For Smartsheet, with $11.5 billion TAM, Projects Abound

Managing expectations can be a major project. Fortunately for workflow management SaaS platform Smartsheet, whose total addressable market was recently valued by analysts at more than $11.5 billion, projects happen to be a specialty.

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Smartsheet Inc. earned $111 million in revenue in fiscal 2019, igniting rumors that it is well positioned for further market penetration. The company is displaying many promising growth drivers, from expansion among its existing customer base to new market penetration in the EU coupled with the acquisition of new customers to add to its recurring customer base. Analysts estimate that these factors should float revenue above 40% for the next two years at least.

For those who know and love it, Smartsheet is project management at its most collaborative. Users can share project timelines, documents, calendars, tasks, checklists and more. Many companies rely on the software to increase worker productivity and communication.

The company competes directly with Microsoft Project and other popular project management tools in the space, like Asana and Basecamp.

Smartsheet was founded in 2006 but grew slowly in its early years. The company faced the typical growing pains of a technology startup, dropping many of its initial features and experimenting with the marketability of others.

But management has managed to right the ship after a 2010 redesign which led to increased investor interest and a broader user base overall. Following this, Smartsheet integrated with Microsoft Office 365 and Azure in 2014. More recently, the company has acquired Converse.AI, a Scottish software company which develops automated bots for businesses.

The company, which has upwards of 700 employees and is headquartered in Bellevue, Washington, began NYSE trading of its shares (SMAR) on April 27, 2018.

The company’s products are used by over 10 million people globally in over 85,000 organizations.