Vista Equity Partners

From Wikipedia, the free encyclopedia

Vista Equity Partners Management, LLC
TypePrivate
IndustryPrivate equity
Founded2000; 22 years ago (2000)
Headquarters
Austin, Texas
,
US
Number of locations
5
Key people
Websitevistaequitypartners.com

Vista Equity Partners is an American investment firm focused on financing and forwarding software, data and technology-enabled startup businesses.[2] Vista has invested in hundreds of companies, including Misys, Ping Identity, and Marketo.

The company has offices in several cities, including Austin, Texas, New York City, and San Francisco.[3][4][5]

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.[6] In November 2008, the company closed a funding round for its first institutional fund with a total of $1.3 billion raised.[7]

Vista is known for applying detailed scrutiny in human resources when investing in firms, in a procedure it calls Vista Standard Operating Procedures.[8]

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.[9][10]

In 2011, the company opened an office in Austin, Texas.[6] Over the years, Vista has added several private equity funds and credit funds to its portfolio,[11][12][13] including its first fund, the Vista Credit Opportunities Fund, which raised $196 million.[13][14] During that time, Vista opened several funds that specifically target middle-market companies[15] and emerging technology companies.[16] The company also has a permanent capital investment fund, Vista Equity Partners Perennial, which focuses on growing vertical market software companies.[17][18]

In 2018, Vista was named the top software investor of the past decade by Pitchbook.[19][20] Also in 2018, Vista's sale of Marketo to Adobe was named Deal of the Year by Buyouts magazine.[21] In 2019, Vista was named Dealmaker of the Year at the PitchBook Private Equity Awards.[22]

2020-present[]

As of May 2020, Vista had more than $57 billion in capital commitments.[23] 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.[24][25]

As of June 2021, Vista had more than $81 billion in assets under management.[26] 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.[27]

Tax evasion[]

In October 2020, Vista's CEO Robert Smith and investor Robert T. Brockman were named in a tax evasion case.[28][29] That month, Smith signed a non-prosecution agreement with the IRS, agreeing to pay $139 million and testify against Brockman.[28] The following month, Vista's president and co-founder Brian Sheth departed the company, stating that his leaving was unrelated to the tax situation.[30]

Investments[]

2000-2009[]

In August 2000, Vista invested in SourceNet Solutions, a provider of finance and accounting business process outsourcing services.[31][32] Between 2001 an 2005, Vista invested in several software companies, including BigMachines, a provider of product configuration software,[33] and Aspect Communications, a contact center technology company,[34] among others.[6] In 2004, Vista acquired Applied Systems, Inc., an insurance software company.[35] In 2005, Vista invested in MDSI Mobile Data Solutions.[36]

In 2006, Vista invested in Reynolds and Reynolds, an auto technology company.[37] The following year, Vista acquired Indus International, which it later merged with MDSI Mobile Data Solutions to form Ventyx, Inc.[36] That year, the company also invested in SirsiDynix, a library software company.[38][39] In 2008, Vista acquired P2 Energy Solutions Inc, a software company that helps oil and gas producers keep track of drilling leases.[40] The following year, the company acquired SumTotal Systems from Accel Partners and Kohlberg Kravis Roberts,[41][42] as well as MicroEdge from Advent Software.[43]

2010-2019[]

In 2011, the firm acquired multiple companies, including Sage Healthcare, an electronic health records company,[44] which it renamed Vitera Healthcare Solutions.[45]

Between 2012 and 2013, Vista acquired companies including Bullhorn, Inc. a CRM software provider;[46][47] Misys, a British software company;[48] Websense;[49][50][51] and Active Network, Inc, an online event registration service.[52][53] Between 2014 and 2015, Vista acquired Automated Insights, a software company specializing in natural-language generation;[46] Main Street Hub, a social-media company;[54] PowerSchool, a provider of educational technology, and TIBCO Software,[55] a company that specializes in big data and software integrations, among others.[56]

In 2016, Vista acquired Solera Holdings for $6.5 billion[57][58] and Cvent for $1.65 billion,[59] and announced agreements to acquire Marketo (marketing automation software),[60] Ping Identity (single sign-on digital security),[61] and GovDelivery (technology platform for government bodies).[62] The company invested in Granicus[63] and Vivid Seats that same year.[64] Vista subsequently merged GovDelivery and Granicus into one company.[65] In 2017, Vista acquired several software companies, including NAVEX Global.[66] That year, the company also invested in Upserve, a restaurant software provider, and Market Track.[67]

In 2018, Vista acquired Apptio, a cloud-based business management software,[68] Alegeus,[69] and entered into an agreement to acquire Mindbody for $1.9 billion.[70] That year, Vista invested in several other companies, including Wrike, a provider of project management software.[71] In 2019, Vista bought a majority stake in Acquia,[72] and completed its first IPO when it took Ping Identity public.[73] Also in 2019, Vista purchased Sonatype, a cybersecurity, open-source automation company[74] and Accelya, a technology provider for the airline industry.[17]

2020-present[]

In 2020, Vista acquired Tripleseat, a web-based sales and event management company,[75] and purchased a 2.32% stake in Jio Platforms.[76] In November 2020, Vista acquired CRM-Software provider Pipedrive for $1.5 billion.[77] In the same month, Vista also acquired Customer Success company for $1.1 billion.[78]

In April 2021, Vista completed its acquisition of Pluralsight for $22.50 per share.[79] In September 2021, Vista acquired Blue Prism for £1.095 billion ($1.5 billion), and announced they intended to merge it into Tibco.[80]

Divestments[]

In December 2004, Vista sold SourceNet Solutions to Mellon Financial.[32]

Between 2010 and 2013, Vista sold several companies, including Ventyx to ABB Group for over $1 billion,[36] BigMachines to Oracle for over $400 million,[81] and P2 Energy Solutions to Advent International Corp.[82] In September 2014, Vista announced the sale of MicroEdge to Blackbaud for $160 million.[83] In 2015, the company sold Websense to Raytheon for $1.9 billion.[84]

Between 2015 and 2020, Vista divested other companies, including selling BullHorn, Inc to Insight Venture Partners,[85] selling parts of Active Network to Global Payments Inc.[86] and selling NAVEX Global to BC Partners.[87] During this time, Vista also sold SirsiDynix to ICV Partners,[39] and Main Street Hub to GoDaddy for $125 million.[88] In 2018, Vista sold Marketo to Adobe Systems for $4.75 billion.[89]

In 2020, Vista sold Vertafore to Roper Technologies for $5.35 billion[90] and Regulatory DataCorp to moody's for $700 million.[91] In 2021, Vista divested from Aspira,[92] a software provider and Numerator, a market intelligence firm Vista had backed since 2017.[93] Also in 2021, Vista sold Allocate, which it acquired in 2018, to RLDatix for $1.3 billion.[94]

Philanthropy[]

In September 2017, Vista and their companies pledged $1 million to assist the Akshaya Patra Foundation in delivering meals to Indian school children.[95] In 2019, Robert F. Smith committed to eliminate the student loan debt of the Morehouse College Class of 2019.[96] He paid $34 million to cover the students' loans and the loans of their parents for their studies.[96][97]

References[]

  1. ^ Weisman, Aly (July 28, 2015). "A tech titan married a Playboy model in a wildly lavish wedding ceremony". Business Insider UK. So who exactly is the couple behind the lavish wedding weekend. Retrieved August 7, 2018.
  2. ^ Davis, Scott (January 25, 2017). "Blackhawk Network Holdings, Inc. (HAWK) Shares Bought by Vista Equity Partners Management LLC". WKRB News. Retrieved March 14, 2017.
  3. ^ Staff, American-Statesman. "Austin's Vista Equity Partners raises $850 million software fund". Austin American-Statesman. Retrieved July 21, 2020.
  4. ^ "Vista Equity founder Robert F. Smith earns Dealmaker of the Year for breaking fundraising records and easing student debt". Mergers & Acquisitions. April 2, 2020. Retrieved July 21, 2020.
  5. ^ "Contact Us". Vista Equity Partners. Retrieved July 21, 2020.
  6. ^ a b c Vardi, Nathan. "Richer Than Oprah: How The Nation's Wealthiest African-American Conquered Tech And Wall Street". Forbes. Retrieved July 21, 2020.
  7. ^ Dealbook (2008). "Vista Equity Raises $1.3 Billion for New Fund". DealBook. Retrieved July 21, 2020.
  8. ^ Charles Galunic, Charles (2020). Backstage Leadership : The Invisible Work of Highly Effective Leaders. Springer International Publishing. pp. 246–247. ISBN 9783030361716. OCLC 1281850332.
  9. ^ "Brian N Sheth, Vista Equity Partners: Profile and Biography". Bloomberg.com. Retrieved September 6, 2020.
  10. ^ "Vista Equity Partners Announces Departure of President Brian N. Sheth". www.yahoo.com. Retrieved September 28, 2021.
  11. ^ Cooper, Miriam Gottfried and Laura (July 9, 2018). "Billionaire's Secret Buyout Formula: 110 Instructions and an Intelligence Test". Wall Street Journal. ISSN 0099-9660. Retrieved July 21, 2020.
  12. ^ Cooper, Laura (September 5, 2019). "WSJ News Exclusive | Vista Equity Raises $16 Billion for Latest Tech Buyout Fund". Wall Street Journal. ISSN 0099-9660. Retrieved July 21, 2020.
  13. ^ a b Witkowsky, Chris (March 29, 2019). "Vista Equity eyes up to $2 bln for next credit pool". PE Hub. Retrieved July 21, 2020.
  14. ^ Cooper, Laura (May 2, 2017). "Vista Equity Doubles Down on Debt With Second Credit Fund". Wall Street Journal. ISSN 0099-9660. Retrieved July 21, 2020.
  15. ^ Witkowsky, Chris (October 5, 2019). "Vista launches next mid-market fund with new co-head". Buyouts. Retrieved July 21, 2020.
  16. ^ Cronin, Mike (July 11, 2019). "Vista Equity raises $850M to invest in 'smaller' tech companies". Austin Business Journal.
  17. ^ a b "Why Vista Equity Partners Is Acquiring Accelya". Pulse 2.0. November 22, 2019. Retrieved July 21, 2020.
  18. ^ "Miami travel pricing tech firm Farelogix is acquired for undisclosed price". Miami Herald.
  19. ^ "US PE's top 7 software investors of the past decade | PitchBook". pitchbook.com. Retrieved July 21, 2020.
  20. ^ Beltran, Luisa (December 17, 2018). "Private equity plunges into software; Vista Equity is top buyer: Moody's". PE Hub. Retrieved July 21, 2020.
  21. ^ Witkowsky, Chris (March 18, 2019). "Deal of the Year Awards Intro 2019". Buyouts. Retrieved July 21, 2020.
  22. ^ "2019 PitchBook Private Equity Awards". finance.yahoo.com. Retrieved July 21, 2020.
  23. ^ "India's Reliance strikes third unit stake deal, raising $8 billion in two weeks". Reuters. May 8, 2020. Retrieved July 21, 2020.
  24. ^ Gara, Antoine. "Inside The Massive New Effort To Get Minorities On Corporate Boards". Forbes. Retrieved November 23, 2020.
  25. ^ "Modern Governance Requires Modern Leadership". diligent.com. Retrieved November 23, 2020.
  26. ^ Shabong, Yadarisa (September 28, 2021). "Vista bets on software robotics with $1.5bln Blue Prism takeover". Reuters.{{cite news}}: CS1 maint: url-status (link)
  27. ^ Kellaher, Colin (August 3, 2021). "Vista Equity Partners Names David Breach President".{{cite web}}: CS1 maint: url-status (link)
  28. ^ a b "How Billionaire Robert Smith Avoided Indictment in a Multimillion-Dollar Tax Case". www.bloomberg.com. February 3, 2021. Retrieved December 7, 2021.{{cite web}}: CS1 maint: url-status (link)
  29. ^ Michaels, Miriam Gottfried and Dave (October 14, 2020). "WSJ News Exclusive | Vista Equity's Robert Smith Reaches Settlement With DOJ in Tax Probe". Wall Street Journal. ISSN 0099-9660. Retrieved December 7, 2021.
  30. ^ Gara, Antoine; Vardi, Nathan; Klebnikov, Sergei (November 26, 2020). "Robert Smith Breakup Exclusive: Billionaire Brian Sheth Reveals Why He's Leaving Vista Following Tax Evasion Case". Forbes. Retrieved November 5, 2021.
  31. ^ "SourceNet slips away to Aggieland". www.bizjournals.com. Retrieved July 21, 2020.
  32. ^ a b "Mellon completes outsource firm buy". www.bizjournals.com. Retrieved July 21, 2020.
  33. ^ Melanie Austria Farmer (March 19, 2001). "BigMachines reels in $29 million". CNET. Archived from the original on October 26, 2012. Retrieved October 23, 2021.
  34. ^ "Shareholder files suit to stop Aspect sale to Concerto". Boston Business Journal. Retrieved July 21, 2020.
  35. ^ "Vista Equity Acquires Applied Systems". Insurance Journal. October 4, 2004. Retrieved December 7, 2021.
  36. ^ a b c "ABB to buy U.S. software company Ventyx for over $1 billion". Reuters. May 5, 2010. Retrieved July 21, 2020.
  37. ^ Staff, T. S. C. "Reynolds & Reynolds Buyout". TheStreet. Retrieved July 21, 2020.
  38. ^ "SirsiDynix Switches from Vista Equity to ICV | PitchBook". pitchbook.com. Retrieved July 21, 2020.
  39. ^ a b "ICV Partners Acquires SirsiDynix from Vista Equity". Wall Street Journal. January 7, 2015. ISSN 0099-9660. Retrieved July 21, 2020.
  40. ^ Dezember, Ryan (October 7, 2013). "Advent to Buy P2 Energy Solutions". Wall Street Journal. ISSN 0099-9660. Retrieved July 21, 2020.
  41. ^ "SumTotal Chooses Rival Bid From Vista". The New York Times. May 27, 2009. Retrieved November 1, 2013.
  42. ^ Kang, Jaewon. "Blackbaud to Snatch MicroEdge for $160M". TheStreet. Retrieved July 21, 2020.
  43. ^ "Advent Software to sell MicroEdge unit to Vista Equity Partners". www.bizjournals.com. Retrieved July 21, 2020.
  44. ^ "Vista Equity Buys Sage Software Healthcare for $320 Million". Bloomberg.com. September 22, 2011. Retrieved September 6, 2020.
  45. ^ "Vista wraps up Sage Healthcare deal, renames company and appoints new CEO". www.bizjournals.com. Retrieved July 21, 2020.
  46. ^ a b Ingrid Lunden (June 14, 2013). "Software Recruitment Giant Bullhorn Acquired By Vista Equity Partners For A Price In The Lower Nine Figures". Tech Crunch. Retrieved November 1, 2013.
  47. ^ Kyle Alspach (June 14, 2013). "Bullhorn acquired by private equity firm for 9 figures; IPO still a goal". Boston Business Journal. Retrieved November 1, 2013.
  48. ^ Scott, Mark (2012). "Vista Equity Partners to Buy Misys for $2 Billion". DealBook. Retrieved July 21, 2020.
  49. ^ Jolie O'Dell (May 20, 2013). "Websense, publicly traded since 2000, goes private in $906M buyout". Venture Beat. Retrieved October 31, 2013.
  50. ^ Steven E.F. Brown (June 25, 2013). "Vista Equity Partners wraps up acquisition of Websense". San Francisco Business Times. Retrieved October 31, 2013.
  51. ^ Sharon Terlep and Dana Cimilluca (May 20, 2013). "Vista Equity Partners to Buy Websense". Wall Street Journal. Retrieved October 31, 2013.
  52. ^ Hillary Canada (May 20, 2013). "Vista Equity Strikes Another $1 Billion Take-Private Deal". Money Beat. Wall Street Journal. Retrieved October 31, 2013.
  53. ^ "Vista Equity Partners to acquire Active Network". San Francisco Chronicle. September 30, 2013. Retrieved October 31, 2013.
  54. ^ "GoDaddy Acquires Main Street Hub". Wall Street Journal. January 24, 2018. ISSN 0099-9660. Retrieved July 21, 2020.
  55. ^ "Vista Equity Partners Completes Acquisition of TIBCO Software". TIBCO Software Inc. Retrieved December 2, 2020.
  56. ^ "Vista Equity to merge PowerSchool, PeopleAdmin with Onex investment: sources". Reuters. April 16, 2018. Retrieved July 21, 2020.
  57. ^ Lance Murray (September 14, 2015). "Vista Equity Partners to acquire Solera Holdings in $6.5B deal". Dallas Business Journal. Retrieved March 7, 2016.
  58. ^ "Vista Equity Partners Completes Acquisition of Solera Holdings, Inc". www.prnewswire.com. PR Newswire. March 3, 2016. Retrieved July 15, 2016.
  59. ^ "After months of government scrutiny, $1.65B Cvent acquisition is finalized". The Washington Post.
  60. ^ Gagliordi, Natalie. "Marketo is acquired by Vista Equity Partners for $1.79 billion". ZDNet. Retrieved July 21, 2020.
  61. ^ "Ping shapes new identity after $600 million acquisition". TechCrunch. Retrieved July 21, 2020.
  62. ^ Tribune, Neal St Anthony Star. "$153M sale to Vista Equity will allow GovDelivery to step up growth". Star Tribune. Retrieved December 7, 2021.
  63. ^ Chuang, Tamara (August 18, 2016). "Vista Equity buys another Denver tech firm, Granicus". The Denver Post. Retrieved July 21, 2020.
  64. ^ "GTCR buys stake in ticket reseller Vivid Seats". Crain's Chicago Business. May 16, 2017. Retrieved July 21, 2020.
  65. ^ Tribune, Neal St Anthony Star. "GovDelivery founder leaves firm in wake of Vista Partners acquisition". Star Tribune. Retrieved December 7, 2021.
  66. ^ Tan, Gillian (October 15, 2014). "Vista Equity Partners Emerges From Private-Equity Shadows". Wall Street Journal – via www.wsj.com.
  67. ^ Cooper, Laura (June 29, 2017). "Market Track Seals First Deal as Vista Portfolio Company". Wall Street Journal. ISSN 0099-9660. Retrieved July 21, 2020.
  68. ^ Cooper, Laura (November 11, 2018). "Vista Reaches Deal to Buy Software Firm Apptio for $1.94 Billion". The Wall Street Journal. Retrieved January 8, 2019.
  69. ^ "Vista Equity to Acquire Alegeus From Lightyear Capital". Wall Street Journal. August 7, 2018. ISSN 0099-9660. Retrieved December 7, 2021.
  70. ^ "Vista Equity Partners to buy Mindbody in a $1.9 billion deal". Reuters. December 24, 2018. Retrieved July 21, 2020.
  71. ^ "Private equity firm buys majority stake in San Jose software startup Wrike". www.bizjournals.com. Retrieved July 21, 2020.
  72. ^ "Vista Is Buying Majority Stake in Acquia in $1 Billion Deal". bloomberg.com. September 24, 2019. Retrieved September 25, 2019.
  73. ^ Cooper, Laura (September 19, 2019). "Ping Identity Listing Marks IPO Milestone for Vista". Wall Street Journal. ISSN 0099-9660. Retrieved July 21, 2020.
  74. ^ "Cybersecurity firm Sonatype acquired by Vista Equity". TechCrunch. Retrieved July 21, 2020.
  75. ^ Cooper, Laura (March 4, 2020). "Vista Equity Portfolio Company Gather Technologies Buys Tripleseat". Wall Street Journal. ISSN 0099-9660. Retrieved July 21, 2020.
  76. ^ "Vista Equity Partners to invest $1.5B in India's Reliance Jio Platforms". TechCrunch. Retrieved July 21, 2020.
  77. ^ "Sales CRM Pipedrive takes majority investment from Vista Equity Partners to reach unicorn status". TechCrunch. Retrieved November 13, 2020.
  78. ^ "Vista acquires Gainsight for $1.1B, adding to its growing enterprise arsenal". TechCrunch. November 30, 2020.
  79. ^ "Vista Equity Partners Completes Acquisition of Pluralsight". SeekingAlpha. Retrieved April 6, 2021.
  80. ^ "RPA industry consolidation continues with sale of Blue Prism to Vista for £1.095B". TechCrunch. September 28, 2021.
  81. ^ Julie Bort (October 23, 2013). "Source: Oracle Paid Over $400 Million For BigMachines To Grab More Salesforce Customers". Business Insider. Retrieved October 31, 2013.
  82. ^ "Private-equity firm buying P2 Energy Solutions". www.bizjournals.com. Retrieved July 21, 2020.
  83. ^ Wursthorn, Michael (September 2, 2014). "Vista, Bregal Sell MicroEdge to Blackbaud". Wall Street Journal. ISSN 0099-9660. Retrieved July 21, 2020.
  84. ^ "Xconomy: Websense Sold to Raytheon for $1.9B, Fulfilling Vista Equity's Plan". Xconomy. April 20, 2015. Retrieved July 21, 2020.
  85. ^ "Staffing-tech firm Bullhorn sold for second time in five years". www.bizjournals.com. Retrieved July 21, 2020.
  86. ^ "4 years after taking it private, Vista Equity to sell parts of software maker for $1.2 billion". www.bizjournals.com. Retrieved July 21, 2020.
  87. ^ "Navex Global changes PE hands in deal north of $1.2B". www.bizjournals.com. Retrieved July 21, 2020.
  88. ^ "GoDaddy is acquiring social media marketing platform Main Street Hub for $125M". TechCrunch. Retrieved July 21, 2020.
  89. ^ Novet, Jordan (September 20, 2018). "Adobe confirms it's buying Marketo for $4.75 billion". Cnbc.com. Retrieved November 19, 2018.
  90. ^ "Roper Technologies to buy Vertafore for $5.35 billion". Reuters. August 13, 2020. Retrieved December 7, 2021.
  91. ^ Dorbian, Iris (January 23, 2020). "Moody's to buy Vista-backed RDC for $700 mln". PE Hub. Retrieved December 7, 2021.
  92. ^ Cumming, Chris (April 23, 2021). "Alpine Buys Outdoor-Recreation Software Maker Aspira From Vista". Wall Street Journal. ISSN 0099-9660. Retrieved December 7, 2021.
  93. ^ "Britain's Kantar clinches deal to buy Vista-backed Numerator". Reuters. April 19, 2021. Retrieved December 7, 2021.
  94. ^ "RLDatix Nears $1.3 Billion Deal for Vista's Allocate". www.bloomberg.com. June 27, 2021. Retrieved December 7, 2021.{{cite web}}: CS1 maint: url-status (link)
  95. ^ "Vista Equity Partners Companies pledge $1 Million USD to The Akshaya Patra Foundation to deliver millions of meals to Indian school children". Akshayapatra.org. September 26, 2017. Retrieved August 8, 2018.
  96. ^ a b Bo Emerson, The Atlanta Journal-Constitution. "Morehouse commencement speaker to pay off Class of 2019's student loans". The Atlanta Journal-Constitution. Retrieved May 20, 2019.
  97. ^ Tyko, Kelly. "Billionaire Robert F. Smith's $34 million gift to Morehouse grads includes parent loans". USA TODAY. Retrieved July 21, 2020.

External links[]

Retrieved from ""