Brandfolder CEO Luke Beatty. Photo credit: Brandfolder

Collaboration software company Smartsheet has reached a deal to acquire Brandfolder, a Denver-based digital asset management startup. Smartsheet is ponying up $155 million in cash and stock for Brandfolder, which has raised some $11 million in funding as a private company. The acquisition is expected to close by September. Brandfolder is being acquired eight years after its founding.

Smartsheet is apparently acquiring Brandfolder to bolster its business. Since going public in 2018, Smartsheet has actively worked to boost its business and successfully more than tripled its market capitalization. Currently, Bellevue, Washington-based Smartsheet sports a market capitalization of nearly $6 billion.