Vista Equity Partners is an American
private equity firm that invests in software, data, and technology-enabled businesses.[4][failed verification] With over $100 billion in AUM, it is one of the largest private equity firms in the world.[5] Vista Equity Partners has invested in hundreds of technology companies, including
Citrix,
SentinelOne, and
Marketo, and has achieved many accolades in the space, most recently being named as 2023's Global Technology Private Equity Firm of the Year by Private Equity International.[6]
In September 2019, Vista Equity Partners raised $16 billion for their flagship fund, which was the largest technology-focused fund ever raised by an independent private equity firm at the time. In June 2023, Vista Equity Partners was ranked 16th in
Private Equity International's PEI 300 ranking of the largest private equity firms in the world.[7] The company has offices in several cities, including
Austin,
Chicago,
New York, and
San Francisco.[8][9][10]
History
2000–2009
Vista Equity Partners was founded in 2000 by American businessman and investor
Robert F. Smith, who serves as chairman and CEO. Vista opened its first office in San Francisco in 2000.[11] In November 2008, the company closed a funding round for its first institutional fund with a total of $1.3 billion raised.[12]
Vista is known for applying detailed scrutiny in human resources when investing in firms, in a procedure it calls Vista Standard Operating Procedures.[13]
2010–2019
In 2010,
Brian N. Sheth was promoted to president and awarded the title of co-founder of the firm. He remained in this role until his departure in 2020.[14][15]
In 2011, the company opened an office in Austin, Texas.[11] Over the years, Vista has added several
private equity funds and credit funds to its portfolio,[16][17][18] including its first fund, the Vista Credit Opportunities Fund, which raised $196 million.[18][19] During that time, Vista opened several funds that specifically targeted middle-market companies[20] and
emerging technology companies.[21] The company also has a permanent capital investment fund, Vista Equity Partners Perennial, which focuses on growing
vertical market software companies.[22][23]
2020–present
As of May 2020, Vista had more than $57 billion in
capital commitments.[24] In 2020, Vista joined
Diligent Corporation's modern leadership initiative and pledged to create five new board roles among its portfolio companies for racially diverse candidates.[25][26]
As of June 2021, Vista had more than $81 billion in assets under management.[27] In August 2021, its chief operating officer David Breach was announced as president of Vista, the previous incumbent, Brian N. Sheth, a Vista co-founder, resigning in 2020 following the criminal tax investigation of CEO Smith.[28]
In January 2022, it was announced that
Citrix Systems had been acquired in a $16.5 billion deal by affiliates of Vista and Evergreen Coast Capital. The all-cash acquisition will see Citrix merge with
TIBCO, a Vista portfolio company.[29]
In August 2022, Vista agreed to acquire tax automation software platform maker Avalara, Inc. for $8.4 billion including debt.[30]
As of August 2023, Vista Equity Partners had over $100 billion in assets under management.[31]
In October 2023, Vista, along with
Blackstone acquired Energy Exemplar, an Australian energy software company for approximately $1.6 billion.[32]
Tax evasion
In October 2020, Vista's CEO
Robert F. Smith and investor
Robert T. Brockman were named in a tax evasion case.[33][34] That month, Smith signed a non-prosecution agreement with the IRS, agreeing to pay $139 million and testify against Brockman.[33] The following month, Vista's president and co-founder Brian Sheth departed the company, stating that his leaving was unrelated to the tax situation.[35]
Investments
2000–2009
In August 2000, Vista invested in SourceNet Solutions, a provider of finance and accounting business process outsourcing services.[36][37] Between 2001 and 2005, Vista invested in several software companies, including
BigMachines, a provider of
product configuration software,[38] and Aspect Communications, a contact center technology company,[39] among others.[11] In 2004, Vista acquired Applied Systems, Inc., an insurance software company.[40] In 2005, Vista invested in MDSI Mobile Data Solutions.[41]
In 2006, Vista invested in
Reynolds and Reynolds, an auto technology company.[42] The following year, Vista acquired Indus International, which it later merged with MDSI Mobile Data Solutions to form Ventyx, Inc.[41] That year, the company also invested in
SirsiDynix, a library software company.[43][44] In 2008, Vista acquired P2 Energy Solutions Inc, a software company that helps oil and gas producers keep track of drilling leases.[45] The following year, the company acquired
SumTotal Systems from Accel Partners and Kohlberg Kravis Roberts,[46][47] as well as MicroEdge from
Advent Software.[48]
2010–2019
In 2011, the firm acquired multiple companies, including Sage Healthcare, an electronic health records company,[49] which it renamed Vitera Healthcare Solutions.[50]
In 2016, Vista acquired
Solera Holdings for $6.5 billion[62][63] and
Cvent for $1.65 billion,[64] and announced agreements to acquire
Marketo (marketing automation software),[65]Ping Identity (
single sign-on digital security),[66] and GovDelivery (technology platform for government bodies).[67] The company invested in Granicus[68] and
Vivid Seats that same year.[69] Vista subsequently merged GovDelivery and Granicus into one company.[70] In 2017, Vista acquired several software companies, including NAVEX Global.[71] That year, the company also invested in
Upserve, a restaurant software provider, and Market Track.[72]
In 2018, Vista acquired
Apptio, a cloud-based business management software,[73] Alegeus,[74] and entered into an agreement to acquire
Mindbody for $1.9 billion.[75] That year, Vista invested in several other companies, including
Wrike, a provider of project management software.[76] In 2019, Vista bought a majority stake in
Acquia,[77] and completed its first IPO when it took Ping Identity public.[78] Also in 2019, Vista purchased Sonatype, a cybersecurity, open-source automation company[79] and Accelya, a technology provider for the airline industry.[22]
2020–present
In 2020, Vista acquired Tripleseat, a web-based sales and event management company,[80] and purchased a 2.32% stake in
Jio Platforms.[81] In November 2020, Vista acquired
CRM-Software provider
Pipedrive for $1.5 billion.[82] In the same month, Vista also acquired
Customer Success company Gainsight for $1.1 billion.[83]
In April 2021, Vista completed its acquisition of
Pluralsight for $22.50 per share.[84]
In September 2021, Vista acquired a majority stake in Drift, a sales and marketing software company, valued at over $1.0 billion in the deal.[85]
Also in September, Vista announced it intended to acquire
Blue Prism for £1.095 billion ($1.5 billion), and to merge it into
Tibco[86] but Blue Prism was ultimately bought by
SS&C Technologies in March 2022 for approximately $1.6 billion (£1.25 billion).[87][88]
In October 2023, EngageSmart, a provider of software and integrated payments solutions, announced that it would be taken private by Vista for $4 billion.[89]
Between 2010 and 2013, Vista sold several companies, including Ventyx to
ABB Group for over $1 billion,[41] BigMachines to
Oracle for over $400 million,[90] and P2 Energy Solutions to Advent International Corp.[91] In September 2014, Vista announced the sale of MicroEdge to
Blackbaud for $160 million.[92] In 2015, the company sold Websense to
Raytheon for $1.9 billion.[93]
In 2020, Vista sold Vertafore to
Roper Technologies for $5.35 billion[99] and Regulatory DataCorp to Moody's for $700 million.[100] In 2021, Vista divested from Aspira,[101] a software provider and Numerator, a market intelligence firm Vista had backed since 2017.[102] Also in 2021, Vista sold Allocate, which it acquired in 2018, to RLDatix for $1.3 billion.[103]
Philanthropy
In September 2017, Vista and their companies pledged $1 million to assist the
Akshaya Patra Foundation in delivering meals to Indian school children.[104]
^Charles Galunic, Charles (2020). Backstage Leadership : The Invisible Work of Highly Effective Leaders. Springer International Publishing. pp. 246–247.
ISBN9783030361716.
OCLC1281850332.