the company's financial performance. Furthermore, as part of the company's recent restructuring, Smartsheet's Chief Operating Officer, Stephen Branstetter, transitioned to an advisory role. These developments mark a new phase for Smartsheet as it transitions from a public entity to a privately held company under the ownership of Blackstone and Vista Equity.
InvestingPro Insights
Smartsheet's strategic appointment of Helen Masters as Managing Director for the Asia Pacific and Japan region aligns well with the company's current financial position and growth prospects. According to InvestingPro data, Smartsheet's revenue growth stands at 20.16% for the last twelve months as of Q2 2023, indicating a robust expansion trajectory that Masters will be tasked with accelerating in the APJ region.
The company's impressive gross profit margin of 81.61% underscores its ability to maintain profitability as it scales operations, which will be crucial as it expands its presence in new markets under Masters' leadership. This financial strength is further supported by an InvestingPro Tip noting that Smartsheet "holds more cash than debt on its balance sheet," providing the company with financial flexibility to invest in growth initiatives.
Another InvestingPro Tip reveals that "9 analysts have revised their earnings upwards for the upcoming period," suggesting positive sentiment around the company's future performance. This optimism is reflected in the stock's performance, with a strong return of 28.25% over the last three months and trading near its 52-week high.
As Smartsheet continues to expand its global footprint and enhance its platform, investors and stakeholders will be keen to monitor how Masters leverages her extensive industry experience to capitalize on these positive financial indicators and drive growth in the APJ region.
For readers interested in a deeper dive into Smartsheet's financial health and growth prospects, InvestingPro offers 12 additional tips and a comprehensive set of financial metrics to inform investment decisions.
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