Company type | Private |
---|---|
Industry | Private equity |
Founded | 2000 |
Founder | Robert F. Smith [1] |
Headquarters | , US |
Number of locations | 5 |
Key people | David Breach (president) |
AUM | US$100 billion (2023) [2] |
Number of employees | 503 (2022) [3] |
Website | vistaequitypartners |
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]
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]
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]
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]
In August 2000, Vista invested in SourceNet Solutions, a provider of finance and accounting business process outsourcing services. [35] [36] Between 2001 and 2005, Vista invested in several software companies, including BigMachines, a provider of product configuration software, [37] and Aspect Communications, a contact center technology company, [38] among others. [11] In 2004, Vista acquired Applied Systems, Inc., an insurance software company. [39] In 2005, Vista invested in MDSI Mobile Data Solutions. [40]
In 2006, Vista invested in Reynolds and Reynolds, an auto technology company. [41] The following year, Vista acquired Indus International, which it later merged with MDSI Mobile Data Solutions to form Ventyx, Inc. [40] That year, the company also invested in SirsiDynix, a library software company. [42] [43] In 2008, Vista acquired P2 Energy Solutions Inc, a software company that helps oil and gas producers keep track of drilling leases. [44] The following year, the company acquired SumTotal Systems from Accel Partners and Kohlberg Kravis Roberts, [45] [46] as well as MicroEdge from Advent Software. [47]
In 2011, the firm acquired multiple companies, including Sage Healthcare, an electronic health records company, [48] which it renamed Vitera Healthcare Solutions. [49]
Between 2012 and 2013, Vista acquired companies including Bullhorn, Inc. a CRM software provider; [50] [51] Misys, a British software company; [52] Websense; [53] [54] [55] and Active Network, Inc, an online event registration service. [56] [57] Between 2014 and 2015, Vista acquired Automated Insights, a software company specializing in natural-language generation; [50] Main Street Hub, a social-media company; [58] PowerSchool, a provider of educational technology, and TIBCO Software, [59] a company that specializes in big data and software integrations, among others. [60]
In 2016, Vista acquired Solera Holdings for $6.5 billion [61] [62] and Cvent for $1.65 billion, [63] and announced agreements to acquire Marketo (marketing automation software), [64] Ping Identity (single sign-on digital security), [65] and GovDelivery (technology platform for government bodies). [66] The company invested in Granicus [67] and Vivid Seats that same year. [68] Vista subsequently merged GovDelivery and Granicus into one company. [69] In 2017, Vista acquired several software companies, including NAVEX Global. [70] That year, the company also invested in Upserve, a restaurant software provider, and Market Track. [71]
In 2018, Vista acquired Apptio, a cloud-based business management software, [72] Alegeus, [73] and entered into an agreement to acquire Mindbody for $1.9 billion. [74] That year, Vista invested in several other companies, including Wrike, a provider of project management software. [75] In 2019, Vista bought a majority stake in Acquia, [76] and completed its first IPO when it took Ping Identity public. [77] Also in 2019, Vista purchased Sonatype, a cybersecurity, open-source automation company who develops Sonatype Nexus [78] and Accelya, a technology provider for the airline industry. [22]
In 2020, Vista acquired Tripleseat, a web-based sales and event management company, [79] and purchased a 2.32% stake in Jio Platforms. [80] In November 2020, Vista acquired CRM-software provider Pipedrive for $1.5 billion. [81] In the same month, Vista also acquired customer success company Gainsight for $1.1 billion. [82]
In April 2021, Vista completed its acquisition of Pluralsight for $3.5 billion; Vista wrote down the entire equity value of the acquisition later in May 2024. [83] [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]
In April 2024, Vista agreed to acquire Model, Inc., a company specializing in revenue optimization and compliance solutions, for $1.25 billion. [90]
In December 2004, Vista sold SourceNet Solutions to Mellon Financial. [36]
Between 2010 and 2013, Vista sold several companies, including Ventyx to ABB Group for over $1 billion, [40] BigMachines to Oracle for over $400 million, [91] and P2 Energy Solutions to Advent International. [92] In September 2014, Vista announced the sale of MicroEdge to Blackbaud for $160 million. [93] In 2015, the company sold Websense to Raytheon for $1.9 billion. [94]
Between 2015 and 2020, Vista divested other companies, including selling BullHorn, Inc to Insight Venture Partners, [95] selling parts of Active Network to Global Payments Inc. [96] and selling NAVEX Global to BC Partners. [97] During this time, Vista also sold SirsiDynix to ICV Partners, [43] and Main Street Hub to GoDaddy for $125 million. [98] In 2018, Vista sold Marketo to Adobe Systems for $4.75 billion. [99]
In 2020, Vista sold Vertafore to Roper Technologies for $5.35 billion [100] and Regulatory DataCorp to Moody's for $700 million. [101] In 2021, Vista divested from Aspira, [102] a software provider and Numerator, a market intelligence firm Vista had backed since 2017. [103] Also in 2021, Vista sold Allocate, which it acquired in 2018, to RLDatix for $1.3 billion. [104]
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. [105]
In September 2017, Vista and their companies pledged $1 million to assist the Akshaya Patra Foundation in delivering meals to Indian school children. [106]
KKR & Co. Inc., also known as Kohlberg Kravis Roberts & Co., is an American global private-equity and investment company. As of December 31, 2023, the firm had completed private-equity investments in portfolio companies with approximately $710 billion of total enterprise value. Its assets under management (AUM) and fee paying assets under management (FPAUM) were $553 billion and $446 billion, respectively.
Blackstone Inc. is an American alternative investment management company based in New York City. It was founded in 1985 as a mergers and acquisitions firm by Peter Peterson and Stephen Schwarzman, who had previously worked together at Lehman Brothers. Blackstone's private equity business has been one of the largest investors in leveraged buyouts in the last three decades, while its real estate business has actively acquired commercial real estate across the globe. Blackstone is also active in credit, infrastructure, hedge funds, secondaries, growth equity, and insurance solutions. As of May 2024, Blackstone has more than US$1 trillion in total assets under management, making it the world's largest alternative investment firm.
Silver Lake Technology Management, L.L.C., is an American global private equity firm focused on technology and technology-enabled investments. Silver Lake is headquartered in Silicon Valley and New York, and has offices in London, Hong Kong, and Singapore.
Thoma Bravo, LP is an American private equity and growth capital firm based in Chicago. It is known for being particularly active in acquiring enterprise software companies and has over $130 billion in assets under management as of 2023.
Highland Capital Partners is a global venture capital firm with offices in Boston, Silicon Valley, and San Francisco. Highland has raised over $4 billion in committed capital and invested in more than 280 companies, with 47 IPOs and 134 acquisitions.
Francisco Partners Management, L.P., doing business as Francisco Partners, is an American private equity firm focused exclusively on investments in technology and technology-enabled services businesses. It was founded in August 1999 and based in San Francisco with offices in London and New York City.
Perficient, Inc. is a global digital consultancy company based in St. Louis, Missouri. The company's efforts include enterprise mobile applications, creative services, marketing, digital strategy, Internet of Things, information technology, management consulting, custom development, and platform implementations.
Mediaocean is an advertising services and software company, headquartered in New York City.
DFO Management, LLC is an American family office that manages the capital of Michael Dell and his family. The firm, which is based in New York City and has offices in Santa Monica and West Palm Beach, was formed in 1998.
Planview is a global enterprise software company headquartered in Austin, Texas.
Pluralsight, LLC is an American privately held online education company that offers a variety of video training courses for software developers, IT administrators, and creative professionals through its website. Founded in 2004 by Aaron Skonnard, Keith Brown, Fritz Onion, and Bill Williams, the company has its headquarters in Draper, Utah. As of July 2018, it uses more than 1,400 subject-matter experts as authors, and offers more than 7,000 courses in its catalog. Since first moving its courses online in 2007, the company has expanded, developing a full enterprise platform, and adding skills assessment modules.
Cornerstone OnDemand, Inc. is a cloud-based development software provider and learning technology company. The company was publicly traded on the NASDAQ stock exchange under the ticker symbol Nasdaq: CSOD until it was acquired by private-equity firm Clearlake Capital in 2021. Cornerstone started as CyberU, which provided online corporate training and education for adults, but eventually shifted focus to human resources software.
Zeta Global Holdings Corp. is an American marketing technology company which was founded in 2007. Zeta offers companies a suite of multichannel marketing tools focused on creating, maintaining, and monetizing customer relationships. The company went public on the New York Stock Exchange on June 10, 2021, at a US$1.7 billion valuation.
Khoros, formerly Spredfast + Lithium, is a global customer engagement software company that provides online community management, social media marketing, social media analytics, digital care, and content management software and services to enterprise brands and agencies. Khoros owns over a dozen patents for social media marketing, online community, and care technologies.
Forcepoint is an American multinational corporation software company headquartered in Austin, Texas, that develops computer security software and data protection, cloud access security broker, firewall and cross-domain solutions.
Sixth Street is a global investment firm with around $75 billion in assets under management. The firm operates nine investment platforms across its growth investing, adjacencies, direct lending, fundamental public strategies, infrastructure, special situations, agriculture and par liquid credit businesses. Sixth Street invests in the equity and debt of public and private companies, acquires real estate, finances infrastructure projects, and provides start-up capital to new businesses. Sixth Street has been noted in the financial media for the unusual structure of its largest fund, which is open-ended and able to hold longer-term investments.
Ping Identity Corporation is an American software company established in 2002 by Andre Durand and Bryan Field-Elliot. It is headquartered in Denver with development offices in Vancouver, Tel Aviv, Austin, Boston and Edinburgh. Ping also has European operations with offices in London, Paris, and Switzerland as well as offices in Bangalore, Melbourne, and Tokyo, serving Asia-pacific. It was a publicly traded company until getting acquired by Thoma Bravo and taken private in October 2022.
David Breach is an American businessman. He is currently president and chief operating officer at Vista Equity Partners, an investment firm. Prior to joining Vista, Breach was a corporate group partner at the law firm Kirkland & Ellis.
Blue Owl Capital Inc. is an American alternative investment asset management company. It is listed on the New York Stock Exchange under the ticker symbol: "OWL".