Smartsheet acquires Aussie-founded creative automation platform Outfit

Mark Mader, Chief Executive Officer at Smartsheet

Smartsheet, the enterprise platform for dynamic work, has acquired brand management, templating and creative automation platform, Outfit, deepening the firm’s investment into its industry-leading digital asset management (DAM) offering, Brandfolder by Smartsheet.

What does the acquisition mean for Smartsheet?

Smartsheet plans to integrate Outfit’s design automation and templating capabilities into Brandfolder so existing and clients can realize ever greater value from a more powerful DAM and content automation experience. As its fifth acquisition in 4 years, following Converse.AI, Slope, 10,000ft and Brandfolder, this investment represents Smartsheet’s latest step towards cementing its position as the collaborative work management platform of choice.

The fast-paced world of marketing and creative design is not slowing down–and in today’s macroenvironment, teams made up of creatives and non-creatives are often being asked to do even more with less. They need to be empowered with the tools they need to do their jobs well, including simple ways to create data-driven, on-brand marketing materials.

“Digital assets are the lifeblood for many organizations. More and more we are seeing the value that collaborative work management and digital asset management platforms working together can deliver for our customers,” commented Mark Mader, CEO of Smartsheet.

“Our goal with Brandfolder is to be the leading creative automation solution on the market, and we’re strategically investing to strengthen our leadership position. Adding Outfit to our award-winning Brandfolder platform extends the content experience we can offer our new and existing clients who want to create content at scale, at speed, on brand–every time.”

How effective is Brandfolder by Smartsheet?

A leader on G2’s Grid for Digital Asset Management Software for 18 straight quarters and number one in the 2022 Summer Grid Report, Brandfolder’s unified platform improves the way marketers and creatives work to deliver high-velocity, impactful brand experiences with unparalleled efficiency and speed. Brandfolder was recently named to the Constellation ShortList™ for Digital Asset Management (DAM) for High-Volume Commerce in Q3 2022.

A study, The Total Economic ImpactTM of Brandfolder, recently found that firms using Brandfolder realized greater efficiencies for marketing and creative teams, including a 40% increase in team efficiency and up to 90% time savings when searching for digital assets.

What is the market offering of Outfit?

Established in 2015 and headquartered in Brisbane, Australia, Outfit helps organizations maintain brand consistency and solve marketing production challenges by automating the production of digital and print marketing materials with flexible, constraints-based templates.

Some of Outfit’s customers, include the following; Subaru, Cloudera, Red HatMonash University and Durham University, gain more control over their brand while empowering teams to produce more quality material, faster, in widely distributed locations.

“There’s a world-class product and technology fit between Outfit and Brandfolder by Smartsheet, but equally important for me was joining an incredible company who values excellence, innovation, and the pursuit of progress in the same way that we have at Outfit. I’m excited for our talented team to join the Smartsheet family where together we will create incredible value for our mutual customers,” said Bruce Stronge, Founder and CEO of Outfit.

What were the specifcs of the transaction?

Smartsheet has funded the transaction with existing cash on its balance sheet. The transaction is expected to be neutral to Smartsheet’s fiscal year 2023 non-GAAP earnings per share and free cash flow, and accretive thereafter. The transaction, which has been unanimously approved by the board of directors of both Smartsheet and Outfit.

Stronge and a majority of the Outfit team will join Smartsheet as full-time employees, reporting up through Steven Baker, Vice President and General Manager at Brandfolder.