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Vista Equity Partners

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Vista Equity Partners Management, LLC
Company typePrivate
IndustryPrivate equity
Founded2000; 24 years ago (2000)
Headquarters
Austin, Texas
,
US
Number of locations
5
Key people
Websitevistaequitypartners.com

Vista Equity Partners (Vista) is an American investment firm focused on financing and forwarding software, data and technology-enabled startup businesses.[3] 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, New York; and San Francisco, California.[4][5][6][7]

History

Vista Equity Partners was founded in 2000 by American businessman and investor Robert F. Smith, who serves as Chairman and CEO. Brian N. Sheth is the co-founder of the company and serves as its president.[8] The company opened its first office in San Francisco that year.[9] In November 2008, Vista closed a funding round for its first institutional fund with a total of $1.3 billion raised.[10] In 2011, the company opened an office in Austin, Texas.[9]

Over the years, Vista has added several flagship 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]

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]

Investments

In August 2000, Vista invested in SourceNet Solutions, a provider of finance and accounting business process outsourcing services.[26][27] Between 2001 and 2005, Vista invested in several software companies, including BigMachines, a provider of product configuration software,[28][29] and Aspect Communications, a contact center technology company,[30] among others.[9] In 2005, Vista invested in MDSI Mobile Data Solutions.[31]

In 2006, Vista invested in Reynolds & Reynolds, an auto technology company.[32] The following year, Vista acquired Indus International, which it later merged with MDSI Mobile Data Solutions to form Ventyx, Inc.[31] That year, the company also invested in SirsiDynix, a library software company.[33][34] In 2008, Vista acquired P2 Energy Solutions Inc, a software company that helps oil and gas producers keep track of drilling leases.[35] The following year, the company acquired SumTotal Systems from Accel Partners and Kohlberg Kravis Roberts,[36][37] as well as MicroEdge from Advent Software.[38] In 2011, the firm acquired multiple companies, including Sage Healthcare, an electronic health records company,[39] which it renamed Vitera Healthcare Solutions.[40]

Between 2012 and 2013, Vista acquired several companies, including Bullhorn, Inc. a CRM software provider;[41][42] Misys, a British software company;[43] Websense;[44][45][46] and Active Network, Inc, an online event registration service.[47][48] Between 2014 and 2015, Vista acquired Automated Insights, a software company specializing in natural-language generation;[41] Main Street Hub, a social-media company;,[49] PowerSchool, a provider of educational technology, and TIBCO Software,[50] a company that specializes in big data and software integrations, among others.[51]

In 2016, Vista announced agreements to acquire Marketo, a marketing automation software company,[52] and Ping Identity, a single sign-on digital security company.[53] The company invested in Granicus[54] and Vivid Seats that same year.[55] In 2017, Vista acquired several software companies, including NAVEX Global.[56] That year, the company also invested in Upserve, a restaurant software provider, (WSJ, 2017) and Market Track.[57]

In 2018, Vista acquired Apptio, a cloud-based business management software,[58] and entered into an agreement to acquire Mindbody.[59] That year, Vista invested in several other companies, including Wrike, a provider of project management software.[60] In 2019, Vista bought a majority stake in Acquia,[61] and completed its first IPO when it took Ping Identity public.[62] Also in 2019, Vista purchased Sonatype, a cybersecurity, open-source automation company[63] and Accelya, a technology provider for the airline industry.[17] In 2020, Vista acquired Tripleseat, a web-based sales and event management company,[64] and purchased a 2.32% stake in Jio Platforms.[65]

November 2020 Vista acquired CRM-Software provider Pipedrive for a 1.5 billion dollars.[66]

Divestments

In December 2004, Vista sold SourceNet Solutions to Mellon Financial Corp.[27]

Between 2010 and 2013, Vista sold several companies, including Ventyx to ABB Group,[31] BigMachines to Oracle,[67] and P2 Energy Solutions to Advent International Corp.[68] In September 2014, Vista announced the sale of MicroEdge to Blackbaud.[69] In 2015, the company sold Websense to Raytheon.[70]

Between 2015 and 2020, Vista divested other companies, including selling BullHorn, Inc to Insight Venture Partners,[71] selling parts of Active Network to Global Payments Inc.,[72] and selling NAVEX Global to BC Partners.[73] During this time, Vista also sold SirsiDynix to ICV Partners,[34] and Main Street Hub to GoDaddy.[74] In September 2018, Vista announced it would sell Marketo to Adobe Systems.[75]

Philanthropy

In September 2017, Vista and their companies pledged $1 million to assist the Akshaya Patra Foundation in delivering meals to Indian school children.[76] In 2019, Robert F. Smith committed to eliminate the student loan debt of the Morehouse College Class of 2019.[77] He paid $34 million to cover the students' loans and the loans of their parents for their studies.[77][78]

References

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  2. ^ "Company Overview of Vista Equity Partners". Bloomberg. Retrieved September 28, 2016.
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  7. ^ "Contact Us". Vista Equity Partners. Retrieved July 21, 2020.
  8. ^ "Brian N Sheth, Vista Equity Partners: Profile and Biography". Bloomberg.com. Retrieved September 6, 2020.
  9. ^ 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.
  10. ^ Dealbook (2008). "Vista Equity Raises $1.3 Billion for New Fund". DealBook. Retrieved July 21, 2020.
  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.
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  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.
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  51. ^ "Vista Equity to merge PowerSchool, PeopleAdmin with Onex investment: sources". Reuters. April 16, 2018. Retrieved July 21, 2020.
  52. ^ Gagliordi, Natalie. "Marketo is acquired by Vista Equity Partners for $1.79 billion". ZDNet. Retrieved July 21, 2020.
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  65. ^ "Vista Equity Partners to invest $1.5B in India's Reliance Jio Platforms". TechCrunch. Retrieved July 21, 2020.
  66. ^ "Sales CRM Pipedrive takes majority investment from Vista Equity Partners to reach unicorn status". TechCrunch. Retrieved November 13, 2020.
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  76. ^ "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.
  77. ^ a b Bo Emerson, The Atlanta Journal-Constitution. "Morehouse commencement speaker to pay off Class of 2019's student loans". Ajc.com. Retrieved May 20, 2019.
  78. ^ Tyko, Kelly. "Billionaire Robert F. Smith's $34 million gift to Morehouse grads includes parent loans". USA TODAY. Retrieved July 21, 2020.
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