Vista Equity Partners Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Vista Equity Partners has acquired 14 companies. It has also invested in 14 others.

Vista Equity Partners’ most common sectors for investment aresoftware (40%) and internet software and services (29%) . The Firm’s most common investment types include secondary buyout (24%) and buyout (lbo, mbo, mbi) (21%). In total, Vista Equity Partners has invested in 23 US states and 5 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 (48%). 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 Activity190
    • M&A Buy Activity129
    • M&A Sell Activity61
  • Total Sectors Invested 12
  • Total Countries Invested 5
  • M&A Buy/Sell Connections 84
  • M&A Advisors 35

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 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

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 ≤ '17 '18 '19 '20 '21 '22 T
Buy (8.6/yr) # 86 15 9 7 4 8 129
vol $26.9B $3.8B $1.0B $3.5B $29.5B $64.7B
Sell (5.8/yr) # 32 5 2 6 13 3 61
vol $10.1B $4.9B $6.5B $3.2B $24.7B
  190

Most Recent M&A

Company Date Value Type
KnowBe4, Inc. 2022-10-12 4.6B USD Going Private
Clearwater, Florida · www.knowbe4.com
Agdata, Inc. 2022-10-04 - Secondary Buyout
Charlotte, North Carolina · www.agdata.com
Avalara, Inc. 2022-08-08 8.4B USD Going Private
Seattle, Washington · www.avalara.com
Tomia, Inc. 2022-06-13 - Add-on Acquisition
Vienna, Virginia · www.tomiaglobal.com
BetterCloud, Inc. 2022-06-09 - Growth Capital
New York, New York · www.bettercloud.com
Critical Start, Inc. 2022-04-12 - Growth Capital
Plano, Texas · www.criticalstart.com
SecureLink, Inc. 2022-02-23 - Add-on Acquisition
Austin, Texas · www.securelink.com
Securonix, Inc. 2022-02-15 - Growth Capital
Addison, Texas · www.securonix.com
Adirondack Solutions, Inc. 2022-02-02 - Buyout (LBO, MBO, MBI)
Bridgewater, New Jersey · www.adirondacksolutions.com
Citrix Systems, Inc. 2022-01-31 16.5B USD Going Private
Fort Lauderdale, Florida · www.citrix.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Aptean, Inc. 2012-08-07 Groupe Mistral 2022-12-01 40
Atlanta, 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
Aptean, Inc. 2012-08-07 Merlin Business Software Ltd. 2022-10-24 39
Atlanta, Georgia · www.aptean.com Chesterfield, United Kingdom · www.merlinbusinesssoftware.com
Granicus, Inc. 2016-08-18 Rock Solid Technologies, Inc. 2022-10-12 9
Denver, Colorado · www.granicus.com San Juan, Puerto Rico · www.rocksolid.com
SmartBear Software, Inc. 2017-05-03 Pactflow 2022-04-05 8
Beverly, Massachusetts · www.smartbear.com Sydney, Australia · www.pactflow.io
Naviga, Inc. 2013-07-22 Abacus e-Media Ltd. 2022-03-09 8
Bloomington, Minnesota · www.navigaglobal.com London, United Kingdom · www.abacusemedia.com
Solera Holdings, Inc. 2015-09-14 Spireon, Inc. 2022-02-01 11
Westlake, Texas · www.solera.com Knoxville, Tennessee · www.spireon.com
Aptean, Inc. 2012-08-07 JET ERP Betriebsgesellschaft mbH 2022-01-12 38
Atlanta, Georgia · www.aptean.com Vienna, Austria · www.datasystems.at
Ellucian Co. L.P. 2021-06-14 CampusLogic, Inc. 2022-01-11 1
Reston, Virginia · www.ellucian.com Chandler, Arizona · www.campuslogic.com
Aptean, Inc. 2012-08-07 Objective International NV 2021-11-03 37
Atlanta, Georgia · www.aptean.com Wichelen, Belgium · www.objt.com

M&A by Sector

Sector Current # Value All-time # Value
Software 29 (43%) 35.2B (61%) 51 (40%) 36.5B (56%)
Internet Software and Services 22 (32%) 14.1B (24%) 37 (29%) 17.0B (26%)
Information Technology 10 (15%) 6.8B (12%) 22 (17%) 7.8B (12%)
Business Services - - 4 (3%) -
Information Services 2 (3%) - 4 (3%) -
Education 2 (3%) 1.6B (3%) 3 (2%) 1.9B (3%)
Medical Products 1 (1%) - 2 (2%) 381M (1%)
Marketing 2 (3%) - 2 (2%) -
Leisure - - 1 (1%) 1.0B (2%)
Consumer Products - - 1 (1%) 146M (< 1%)
Communications - - 1 (1%) -
Healthcare Services - - 1 (1%) -
Total 68 $57.8B 129 $64.7B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 63 (93%) 54.6B (95%) 119 (92%) 60.4B (93%)
  Texas 9 (13%) 6.5B (11%) 21 (16%) 7.4B (11%)
  California 7 (10%) 8.4B (14%) 14 (11%) 12.6B (19%)
  Massachusetts 10 (15%) 1.0B (2%) 12 (9%) 1.0B (2%)
  New York 5 (7%) - 11 (9%) -
  Florida 5 (7%) 21.1B (37%) 8 (6%) 21.3B (33%)
  Georgia 4 (6%) 644M (1%) 8 (6%) 644M (1%)
  Colorado 4 (6%) - 7 (5%) -
  Illinois 3 (4%) - 7 (5%) -
  Virginia 2 (3%) 1.7B (3%) 5 (4%) 1.7B (3%)
  Oregon 2 (3%) - 5 (4%) -
  Washington 3 (4%) 10.3B (18%) 3 (2%) 10.3B (16%)
  Ohio 1 (1%) - 3 (2%) 128M (< 1%)
  District of Columbia 2 (3%) 1.6B (3%) 2 (2%) 1.6B (2%)
  New Jersey 2 (3%) - 2 (2%) -
  Minnesota 2 (3%) - 2 (2%) -
  Utah 1 (1%) 3.5B (6%) 2 (2%) 3.5B (5%)
  Maryland 1 (1%) - 1 (1%) -
  Arizona - - 1 (1%) 381M (1%)
  Connecticut - - 1 (1%) -
  Wisconsin - - 1 (1%) -
  Rhode Island - - 1 (1%) -
  Pennsylvania - - 1 (1%) -
  North Carolina - - 1 (1%) -
Spain 1 (1%) - 4 (3%) 1.2B (2%)
United Kingdom 2 (3%) 3.1B (5%) 3 (2%) 3.1B (5%)
Canada 1 (1%) - 2 (2%) -
  Ontario 1 (1%) - 2 (2%) -
India 1 (1%) - 1 (1%) -
Domestic 63 (93%) 54.6B (95%) 119 (92%) 60.4B (93%)
Cross-border 5 (7%) 3.1B (5%) 10 (8%) 4.3B (7%)
Total 68 $57.8B 129 $64.7B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 12 (18%) - 30 (23%) 146M (< 1%)
Buyout (LBO, MBO, MBI) 8 (12%) 1.0B (2%) 26 (20%) 2.4B (4%)
Growth Capital 19 (28%) - 26 (20%) -
Going Private 14 (21%) 55.2B (96%) 20 (16%) 59.3B (92%)
Divestiture 4 (6%) 1.6B (3%) 12 (9%) 2.8B (4%)
Venture 5 (7%) - 6 (5%) -
Consolidation 4 (6%) - 4 (3%) -
Stake Purchase 2 (3%) - 4 (3%) -
Recapitalization - - 1 (1%) -
Total 68 $57.8B 129 $64.7B

Exits by Deal Type

Type Total # Value
Secondary Sale 17 (28%) 675M (3%)
Trade Sale - Public Company 15 (25%) 23.2B (94%)
Trade Sale 15 (25%) 845M (3%)
IPO 5 (8%) -
Merger 5 (8%) -
Recapitalization 2 (3%) -
Stake Sale 1 (2%) -
Unknown 1 (2%) -
Total 61 $24.7B

Top M&A Advisors

Financial Deals
Morgan Stanley
6
Jefferies LLC
6
J.P. Morgan Securities LLC
5
Legal Deals
Kirkland & Ellis LLP
44
Morrison & Foerster LLP
2
Simpson Thacher & Bartlett LLP
2

Deal Values

buy # Total
> $1B 18 $61.4B
$100M to $1B 9 $3.3B
TOTAL $64.7B
Largest Citrix Systems, Inc.
$16.5B (2022-01-31)
sell # Total
> $1B 8 $20.2B
$100M to $1B 10 $4.4B
< $100M 1 $100M
TOTAL $24.7B
Largest Vertafore, Inc.
$5.4B (2020-08-13)

M&A Connections

Deals
Acquired from
Investor(s)
22%
29 (22%)
Strategic(s)
9%
11 (9%)
Exited to
Investor(s)
31%
19 (31%)
Strategic(s)
54%
33 (54%)

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