Vista Equity Partners Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Vista Equity Partners has acquired 19 companies. It has also invested in 7 others.

Vista Equity Partners’ most common sectors for investment are software (42%) and internet software and services (25%). The Firm’s most common investment types include secondary buyout (27%) and buyout (lbo, mbo, mbi) (24%). In total, Vista Equity Partners has invested in 23 US states and 5 different countries. Its largest (disclosed) acquisition occurred in 2015 when it acquired Solera Holdings for $6.5B.

In the last 3 years, Vista Equity Partners has exited 15 companies. The Firm’s most common exit type is trade sale (45%). 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 Activity155
    • M&A Buy Activity108
    • M&A Sell Activity47
  • Total Sectors Invested 13
  • Total Countries Invested 5
  • M&A Buy/Sell Connections 65
  • M&A Advisors 25

Vista Equity Partners

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 private equity firm focused on investing in software and technology enabled services. 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 with additional offices in Chicago, Illinois; Oakland, California; and San Francisco, California.


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

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 ≤ '16 '17 '18 '19 '20 '21 T
Buy (8.2/yr) # 67 15 13 7 5 1 108
vol $24.8B $2.1B $3.8B $1.0B $3.5B $35.2B
Sell (3.6/yr) # 29 3 5 2 7 1 47
vol $8.9B $1.2B $4.9B $6.5B $2.3B $23.7B
  155

Most Recent M&A

Company Date Value Type
ARCOS LLC 2021-03-17 - Secondary Buyout
Columbus, Ohio · www.arcos-inc.com
Wrike, Inc. 2021-01-19 2.3B USD Add-on Acquisition
San Jose, California · www.wrike.com
Pluralsight LLC 2020-12-13 3.5B USD Going Private
Draper, Utah · www.pluralsight.com
Upserve, Inc. 2020-12-01 430M USD Add-on Acquisition
Providence, Rhode Island · www.upserve.com
Gainsight, Inc. 2020-11-30 - Secondary Buyout
San Francisco, California · www.gainsight.com
Pipedrive, Inc. 2020-11-12 - Buyout (LBO, MBO, MBI)
New York, New York · www.pipedrive.com
Lone Wolf Technologies, Inc. 2020-10-23 - Secondary Buyout
Cambridge, Ontario · www.lwolf.com
Datto, Inc. 2020-10-20 - IPO
Norwalk, Connecticut · www.datto.com
Vertafore, Inc. 2020-08-13 5.4B USD Add-on Acquisition
Denver, Colorado · www.vertafore.com
Jamf Software LLC 2020-07-21 - IPO
Minneapolis, Minnesota · www.jamf.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
PowerSchool, Inc. 2015-06-17 Hobsons, Inc. - Naviance & Intersect Solutions 2021-02-18 10
Folsom, California · www.powerschool.com Cincinnati, Ohio
Aptean, Inc. 2012-08-07 Modula Gesellschaft fur digitale Transformation mbH 2020-12-01 31
Atlanta, Georgia · www.aptean.com Ettlingen, Germany · www.modul-a.com
Granicus, Inc. 2016-08-18 CSDC Systems, Inc. 2020-10-30 5
Denver, Colorado · www.granicus.com Austin, Texas · www.calytera.com
PowerSchool, Inc. 2015-06-17 Hoonuit LLC 2020-10-29 9
Folsom, California · www.powerschool.com Minneapolis, Minnesota · www.hoonuit.com
Tibco Software, Inc. 2014-09-29 Information Builders 2020-10-22 9
Palo Alto, California · www.tibco.com New York, New York · www.informationbuilders.com
Naviga 2013-07-22 Acquire Media Corp. 2020-10-21 2
Bloomington, Minnesota · www.navigaglobal.com Roseland, New Jersey · www.acquiremedia.com
Advanced Computer Software Group Ltd. 2015-03-19 Mitrefinch Ltd. 2020-10-16 7
Datchet, United Kingdom · www.oneadvanced.com York, United Kingdom · www.mitrefinch.co.uk
Accelya Holding World SL 2019-11-18 Farelogix, Inc. 2020-06-16 1
Barcelona, Spain · www.accelya.com Miami, Florida · www.farelogix.com
SmartBear Software, Inc. 2017-05-03 TM4J - Test Management for Jira 2020-03-31 5
Beverly, Massachusetts · www.smartbear.com London, United Kingdom
Advanced Computer Software Group Ltd. 2015-03-19 Tikit Ltd. 2020-03-25 6
Datchet, United Kingdom · www.oneadvanced.com London, United Kingdom · www.tikit.com

M&A by Sector

Sector Current # Value All-time # Value
Software 27 (44%) 19.5B (66%) 45 (42%) 20.0B (57%)
Internet Software and Services 19 (31%) 5.7B (19%) 27 (25%) 8.6B (24%)
Information Technology 8 (13%) 2.2B (8%) 19 (18%) 3.2B (9%)
Business Services - - 4 (4%) -
Information Services 4 (7%) - 4 (4%) -
Education 2 (3%) 1.9B (6%) 2 (2%) 1.9B (5%)
Leisure - - 1 (1%) 1.0B (3%)
Medical Products - - 1 (1%) 381M (1%)
Consumer Products - - 1 (1%) 146M (< 1%)
Communications - - 1 (1%) -
Consumer Services 1 (2%) - 1 (1%) -
Healthcare Services - - 1 (1%) -
Oil/Gas Exploration - - 1 (1%) -
Total 61 $29.4B 108 $35.2B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 56 (92%) 26.3B (89%) 99 (92%) 30.9B (88%)
  California 10 (16%) 9.5B (32%) 15 (14%) 13.4B (38%)
  Texas 6 (10%) 6.5B (22%) 13 (12%) 6.6B (19%)
  Massachusetts 7 (11%) 1.0B (3%) 9 (8%) 1.0B (3%)
  New York 5 (8%) - 9 (8%) -
  Illinois 4 (7%) - 6 (6%) -
  Florida 3 (5%) - 6 (6%) 160M (< 1%)
  Colorado 3 (5%) - 6 (6%) -
  Georgia 2 (3%) 644M (2%) 6 (6%) 644M (2%)
  Oregon 2 (3%) - 5 (5%) -
  Virginia 2 (3%) 1.7B (6%) 4 (4%) 1.7B (5%)
  Ohio 1 (2%) - 3 (3%) 128M (< 1%)
  Washington 2 (3%) 1.9B (7%) 2 (2%) 1.9B (6%)
  District of Columbia 2 (3%) 1.6B (5%) 2 (2%) 1.6B (4%)
  Maryland 2 (3%) - 2 (2%) -
  Utah 1 (2%) 3.5B (12%) 2 (2%) 3.5B (10%)
  Minnesota 1 (2%) - 2 (2%) -
  Wisconsin 1 (2%) - 1 (1%) -
  North Carolina 1 (2%) - 1 (1%) -
  New Jersey 1 (2%) - 1 (1%) -
  Arizona - - 1 (1%) 381M (1%)
  Rhode Island - - 1 (1%) -
  Pennsylvania - - 1 (1%) -
  Connecticut - - 1 (1%) -
Spain 1 (2%) - 4 (4%) 1.2B (3%)
United Kingdom 3 (5%) 3.1B (11%) 3 (3%) 3.1B (9%)
India 1 (2%) - 1 (1%) -
Canada - - 1 (1%) -
  Ontario - - 1 (1%) -
Domestic 56 (92%) 26.3B (89%) 99 (92%) 30.9B (88%)
Cross-border 5 (8%) 3.1B (11%) 9 (8%) 4.3B (12%)
Total 61 $29.4B 108 $35.2B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 16 (26%) - 29 (27%) 146M (< 1%)
Buyout (LBO, MBO, MBI) 10 (16%) 1.0B (3%) 25 (23%) 2.4B (7%)
Going Private 11 (18%) 25.7B (87%) 17 (16%) 29.8B (85%)
Growth Capital 10 (16%) - 14 (13%) -
Divestiture 6 (10%) 2.7B (9%) 12 (11%) 2.8B (8%)
Consolidation 4 (7%) - 4 (4%) -
Stake Purchase 3 (5%) - 4 (4%) -
Venture 1 (2%) - 2 (2%) -
Recapitalization - - 1 (1%) -
Total 61 $29.4B 108 $35.2B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 14 (30%) 22.2B (94%)
Secondary Sale 14 (30%) 675M (3%)
Trade Sale 8 (17%) 845M (4%)
Merger 5 (11%) -
IPO 3 (6%) -
Recapitalization 2 (4%) -
Unknown 1 (2%) -
Total 47 $23.7B

Top M&A Advisors

Financial Deals
Jefferies LLC
 7
Evercore Group LLC
 5
J.P. Morgan Securities LLC
 4
Legal Deals
Kirkland & Ellis LLP
 32
Morrison & Foerster LLP
 2
Simpson Thacher & Bartlett LLP
 2

Deal Values

buy # Total
> $1B 15 $31.9B
$100M to $1B 9 $3.3B
TOTAL $35.2B
Largest Solera Holdings, Inc.
$6.5B (2015-09-14)
sell # Total
> $1B 8 $20.2B
$100M to $1B 9 $3.4B
< $100M 1 $100M
TOTAL $23.7B
Largest Vertafore, Inc.
$5.4B (2020-08-13)

M&A Connections

Deals
Acquired from
Investor(s)
26%
28 (26%)
Strategic(s)
10%
11 (10%)
Exited to
Investor(s)
32%
15 (32%)
Strategic(s)
53%
25 (53%)

Investor Summary

Size

Mega

PE Assets

57.0B USD

Established

2000

Specialist/Generalist

Specialist

Leadership

Robert Smith

Founder, Chairman & CEO

Alan Cline

Senior Managing Director

Michael Fosnaugh

Senior Managing Director

Monti Saroya

Senior Managing Director

Patrick Severson

Senior Managing Director

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