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Vista Equity Partners

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Vista Equity Partners Management, LLC
Company typePrivate
IndustryPrivate equity
Founded2000; 25 years ago (2000)
FounderRobert F. Smith[1]
Headquarters
Austin, Texas
,
US
Number of locations
5
Key people
David Breach (president)
AUMUS$100 billion (2023)[2]
Number of employees
503 (2022)[3]
Websitevistaequitypartners.com

Vista Equity Partners Management, LLC is an American private equity firm that invests in software, data, and technology-enabled businesses.[4][failed verification] It is one of the largest private equity firms in the world, managing over $100 billion in assets.[5] Vista Equity Partners has invested in hundreds of technology companies, including Citrix, SentinelOne, and Marketo. The company has offices in several cities, including Austin, Chicago, New York, and San Francisco.[6][7][8]

History

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2000–2009

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Vista Equity Partners was founded in 2000 by American businessman Robert F. Smith, who is chairman and CEO. Vista opened its first office in San Francisco in 2000.[9] In November 2008, the company closed a funding round for its first institutional fund with a total of $1.3 billion raised.[10]

2010–2019

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In 2010, Brian N. Sheth was promoted to president and awarded the title of co-founder of the firm. He remained in this role until his departure in 2020.[11][12]

In 2011, the company opened an office in Austin, Texas.[9] Over the years, Vista has added several private equity funds and credit funds to its portfolio,[13][14][15] including its first fund, the Vista Credit Opportunities Fund, which raised $196 million.[15][16] During that time, Vista opened several funds that specifically targeted middle-market companies[17] and emerging technology companies.[18] The company also has a permanent capital investment fund, Vista Equity Partners Perennial, which focuses on growing vertical market software companies.[19][20]

In September 2019, Vista Equity Partners raised $16 billion for their flagship fund, which was the largest technology-focused fund raised by an independent private equity firm at the time. In June 2024, Vista Equity Partners was ranked 14th in Private Equity International 's PEI 300 ranking of the largest private equity firms in the world.[21]

2020–present

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As of May 2020, Vista had more than $57 billion in capital commitments.[22] In 2020, Vista joined Diligent Corporation's modern leadership initiative and pledged to create five new board roles among its portfolio companies for racially diverse candidates.[23][24]

As of June 2021, Vista had more than $81 billion in assets under management.[25] In August 2021, its chief operating officer David Breach was announced as president of Vista, the previous incumbent, Brian N. Sheth, a Vista co-founder, resigning in 2020 following the criminal tax investigation of CEO Smith.[26]

In January 2022, it was announced that Citrix Systems had been acquired in a $16.5 billion deal by affiliates of Vista and Evergreen Coast Capital. The all-cash acquisition will see Citrix merge with TIBCO, a Vista portfolio company.[27]

In August 2022, Vista agreed to acquire tax automation software platform maker Avalara, Inc. for $8.4 billion including debt.[28]

As of August 2023, Vista Equity Partners had over $100 billion in assets under management.[29]

In October 2023, Vista, along with Blackstone acquired Energy Exemplar, an Australian energy software company for approximately $1.6 billion.[30] Also in 2023, Vista was named Global Technology Private Equity Firm of the Year by Private Equity International.[31] In June 2024, Vista Equity Partners was ranked 14th in Private Equity International's PEI 300 ranking of the largest private equity firms in the world.[32]

Executive tax evasion

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In October 2020, Vista's CEO Robert F. Smith and investor Robert T. Brockman were named in a tax evasion case.[33][34] That month, Smith signed a non-prosecution agreement with the IRS, agreeing to pay $139 million and testify against Brockman.[33]

References

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  1. ^ Weisman, Aly (July 28, 2015). "A tech titan married a Playboy model in a wildly lavish wedding ceremony". Business Insider UK. So who exactly is the couple behind the lavish wedding weekend. Retrieved August 7, 2018.
  2. ^ Keenan, Sara (August 9, 2023). "Robert F. Smith's Investment Firm Vista Equity Surpasses $100 Billion In Market Value".
  3. ^ "Vista Equity Partners 2022 Form ADV" (PDF). U.S. Securities and Exchange Commission. August 15, 2022. p. 9.
  4. ^ "Vista Equity Partners – Market-Leading Investment Firm". Vista Equity Partners. Retrieved November 22, 2023.
  5. ^ Primack, Dan (September 25, 2023). "Vista Equity tops $100 billion in AUM, as tech deals reignite". Axios. Retrieved November 11, 2023.
  6. ^ Staff, American-Statesman. "Austin's Vista Equity Partners raises $850 million software fund". Austin American-Statesman. Retrieved July 21, 2020.
  7. ^ "Vista Equity founder Robert F. Smith earns Dealmaker of the Year for breaking fundraising records and easing student debt". Mergers & Acquisitions. April 2, 2020. Retrieved July 21, 2020.
  8. ^ "Contact Us". Vista Equity Partners. Retrieved July 21, 2020.
  9. ^ a b Vardi, Nathan. "Richer Than Oprah: How The Nation's Wealthiest African-American Conquered Tech And Wall Street". Forbes. Retrieved July 21, 2020.
  10. ^ Dealbook (2008). "Vista Equity Raises $1.3 Billion for New Fund". DealBook. Retrieved July 21, 2020.
  11. ^ "Brian N Sheth, Vista Equity Partners: Profile and Biography". Bloomberg.com. Retrieved September 6, 2020.
  12. ^ "Vista Equity Partners Announces Departure of President Brian N. Sheth". www.yahoo.com. Retrieved September 28, 2021.
  13. ^ Cooper, Miriam Gottfried and Laura (July 9, 2018). "Billionaire's Secret Buyout Formula: 110 Instructions and an Intelligence Test". Wall Street Journal. ISSN 0099-9660. Retrieved July 21, 2020.
  14. ^ Cooper, Laura (September 5, 2019). "WSJ News Exclusive | Vista Equity Raises $16 Billion for Latest Tech Buyout Fund". Wall Street Journal. ISSN 0099-9660. Retrieved July 21, 2020.
  15. ^ a b Witkowsky, Chris (March 29, 2019). "Vista Equity eyes up to $2 bln for next credit pool". PE Hub. Retrieved July 21, 2020.
  16. ^ Cooper, Laura (May 2, 2017). "Vista Equity Doubles Down on Debt With Second Credit Fund". Wall Street Journal. ISSN 0099-9660. Retrieved July 21, 2020.
  17. ^ Witkowsky, Chris (October 5, 2019). "Vista launches next mid-market fund with new co-head". Buyouts. Retrieved July 21, 2020.
  18. ^ Cronin, Mike (July 11, 2019). "Vista Equity raises $850M to invest in 'smaller' tech companies". Austin Business Journal.
  19. ^ "Why Vista Equity Partners Is Acquiring Accelya". Pulse 2.0. November 22, 2019. Retrieved July 21, 2020.
  20. ^ "Miami travel pricing tech firm Farelogix is acquired for undisclosed price". Miami Herald.
  21. ^ "2024 PEI 300 by Private Equity International - Infogram". infogram.com. Retrieved January 16, 2025.
  22. ^ "India's Reliance strikes third unit stake deal, raising $8 billion in two weeks". Reuters. May 8, 2020. Retrieved July 21, 2020.
  23. ^ Gara, Antoine. "Inside The Massive New Effort To Get Minorities On Corporate Boards". Forbes. Retrieved November 23, 2020.
  24. ^ "Modern Governance Requires Modern Leadership". diligent.com. Archived from the original on August 17, 2021. Retrieved November 23, 2020.
  25. ^ Shabong, Yadarisa (September 28, 2021). "Vista bets on software robotics with $1.5bln Blue Prism takeover". Reuters.
  26. ^ Kellaher, Colin (August 3, 2021). "Vista Equity Partners Names David Breach President".
  27. ^ Charlotte Trueman (March 23, 2022). "Noteworthy tech acquisitions 2022". Computer Weekly. Retrieved March 25, 2022.
  28. ^ Nishant, Niket; Hu, Krystal (August 8, 2022). "Avalara to go private in $8.4 bln deal with Vista with direct lenders' help". Reuters.
  29. ^ "Robert F. Smith Announces Vista Equity Partners Has Reached Over $100B In Assets Under Management". AfroTech. August 9, 2023. Retrieved November 8, 2023 – via Yahoo Finance.
  30. ^ Sen, Anirban (October 31, 2023). "Blackstone, Vista Equity to buy software firm Energy Exemplar". Reuters. Retrieved November 1, 2023.
  31. ^ Staff, P. E. I. (March 1, 2024). "PEI Awards 2023: Global winners". Private Equity International. Retrieved March 17, 2025.
  32. ^ "2024 PEI 300 by Private Equity International - Infogram". infogram.com. Retrieved March 17, 2025.
  33. ^ a b "How Billionaire Robert Smith Avoided Indictment in a Multimillion-Dollar Tax Case". www.bloomberg.com. February 3, 2021. Retrieved December 7, 2021.
  34. ^ Michaels, Miriam Gottfried and Dave (October 14, 2020). "WSJ News Exclusive | Vista Equity's Robert Smith Reaches Settlement With DOJ in Tax Probe". Wall Street Journal. ISSN 0099-9660. Retrieved December 7, 2021.
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