Vista Equity Partners Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Vista Equity Partners has acquired 26 companies. It has also invested in 12 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 17 companies. The Firm’s most common exit type is trade sale (44%). 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 Activity150
    • M&A Buy Activity104
    • M&A Sell Activity46
  • Total Sectors Invested 13
  • Total Countries Invested 5
  • M&A Buy/Sell Connections 61
  • 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 ≤ '15 '16 '17 '18 '19 '20 T
Buy (9.8/yr) # 55 11 15 13 6 4 104
vol $19.7B $5.0B $2.1B $3.8B $1.0B $31.7B
Sell (4.0/yr) # 26 3 3 5 2 7 46
vol $6.5B $2.4B $1.2B $4.9B $6.5B $21.5B
  150

Most Recent M&A

Company Date Value Type
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
Jio Platforms Ltd. 2020-04-21 - Stake Purchase
Navi Mumbai, India
Gather Technologies, Inc. 2020-03-05 - Merger
Atlanta, Georgia · www.gatherhere.com
Tripleseat Software LLC 2020-03-04 - Secondary Buyout
Concord, Massachusetts · www.tripleseat.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
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
Aptean, Inc. 2012-08-07 Lascom S.A. 2020-11-24 30
Atlanta, Georgia · www.aptean.com Velizy, France · www.lascom.com
iCIMS, Inc. 2018-08-15 EASYRECRUE 2020-11-17 1
Matawan, New Jersey · www.icims.com Paris, France · www.easyrecrue.com
Aptean, Inc. 2012-08-07 Open Systems, Inc. 2020-11-17 29
Atlanta, Georgia · www.aptean.com Shakopee, Minnesota · www.osas.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
Apptio, Inc. 2018-11-11 SaaSLicense 2020-10-13 2
Bellevue, Washington · www.apptio.com Newton Upper Falls, Massachusetts · www.saaslicense.com

M&A by Sector

Sector Current # Value All-time # Value
Software 25 (43%) 19.5B (75%) 43 (41%) 20.0B (63%)
Internet Software and Services 18 (31%) 2.2B (9%) 25 (24%) 5.1B (16%)
Information Technology 8 (14%) 2.2B (9%) 19 (18%) 3.2B (10%)
Business Services - - 4 (4%) -
Information Services 4 (7%) - 4 (4%) -
Education 2 (3%) 1.9B (7%) 2 (2%) 1.9B (6%)
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 58 $25.9B 104 $31.7B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 53 (91%) 22.8B (88%) 95 (91%) 27.4B (87%)
  California 11 (19%) 9.5B (37%) 15 (14%) 13.4B (42%)
  Texas 5 (9%) 6.5B (25%) 12 (12%) 6.6B (21%)
  Massachusetts 7 (12%) 1.0B (4%) 9 (9%) 1.0B (3%)
  New York 5 (9%) - 9 (9%) -
  Illinois 4 (7%) - 6 (6%) -
  Florida 3 (5%) - 6 (6%) 160M (1%)
  Georgia 2 (3%) 644M (2%) 6 (6%) 644M (2%)
  Oregon 2 (3%) - 5 (5%) -
  Colorado 2 (3%) - 5 (5%) -
  Virginia 2 (3%) 1.7B (6%) 4 (4%) 1.7B (5%)
  Washington 2 (3%) 1.9B (7%) 2 (2%) 1.9B (6%)
  District of Columbia 2 (3%) 1.6B (6%) 2 (2%) 1.6B (5%)
  Maryland 2 (3%) - 2 (2%) -
  Minnesota 1 (2%) - 2 (2%) -
  Ohio - - 2 (2%) 128M (< 1%)
  Wisconsin 1 (2%) - 1 (1%) -
  North Carolina 1 (2%) - 1 (1%) -
  New Jersey 1 (2%) - 1 (1%) -
  Arizona - - 1 (1%) 381M (1%)
  Utah - - 1 (1%) -
  Rhode Island - - 1 (1%) -
  Pennsylvania - - 1 (1%) -
  Connecticut - - 1 (1%) -
Spain 1 (2%) - 4 (4%) 1.2B (4%)
United Kingdom 3 (5%) 3.1B (12%) 3 (3%) 3.1B (10%)
India 1 (2%) - 1 (1%) -
Canada - - 1 (1%) -
  Ontario - - 1 (1%) -
Domestic 53 (91%) 22.8B (88%) 95 (91%) 27.4B (87%)
Cross-border 5 (9%) 3.1B (12%) 9 (9%) 4.3B (13%)
Total 58 $25.9B 104 $31.7B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 15 (26%) - 28 (27%) 146M (< 1%)
Buyout (LBO, MBO, MBI) 10 (17%) 1.0B (4%) 24 (23%) 2.4B (8%)
Going Private 10 (17%) 22.2B (86%) 16 (15%) 26.3B (83%)
Growth Capital 9 (16%) - 13 (13%) -
Divestiture 6 (10%) 2.7B (10%) 12 (12%) 2.8B (9%)
Consolidation 4 (7%) - 4 (4%) -
Stake Purchase 3 (5%) - 4 (4%) -
Venture 1 (2%) - 2 (2%) -
Recapitalization - - 1 (1%) -
Total 58 $25.9B 104 $31.7B

Exits by Deal Type

Type Total # Value
Secondary Sale 14 (30%) 675M (3%)
Trade Sale - Public Company 13 (28%) 20.0B (93%)
Trade Sale 8 (17%) 845M (4%)
Merger 5 (11%) -
IPO 3 (7%) -
Recapitalization 2 (4%) -
Unknown 1 (2%) -
Total 46 $21.5B

Top M&A Advisors

Financial Deals
Jefferies LLC
 7
Evercore Group LLC
 5
J.P. Morgan Securities LLC
 4
Legal Deals
Kirkland & Ellis LLP
 31
Morrison & Foerster LLP
 2
Simpson Thacher & Bartlett LLP
 2

Deal Values

buy # Total
> $1B 14 $28.4B
$100M to $1B 9 $3.3B
TOTAL $31.7B
Largest Solera Holdings, Inc.
$6.5B (2015-09-14)
sell # Total
> $1B 7 $18.0B
$100M to $1B 9 $3.4B
< $100M 1 $100M
TOTAL $21.5B
Largest Vertafore, Inc.
$5.4B (2020-08-13)

M&A Connections

Deals %
Acquired from
PE Firm(s)
75%
36 75%
Strategic(s)
25%
12 25%
Exited to
PE Firm(s)
49%
23 49%
Strategic(s)
51%
24 51%

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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