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Vista Equity Partners

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Vista Equity Partners Management, LLC
Company typePrivate
IndustryPrivate equity
Founded2000; 25 years ago (2000)
FounderRobert F. Smith[1]
Headquarters
Austin, Texas
,
US
Number of locations
5
Key people
David Breach (president)
AUMUS$100 billion (2023)[2]
Number of employees
503 (2022)[3]
Websitevistaequitypartners.com

Vista Equity Partners Management, LLC is an American private equity firm that invests in software, data, and technology-enabled businesses.[4][failed verification] With over $100 billion in assets under management (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 2024, Vista Equity Partners was ranked 14th 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

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2000–2009

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Vista Equity Partners was founded in 2000 by American businessman Robert F. Smith, who is 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

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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

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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]

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]

Investments

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Acquisitions

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Divestments

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In December 2004, Vista sold SourceNet Solutions to Mellon Financial.[76]

Between 2010 and 2013, Vista sold several companies, including Ventyx to ABB Group for over $1 billion,[77] BigMachines to Oracle for over $400 million,[78] and P2 Energy Solutions to Advent International.[79] In September 2014, Vista announced the sale of MicroEdge to Blackbaud for $160 million.[80] In 2015, the company sold Websense to Raytheon for $1.9 billion.[81]

Between 2015 and 2020, Vista divested other companies, including selling Bullhorn, Inc. to Insight Venture Partners,[82] selling parts of Active Network to Global Payments Inc.[83] and selling NAVEX Global to BC Partners.[84] During this time, Vista also sold SirsiDynix to ICV Partners,[85] and Main Street Hub to GoDaddy for $125 million.[86] In 2018, Vista sold Marketo to Adobe Systems for $4.75 billion.[87]

In 2020, Vista sold Vertafore to Roper Technologies for $5.35 billion[88] and Regulatory DataCorp to Moody's for $700 million.[89] In 2021, Vista divested from Aspira,[90] a software provider and Numerator, a market intelligence firm Vista had backed since 2017.[91] Also in 2021, Vista sold Allocate, which it acquired in 2018, to RLDatix for $1.3 billion.[92]

In June 2023, Aptio, acquired by Vista Equity Partners, was acquired by IBM for $4.6 billion as a manufacturer of financial and operational management software.[93]

Other investments

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References

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  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. ^ Keenan, Sara (August 9, 2023). "Robert F. Smith's Investment Firm Vista Equity Surpasses $100 Billion In Market Value".
  3. ^ "Vista Equity Partners 2022 Form ADV" (PDF). U.S. Securities and Exchange Commission. August 15, 2022. p. 9.
  4. ^ "Vista Equity Partners – Market-Leading Investment Firm". Vista Equity Partners. Retrieved November 22, 2023.
  5. ^ Primack, Dan (September 25, 2023). "Vista Equity tops $100 billion in AUM, as tech deals reignite". Axios. Retrieved November 11, 2023.
  6. ^ Staff, P. E. I. (March 1, 2024). "PEI Awards 2023: Global winners". Private Equity International. Retrieved March 11, 2024.
  7. ^ "2024 PEI 300 by Private Equity International - Infogram". infogram.com. Retrieved January 16, 2025.
  8. ^ Staff, American-Statesman. "Austin's Vista Equity Partners raises $850 million software fund". Austin American-Statesman. Retrieved July 21, 2020.
  9. ^ "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.
  10. ^ "Contact Us". Vista Equity Partners. Retrieved July 21, 2020.
  11. ^ a b Vardi, Nathan. "Richer Than Oprah: How The Nation's Wealthiest African-American Conquered Tech And Wall Street". Forbes. Retrieved July 21, 2020.
  12. ^ Dealbook (2008). "Vista Equity Raises $1.3 Billion for New Fund". DealBook. Retrieved July 21, 2020.
  13. ^ Charles Galunic, Charles (2020). Backstage Leadership : The Invisible Work of Highly Effective Leaders. Springer International Publishing. pp. 246–247. ISBN 9783030361716. OCLC 1281850332.
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