Smartsheet, which makes project tracking and workflow software, filed regulatory paperwork Monday seeking a public stock listing. Revenue, and losses, at the company have grown as it nearly tripled its workforce in the last two years.
Smartsheet, a builder of project management software, plans to go public.
The Bellevue company filed paperwork with regulators Monday indicating it sought to raise up to $100 million, a placeholder figure that’s likely to change.
Smartsheet, founded in 2005, is among the more mature software startup companies in the Seattle area. It’s been racking up losses – and quickly growing revenue – amid a hiring binge to build out its product and claim a stake in the market for digital tools to manage work processes and collaborate with others.
Revenue during the year ended January 31 was $111 million, up 66 percent from a year earlier. Smartsheet posted a net loss of $49.1 million during the period, from a loss of $15.2 million the prior year. The company has never turned a profit on an annual basis.
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The filing charts the company’s rapid growth in recent years.
Smartsheet employs 787 people, nearly three times the 274 in the company’s ranks two years ago.
About 650 people work at the company’s downtown Bellevue headquarters. An outpost in Boston is home to most of the rest. The company also has an office in Edinburgh, Scotland.
The company has raised about $120 million from outside investors, including Insight Venture Partners, Madrona Venture Group and Sutter Hill Ventures. The most recent fundraising, a $52.1 million Series F round, valued the company at $852 million, according to PitchBook.
Smartsheet is led by chief executive Mark Mader, formerly an executive with Onyx Software.
The company has applied to list its shares on the New York Stock Exchange under the symbol SMAR.
This article, originally published March 26, 2018, was corrected March 26, 2018. An earlier version incorrectly gave Mark Mader’s title at Onyx Software.