Going Private • Internet Software and Services

Vista Equity Partners Acquires Model N

On April 8, 2024, private equity firm Vista Equity Partners acquired internet software and services company Model N for 1.3B USD

Acquisition Context
  • This is Vista Equity Partners’ 47th transaction in the Internet Software and Services sector.
  • This is Vista Equity Partners’ 18th largest (disclosed) transaction.
  • This is Vista Equity Partners’ 132nd transaction in the United States.
  • This is Vista Equity Partners’ 17th transaction in California.

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M&A Deal Summary

Date April 8, 2024
Target Model N
Sector Internet Software and Services
Buyer(s) Vista Equity Partners
Deal Type Going Private
Deal Value 1.3B USD
Advisor(s) Jefferies (Financial)
Fenwick & West (Legal)

Target Company

Model N

San Mateo, California, United States
Model N is a provider of revenue management cloud solutions for life science, technology and manufacturing companies. Model N was founded in 1999 and is based in Redwood Shores, California.
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Buyer Overview 1

Buyer

Vista Equity Partners

Austin, Texas, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2000
PE ASSETS 100.0B USD
Size Mega
Type Sector Focused
DESCRIPTION
Entrance to Frost Bank Tower, Vista Equity's main office in Austin, Texas.
Entrance to Frost Bank Tower, Vista Equity's main office in Austin, Texas.

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.


Deal Context for Buyer #
Overall 144 of 158
Sector: Internet Software and Services 47 of 53
Type: Going Private 24 of 25
State: California 17 of 18
Country: United States 132 of 144
Year: 2024 1 of 7
Size (of disclosed) 18 of 33
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-02-13 Drift

Cambridge, Massachusetts, United States

Drift is an internet communication platform that allows website visitors to engage with company websites easily. Its human-centric, AI-powered platform listens, understands, and learns from buyers to deliver personalized experiences and recommendations at every touchpoint. Drift was formed in 2014 and is headquartered in Cambridge, Massachusetts.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-05-30 Portside

Cary, North Carolina, United States

Portside is a provider of modern software solutions for the business aviation industry. Portside’s cloud-based operating system for business and government aviation is designed to support all aspects of flight operations, including scheduling and recordkeeping (Avianis, BART and PFM product lines), fleet and crew optimization (Portside Optimizer), safety and compliance (Baldwin), data sharing, reporting and analytics (Portside Owner Portal / Budget & Planning Dashboard), customer billing (ExpensePulse), crew recruiting (Staffing Marketplace), and crew and passenger travel accommodations (Portside Services). Portside is based in Cary, North Carolina.

Buy -