Vista Equity Partners Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Vista Equity Partners has acquired 20 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 24 companies. The Firm’s most common exit type is trade sale (49%). 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 Activity168
    • M&A Buy Activity112
    • M&A Sell Activity56
  • Total Sectors Invested 13
  • Total Countries Invested 5
  • M&A Buy/Sell Connections 72
  • M&A Advisors 27

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 (8.4/yr) # 70 15 13 7 5 2 112
vol $24.8B $2.1B $3.8B $1.0B $3.5B $35.2B
Sell (5.4/yr) # 29 3 5 2 7 10 56
vol $8.9B $1.2B $4.9B $6.5B $3.2B $24.7B
  168

Most Recent M&A

Company Date Value Type
Integral Ad Science, Inc. 2021-06-30 - IPO
New York, New York · www.integralads.com
Allocate Software plc 2021-06-28 - Add-on Acquisition
Richmond, United Kingdom · www.allocatesoftware.com
Ellucian Co. L.P. 2021-06-14 - Secondary Buyout
Reston, Virginia · www.ellucian.com
DealerSocket, Inc. 2021-05-17 - Add-on Acquisition
Irving, Texas · www.dealersocket.com
Omnitracs LLC 2021-05-17 - Add-on Acquisition
Dallas, Texas · www.omnitracs.com
Advicent Solutions 2021-05-05 - Add-on Acquisition
Milwaukee, Wisconsin · www.advicentsolutions.com
PayLease LLC 2021-05-04 925M USD Add-on Acquisition
San Diego, California · www.gozego.com
RA Outdoors LLC 2021-04-23 - Secondary Buyout
Dallas, Texas · www.aspiraconnect.com
Vivid Seats LLC 2021-04-22 - IPO
Chicago, Illinois · www.vividseats.com
Market Track LLC 2021-04-19 - Add-on Acquisition
Chicago, Illinois · www.numerator.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Pluralsight LLC 2020-12-13 Serverless Heroes, Inc. 2021-06-02 2
Draper, Utah · www.pluralsight.com Twickenham, United Kingdom · www.acloud.guru
Solera Holdings, Inc. 2015-09-14 eDriving LLC 2021-06-02 10
Westlake, Texas · www.solera.com Cape May Court House, New Jersey · www.edriving.com
Solera Holdings, Inc. 2015-09-14 DealerSocket, Inc. 2021-05-17 9
Westlake, Texas · www.solera.com Irving, Texas · www.dealersocket.com
Solera Holdings, Inc. 2015-09-14 Omnitracs LLC 2021-05-17 8
Westlake, Texas · www.solera.com Dallas, Texas · www.omnitracs.com
LogicMonitor, Inc. 2018-04-17 Airbrake.io 2021-02-23 2
Santa Barbara, California · www.logicmonitor.com San Francisco, California · www.airbrake.io
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 32
Atlanta, Georgia · www.aptean.com Ettlingen, Germany · www.modul-a.com
Granicus, Inc. 2016-08-18 CSDC Systems, Inc. 2020-10-30 7
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

M&A by Sector

Sector Current # Value All-time # Value
Software 25 (45%) 18.7B (66%) 47 (42%) 20.0B (57%)
Internet Software and Services 17 (30%) 5.7B (20%) 28 (25%) 8.6B (24%)
Information Technology 7 (13%) 2.2B (8%) 19 (17%) 3.2B (9%)
Business Services - - 4 (4%) -
Information Services 3 (5%) - 4 (4%) -
Education 3 (5%) 1.9B (7%) 3 (3%) 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 (1%) -
Healthcare Services - - 1 (1%) -
Marketing 1 (2%) - 1 (1%) -
Total 56 $28.6B 112 $35.2B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 52 (93%) 25.5B (89%) 103 (92%) 30.9B (88%)
  Texas 7 (13%) 6.5B (23%) 17 (15%) 7.4B (21%)
  California 7 (13%) 8.7B (30%) 13 (12%) 12.6B (36%)
  New York 5 (9%) - 10 (9%) -
  Massachusetts 7 (13%) 1.0B (3%) 9 (8%) 1.0B (3%)
  Florida 3 (5%) - 6 (5%) 160M (< 1%)
  Colorado 3 (5%) - 6 (5%) -
  Georgia 2 (4%) 644M (2%) 6 (5%) 644M (2%)
  Illinois 2 (4%) - 6 (5%) -
  Virginia 3 (5%) 1.7B (6%) 5 (4%) 1.7B (5%)
  Oregon 2 (4%) - 5 (4%) -
  Ohio 1 (2%) - 3 (3%) 128M (< 1%)
  Washington 2 (4%) 1.9B (7%) 2 (2%) 1.9B (6%)
  District of Columbia 2 (4%) 1.6B (5%) 2 (2%) 1.6B (4%)
  Maryland 2 (4%) - 2 (2%) -
  Utah 1 (2%) 3.5B (12%) 2 (2%) 3.5B (10%)
  Minnesota 1 (2%) - 2 (2%) -
  North Carolina 1 (2%) - 1 (1%) -
  New Jersey 1 (2%) - 1 (1%) -
  Arizona - - 1 (1%) 381M (1%)
  Wisconsin - - 1 (1%) -
  Rhode Island - - 1 (1%) -
  Pennsylvania - - 1 (1%) -
  Connecticut - - 1 (1%) -
Spain 1 (2%) - 4 (4%) 1.2B (3%)
United Kingdom 2 (4%) 3.1B (11%) 3 (3%) 3.1B (9%)
India 1 (2%) - 1 (1%) -
Canada - - 1 (1%) -
  Ontario - - 1 (1%) -
Domestic 52 (93%) 25.5B (89%) 103 (92%) 30.9B (88%)
Cross-border 4 (7%) 3.1B (11%) 9 (8%) 4.3B (12%)
Total 56 $28.6B 112 $35.2B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 14 (25%) - 30 (27%) 146M (< 1%)
Buyout (LBO, MBO, MBI) 8 (14%) 1.0B (3%) 26 (23%) 2.4B (7%)
Going Private 11 (20%) 25.7B (90%) 17 (15%) 29.8B (85%)
Growth Capital 9 (16%) - 15 (13%) -
Divestiture 5 (9%) 1.9B (7%) 12 (11%) 2.8B (8%)
Consolidation 4 (7%) - 4 (4%) -
Stake Purchase 3 (5%) - 4 (4%) -
Venture 2 (4%) - 3 (3%) -
Recapitalization - - 1 (1%) -
Total 56 $28.6B 112 $35.2B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 15 (27%) 23.2B (94%)
Secondary Sale 15 (27%) 675M (3%)
Trade Sale 13 (23%) 845M (3%)
IPO 5 (9%) -
Merger 5 (9%) -
Recapitalization 2 (4%) -
Unknown 1 (2%) -
Total 56 $24.7B

Top M&A Advisors

Financial Deals
Jefferies LLC
 6
Evercore Group LLC
 5
J.P. Morgan Securities LLC
 5
Legal Deals
Kirkland & Ellis LLP
 36
Simpson Thacher & Bartlett LLP
 2
Morrison & Foerster 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 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)
26%
29 (26%)
Strategic(s)
10%
11 (10%)
Exited to
Investor(s)
29%
16 (29%)
Strategic(s)
55%
31 (55%)

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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