Vista Equity Partners Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Vista Equity Partners has acquired 19 companies. It has also invested in 9 others.

Vista Equity Partners’ most common sectors for investment aresoftware (40%) and internet software and services (34%) . The Firm’s most common investment types include secondary buyout (24%) and growth capital (21%). In total, Vista Equity Partners has invested in 24 US states and 6 different countries. Its largest (disclosed) acquisition occurred in 2022 when it acquired Citrix Systems for $16.5B.

In the last 3 years, Vista Equity Partners has exited 24 companies. The Firm’s most common exit type is trade sale (50%). Vista Equity Partners’ largest (disclosed) exit occurred in 2020 when it sold Vertafore for $5.4B.

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M&A Summary

  • M&A Total Activity218
    • M&A Buy Activity148
    • M&A Sell Activity70
  • Total Sectors Invested 12
  • Total Countries Invested 6
  • M&A Buy/Sell Connections 87
  • M&A Advisors 36

Vista Equity Partners

Vista Equity Partners Management, LLC

401 Congress Avenue, Suite 3100,
Austin, Texas 78701
United States
(512) 730-2400
www.vistaequitypartners.com
contact@vistaequitypartners.com

Vista Equity Partners is a mega-sized asset management firm focused on private equity, public equity, credit, and other strategies. The Firm's private equity group looks to invest in and acquire software and technology enabled services companies. Specific areas of interest include software, software-as-a-service (SaaS), technology-enabled business services, and technology-enabled information services. Vista can commit up to $700 million per transaction and will consider a variety transaction situations, including management/leveraged buyouts, growth or acquisition financings, recapitalizations or restructurings, spinouts, and take privates. Vista Equity Partners was formed in 2000 and is based in Austin, Texas.


Investment Criteria

Sectors of Interest: Business Services, Communications, Education, Healthcare Services, Information Services, Information Technology, Internet Software and Services, Software

Target Transaction Types: Buyout (LBO, MBO, MBI), Divestiture, Going Private, Growth Capital, Recapitalization, Special Situations/Distressed, PIPE

Geographic Preferences: East US, Midwest US, South US, West US, Canada

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size 20 700
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '19 '20 '21 '22 '23 '24 T
Buy (7.0/yr) # 113 8 6 7 7 7 148
vol $31.8B $3.5B $29.5B $11.2B $9.7B $85.7B
Sell (6.2/yr) # 39 7 15 5 3 1 70
vol $15.0B $6.5B $3.2B $4.6B $29.3B
  218

Most Recent M&A

Company Date Value Type
Smartsheet, Inc. 2024-09-24 8.4B USD Going Private
Bellevue, Washington · www.smartsheet.com
Gnosis Companies, Inc. 2024-09-23 - Growth Capital
Charleston, South Carolina · www.gnosisfreight.com
Redwood Software, Inc. 2024-09-10 - Buyout (LBO, MBO, MBI)
Frisco, Texas · www.redwood.com
Jaggaer 2024-08-13 - Secondary Buyout
Durham, North Carolina · www.jaggaer.com
Nasuni Corp. 2024-07-09 - Secondary Buyout
Boston, Massachusetts · www.nasuni.com
Portside, Inc. 2024-05-30 - Growth Capital
Cary, North Carolina · www.portside.aero
Model N, Inc. 2024-04-08 1.3B USD Going Private
Redwood Shores, California · www.modeln.com
Drift.com, Inc. 2024-02-13 - Trade Sale
Cambridge, Massachusetts · www.drift.com
Energy Exemplar Pty Ltd. 2023-10-31 - Secondary Buyout
Adelaide, Australia · www.energyexemplar.com
EngageSmart LLC 2023-10-23 4.0B USD Going Private
Braintree, Massachusetts · www.engagesmart.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Cloud Software Group, Inc. 2022-09-01 ShareFile 2024-09-09 1
Fort Lauderdale, Florida · www.cloud.com Raleigh, North Carolina · www.sharefile.com
Cvent, Inc. 2023-03-14 One Clipboard, Inc. 2024-09-04 5
Tysons, Virginia · www.cvent.com New York, New York · www.splashthat.com
KnowBe4, Inc. 2022-10-12 Egress Software Technologies Ltd. 2024-04-24 1
Clearwater, Florida · www.knowbe4.com London, United Kingdom · www.egress.com
Aptean, Inc. 2012-08-07 Momentis 2024-02-14 48
Alpharetta, Georgia · www.aptean.com Montreal, Quebec · www.momentis.com
Granicus, Inc. 2016-08-18 SmartGov 2024-02-01 11
Denver, Colorado · www.granicus.com Cary, North Carolina
Acquia, Inc. 2019-09-24 Monsido LLC 2023-11-14 3
Boston, Massachusetts · www.acquia.com Manhattan, Kansas · www.monsido.com
Avalara, Inc. 2022-08-08 Avalara - Sales & Use Tax Recovery Business Line 2023-09-14 1
Seattle, Washington · www.avalara.com Seattle, Washington
Gainsight, Inc. 2020-11-30 Northpass, Inc. 2023-07-11 3
San Francisco, California · www.gainsight.com Parsippany, New Jersey · www.northpass.com
Aptean, Inc. 2012-08-07 Groupe Mistral 2022-12-01 47
Alpharetta, Georgia · www.aptean.com Clermont-Ferrand, France · www.mistral.fr
iCIMS, Inc. 2018-08-15 SkillSurvey, Inc. 2022-10-26 4
Holmdel, New Jersey · www.icims.com Berwyn, Pennsylvania · www.skillsurvey.com

M&A by Sector

Sector Current # Value All-time # Value
Software 31 (39%) 15.1B (33%) 59 (40%) 39.2B (51%)
Internet Software and Services 30 (38%) 22.3B (49%) 50 (34%) 26.8B (35%)
Information Technology 12 (15%) 6.8B (15%) 22 (15%) 7.8B (10%)
Business Services - - 4 (3%) -
Information Services 2 (3%) - 4 (3%) -
Education 2 (3%) 1.6B (3%) 3 (2%) 1.9B (2%)
Medical Products 1 (1%) - 2 (1%) 381M (< 1%)
Leisure - - 1 (1%) 1.0B (1%)
Consumer Products - - 1 (1%) 146M (< 1%)
Communications - - 1 (1%) -
Healthcare Services - - 1 (1%) -
Marketing 1 (1%) - 1 (1%) -
Total 79 $45.8B 149 $77.3B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 72 (91%) 42.7B (93%) 137 (92%) 73.0B (94%)
  Texas 10 (13%) 6.5B (14%) 23 (15%) 8.4B (11%)
  Massachusetts 13 (16%) 7.6B (17%) 17 (11%) 7.6B (10%)
  California 10 (13%) 5.3B (12%) 17 (11%) 12.8B (17%)
  New York 5 (6%) - 12 (8%) 100M (< 1%)
  Florida 5 (6%) 4.6B (10%) 9 (6%) 21.3B (28%)
  Georgia 4 (5%) 644M (1%) 8 (5%) 644M (1%)
  Colorado 4 (5%) - 7 (5%) -
  Illinois 3 (4%) - 7 (5%) -
  Virginia 2 (3%) 4.6B (10%) 6 (4%) 6.3B (8%)
  Oregon 1 (1%) - 5 (3%) -
  Washington 3 (4%) 8.4B (18%) 4 (3%) 10.3B (13%)
  Ohio 2 (3%) - 4 (3%) 128M (< 1%)
  North Carolina 2 (3%) - 3 (2%) -
  District of Columbia 2 (3%) 1.6B (3%) 2 (1%) 1.6B (2%)
  Utah 1 (1%) 3.5B (8%) 2 (1%) 3.5B (5%)
  Wisconsin 1 (1%) - 2 (1%) -
  Minnesota 1 (1%) - 2 (1%) -
  South Carolina 1 (1%) - 1 (1%) -
  New Jersey 1 (1%) - 1 (1%) -
  Maryland 1 (1%) - 1 (1%) -
  Arizona - - 1 (1%) 381M (< 1%)
  Rhode Island - - 1 (1%) -
  Pennsylvania - - 1 (1%) -
  Connecticut - - 1 (1%) -
Spain 1 (1%) - 4 (3%) 1.2B (2%)
United Kingdom 2 (3%) 3.1B (7%) 3 (2%) 3.1B (4%)
Canada 2 (3%) - 3 (2%) -
  Ontario 2 (3%) - 3 (2%) -
India 1 (1%) - 1 (1%) -
Australia 1 (1%) - 1 (1%) -
Domestic 72 (91%) 42.7B (93%) 137 (92%) 73.0B (94%)
Cross-border 7 (9%) 3.1B (7%) 12 (8%) 4.3B (6%)
Total 79 $45.8B 149 $77.3B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 15 (19%) - 35 (23%) 146M (< 1%)
Growth Capital 23 (29%) - 31 (21%) -
Buyout (LBO, MBO, MBI) 8 (10%) 1.0B (2%) 28 (19%) 2.5B (3%)
Going Private 15 (19%) 38.7B (94%) 25 (17%) 67.2B (92%)
Divestiture 4 (5%) 1.6B (4%) 12 (8%) 2.8B (4%)
Venture 6 (8%) - 7 (5%) -
Consolidation 5 (6%) - 5 (3%) -
Stake Purchase 3 (4%) - 5 (3%) -
Recapitalization - - 1 (1%) -
Total 79 $41.2B 149 $72.7B

Exits by Deal Type

Type Total # Value
Trade Sale 20 (29%) 845M (3%)
Secondary Sale 18 (26%) 675M (2%)
Trade Sale - Public Company 16 (23%) 27.8B (95%)
IPO 7 (10%) -
Merger 5 (7%) -
Recapitalization 2 (3%) -
Stake Sale 1 (1%) -
Unknown 1 (1%) -
Total 70 $29.3B

Top M&A Advisors

Financial Deals
Morgan Stanley
 7
Jefferies
 6
Evercore Group
 5
Legal Deals
Kirkland & Ellis
 54
Simpson Thacher & Bartlett
 3
Morrison & Foerster
 2

Deal Values

buy # Total
> $1B 23 $82.3B
$100M to $1B 9 $3.3B
< $100M 1 $100M
TOTAL $85.7B
Largest Citrix Systems, Inc.
$16.5B (2022-01-31)
sell # Total
> $1B 9 $24.8B
$100M to $1B 10 $4.4B
< $100M 1 $100M
TOTAL $29.3B
Largest Vertafore, Inc.
$5.4B (2020-08-13)

M&A Connections

Deals
Acquired from
Investor(s)
23%
34 (23%)
Strategic(s)
7%
11 (7%)
Exited to
Investor(s)
27%
19 (27%)
Strategic(s)
57%
40 (57%)

Investor Summary

Investor Type

Private Equity Firm

Size

Mega

PE Assets

100.0B USD

Established

2000

Specialist/Generalist

Specialist

Leadership

Robert Smith

Founder, Chairman & CEO

David Breach

President & COO

David Flannery

Senior Managing Director

René Yang Stewart

Senior Managing Director

Lauren Dillard

Senior Managing Director & CFO

FAQ

When was Vista Equity Partners founded?

Vista Equity Partners was founded in 2000.

What type of investor is Vista Equity Partners?

Vista Equity Partners is a private equity firm.

Where is Vista Equity Partners headquartered?

Vista Equity Partners is headquartered in Austin, Texas.

How much capital does Vista Equity Partners have under management?

Vista Equity Partners has 100.0B USD under management.

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