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Wed, April 5 at 4:00PM ET

SMAR Stock Alert: Smartsheet Acquires Digital Asset Management Platform Outfit

  • Smartsheet (SMAR) just acquired brand management specialist Outfit.
  • This could help Smartsheet build out its creative automation product, Brandfolder.
  • SMAR stock surged 11% on this news.
SMAR stock - SMAR Stock Alert: Smartsheet Acquires Digital Asset Management Platform Outfit

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Today, Smartsheet (NYSE:SMAR) investors are probably feeling pretty smart. The company just bought out Outfit, a platform for brand management, templating and creative automation. As a result, SMAR stock is on the move today, gaining 11% early in the trading session.

It’s no exaggeration to say Smartsheet has been on a buying binge. Believe it or not, Outfit represents Smartsheet’s fifth acquisition in four years. Another one of those acquisitions was Brandfolder, Smartsheet’s creative automation product.

With Outfit, Smartsheet can enhance Brandfolder and its digital asset management (DAM) offerings generally. Smartsheet CEO Mark Mader clarified the value proposition of the Outfit acquisition:

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

What’s Happening with SMAR Stock?

Clearly, Mader envisions Outfit, with its design automation and templating capabilities, as a perfect fit for Brandfolder and Smartsheet’s business model. Do SMAR stock investors share Mader’s vision, though?

At least for the time being, it appears the answer is definitely yes. SMAR stock was already up 11% this morning, and it looks like the buyers are targeting the crucial $35 level.

All of this leads to an important question, though: What will the financial impact of the Outfit acquisition be for Smartsheet? After all, buying five businesses in four years is bound to have an impact on Smartsheet’s balance sheet.

We don’t have an answer to this question yet. However, the details should be forthcoming today at 4:30 p.m. Eastern, when Smartsheet hosts its second-quarter fiscal 2023 earnings conference call and webcast.

So, you’ll have to tune in for the lowdown on the Outfit buyout’s fiscal impact. In any event, be prepared for the possibility of more outsized moves in SMAR stock.

On the date of publication, David Moadel did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

David Moadel has provided compelling content – and crossed the occasional line – on behalf of Motley Fool, Crush the Street, Market Realist, TalkMarkets, TipRanks, Benzinga, and (of course) InvestorPlace.com. He also serves as the chief analyst and market researcher for Portfolio Wealth Global and hosts the popular financial YouTube channel Looking at the Markets.

Article printed from InvestorPlace Media, https://investorplace.com/2022/09/smar-stock-alert-smartsheet-acquires-digital-asset-management-platform-outfit/.

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