October Review
Vista is a leading global investment firm with more than $100 billion in assets under management as of March 31, 2024. The firm exclusively invests in enterprise software, data and technology-enabled organizations across private equity, permanent capital, credit and public equity strategies, bringing an approach that prioritizes creating enduring market value for the benefit of its global ecosystem of investors, companies, customers and employees. Vista’s investments are anchored by a sizable long-term capital base, experience in structuring technology-oriented transactions and proven, flexible management techniques that drive sustainable growth. Vista believes the transformative power of technology is the key to an even better future – a healthier planet, a smarter economy, a diverse and inclusive community and a broader path to prosperity.
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Legal Information +
Vista Credit Partners announced a strategic growth investment in Zinnia, a leading life and annuity insurance technology company. Zinnia’s solutions power more than 50% of the digital annuity volume in the U.S., and Vista’s investment will enhance Zinnia’s go-to-market engine as the business looks to build on its strong track record of growth and execution.
Investing in Enterprise Software
This document is intended to provide general information regarding Vista’s investing experience and not for the purpose of soliciting investors for any Vista Fund. Under no circumstances should the information provided be considered an offer to sell, or a solicitation to buy, any security. Such offer or solicitation may only be made to accredited investors and qualified purchasers pursuant to the current offering documents of the relevant Vista Fund. The information provided may not be reproduced or disseminated to any third parties without the written consent of Vista. The past performance of previous Vista Funds and portfolio companies is not necessarily indicative of future results. Investors in Vista Funds may lose investment capital. There can be no assurance that any future Vista Funds or portfolio companies will achieve comparable results. Additional important disclosures can be found here. ©2024 Vista
The content of this Newsletter is for general, informational purposes. Vista Equity Partners does not make any representation or warranty of any kind, express or implied, as to the accuracy or completeness of the information contained herein. Under no circumstances should the information presented be considered an offer to sell, or a solicitation to buy, any security. Such offer or solicitation may only be made pursuant to the current offering documents for the relevant Vista Fund (the “Fund”) which may only be provided to accredited investors and qualified purchasers as defined under the Securities Act of 1933 and the Investment Company Act of 1940. While the information provided herein is believed to be accurate and reliable, Vista Equity Partners, its advisors and employees make no express warranty as to its completeness or accuracy.
Although the Newsletter may include investment-related information, nothing in the Newsletter is a recommendation that you purchase, sell or hold any security or other investment, or that you should pursue any investment strategy, and no information or Content (as defined below) on the Newsletter is to be relied upon for the purpose of making or communicating investment or other decisions. Nothing in the Newsletter is intended to be, and you should not consider anything on the Newsletter to be investment, accounting, tax, legal or other professional advice.
The information provided in this Newsletter may not be reproduced, distributed or communicated, in whole or in part, to any third party without the express written consent of Vista Equity Partners.
This Newsletter includes information regarding Vista Equity Partners’ past and present portfolio companies. It should not be assumed that investments made in the future will be comparable in quality or performance to the investments described herein. Further, references to Vista Equity Partners’ past and present portfolio companies should not be construed as a recommendation of any particular investment or security. The portfolio companies listed should not be assumed to have been profitable. Any past performance information in the Newsletter is not necessarily indicative, or a guarantee, of future results. Certain transactions may not be publicly announced at the time of distribution of this document and are therefore not included. Please view www.vistaequitypartners.com for additional information regarding Vista’s strategies and past and present investments.
The Newsletter may contain forward-looking statements (including those relating to current and future market conditions and trends in respect thereof) that are not historical facts and are based on current expectations, estimates, projections, opinions and/or beliefs of Vista. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. In addition, no representation or warranty is made with respect to the reasonableness of any estimates, forecasts, illustrations, prospects or returns, which should be regarded as illustrative only, or that any profits will be realized. Actual events or results or actual performance of the relevant Fund (or any other entity referred to in the Newsletter) may differ materially from those reflected or contemplated in such forward-looking statements. As a result, investors should not rely on such forward-looking statements in making their investment decisions. No representation or warranty is made as to future performance or such forward-looking statements.
Please see Disclosures at vistaequitypartners.com/disclosures/ for further information.
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David Flannery, Senior Managing Director and President of Vista Credit Partners
As a credit platform that specializes in providing scaled solutions to leading enterprise software businesses, we are pleased to help capitalize this exciting next phase of Zinnia’s growth.”
"
OCTOBER 2024 Announced TransactionS
Industry Excellence
Vista was once again named to Inc.’s annual list of Founder Friendly Investors, marking our fifth consecutive year honored in the private equity category and our second year included in the lender category. Through Vista’s private equity strategy, more than 70% of investments since 2019 have been founder-influenced, and 90% of these founders are still involved in the company in some capacity.
Our credit business is equally focused on partnering with founders and management teams through our FounderDirect platform, a direct lending channel that offers less-dilutive financing solutions to later-stage, founder-driven enterprise software companies. Read more about Vista’s commitment to backing leading founders here.
Patrick Severson and Rene Stewart, who co-lead Vista’s Foundation and Endeavor strategies, respectively, were recognized as Top Software Investors of 2024 by GrowthCap. According to GrowthCap, this year’s awardees were selected in part because, “…investors who intimately know the software industry and its key players are best positioned to also be future leaders in artificial intelligence.” Congratulations to Patrick and Rene on this well-deserved honor.
Vista recently released our responsibility report, “Roadmap to Resilience,” which shares our belief that strategic ESG and DE&I initiatives can be drivers of business value and mitigate risk in our firm and across our portfolio. By prioritizing initiatives that enable effective governance, foster an inclusive workforce and manage our climate impact, we believe that we can protect and drive revenue, improve employee retention and reduce operating expenses. Read the full report here.
Responsibility Report
add-on
Flagship Fund
In Case You Missed It
Vista’s Aaron Gupta, Senior Vice President, Foundation Fund, and Abhay Puskoor, Managing Director, Endeavor Fund, were named to GrowthCap’s list of the Top 40 Under 40 Growth Investors of 2023. Honorees were selected from hundreds of investing professionals based on their breadth of deal experience, proven ability to offer operational guidance and track record of leadership in the asset management industry. Congratulations to Aaron, Abhay and all other recipients on this well-deserved achievement.
Three CEOs from the Vista portfolio also recently received recognition, earning spots on Calibre One’s list of the Top 25 Women Leaders in U.S. PE-Backed Software. Congratulations to LogicMonitor’s Christina Kosmowski, OfficeSpace’s Erin Mulligan Helgren and Ellucian’s Laura Ipsen. We are honored to work alongside these outstanding leaders.
Recognized for Excellence
Vista’s Founder, Chairman and CEO,
Robert F. Smith, joined S&P Global’s “Fixed Income in 15” podcast to share his views on building a culture of success, the growth of private markets and how generative AI will shape the future of enterprise software. Listen to the full interview here.
Michael Fosnaugh, Co-Head of the Flagship Fund and Senior Managing Director, also spoke on the future of enterprise software in an interview with WSJ Pro. In the article, he talks about how amid shifting valuation dynamics and sluggish deal volume, Vista’s disciplined investment approach and operational expertise position our Firm and our companies for success.
Insights and Ideas
JANUARY 2023
Announced TransactionS
MARTIN TAYLOR,
CO-HEAD OF THE FOUNDATION FUND
AND SENIOR MANAGING DIRECTOR, VISTA
Since investing in TRG Screen late last year, the business has continued its strong growth trajectory, and this acquisition further solidifies its position as a global market leader."
"
TRG Screen, an enterprise subscription spend and usage management software provider in Vista’s Foundation Fund, announced the acquisition of Xpansion, which offers cloud-based solutions for reference data usage monitoring in the financial services industry. This investment will materially expand TRG Screen’s product suite while also deepening the company’s footprint in the data and usage management category.
Investing in Enterprise Software
October RevieW
In January, Vista announced four add-on
acquisitions in our private equity portfolio.
In addition, we were pleased to offer insights
on the enterprise software market, celebrate recognitions for individuals across the Vista ecosystem and release our 2023 Year in Review.
Subscribe to Vista’s LinkedIn Newsletter
Vista is a leading global investment firm with more than $100 billion in assets under management as of March 31, 2024. The firm exclusively invests in enterprise software, data and technology-enabled organizations across private equity, permanent capital, credit and public equity strategies, bringing an approach that prioritizes creating enduring market value for the benefit of its global ecosystem of investors, companies, customers and employees. Vista’s investments are anchored by a sizable long-term capital base, experience in structuring technology-oriented transactions and proven, flexible management techniques that drive sustainable growth. Vista believes the transformative power of technology is the key to an even better future – a healthier planet, a smarter economy, a diverse and inclusive community and a broader path to prosperity.
Legal Information +
This document is intended to provide general information regarding Vista’s investing experience and not for the purpose of soliciting investors for any Vista Fund. Under no circumstances should the information provided be considered an offer to sell, or a solicitation to buy, any security. Such offer or solicitation may only be made to accredited investors and qualified purchasers pursuant to the current offering documents of the relevant Vista Fund. The information provided may not be reproduced or disseminated to any third parties without the written consent of Vista. The past performance of previous Vista Funds and portfolio companies is not necessarily indicative of future results. Investors in Vista Funds may lose investment capital. There can be no assurance that any future Vista Funds or portfolio companies will achieve comparable results. Additional important disclosures can be found here. ©2024 Vista
The content of this Newsletter is for general, informational purposes. Vista Equity Partners does not make any representation or warranty of any kind, express or implied, as to the accuracy or completeness of the information contained herein. Under no circumstances should the information presented be considered an offer to sell, or a solicitation to buy, any security. Such offer or solicitation may only be made pursuant to the current offering documents for the relevant Vista Fund (the “Fund”) which may only be provided to accredited investors and qualified purchasers as defined under the Securities Act of 1933 and the Investment Company Act of 1940. While the information provided herein is believed to be accurate and reliable, Vista Equity Partners, its advisors and employees make no express warranty as to its completeness or accuracy.
Although the Newsletter may include investment-related information, nothing in the Newsletter is a recommendation that you purchase, sell or hold any security or other investment, or that you should pursue any investment strategy, and no information or Content (as defined below) on the Newsletter is to be relied upon for the purpose of making or communicating investment or other decisions. Nothing in the Newsletter is intended to be, and you should not consider anything on the Newsletter to be investment, accounting, tax, legal or other professional advice.
The information provided in this Newsletter may not be reproduced, distributed or communicated, in whole or in part, to any third party without the express written consent of Vista Equity Partners.
This Newsletter includes information regarding Vista Equity Partners’ past and present portfolio companies. It should not be assumed that investments made in the future will be comparable in quality or performance to the investments described herein. Further, references to Vista Equity Partners’ past and present portfolio companies should not be construed as a recommendation of any particular investment or security. The portfolio companies listed should not be assumed to have been profitable. Any past performance information in the Newsletter is not necessarily indicative, or a guarantee, of future results. Certain transactions may not be publicly announced at the time of distribution of this document and are therefore not included. Please view www.vistaequitypartners.com for additional information regarding Vista’s strategies and past and present investments.
The Newsletter may contain forward-looking statements (including those relating to current and future market conditions and trends in respect thereof) that are not historical facts and are based on current expectations, estimates, projections, opinions and/or beliefs of Vista. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. In addition, no representation or warranty is made with respect to the reasonableness of any estimates, forecasts, illustrations, prospects or returns, which should be regarded as illustrative only, or that any profits will be realized. Actual events or results or actual performance of the relevant Fund (or any other entity referred to in the Newsletter) may differ materially from those reflected or contemplated in such forward-looking statements. As a result, investors should not rely on such forward-looking statements in making their investment decisions. No representation or warranty is made as to future performance or such forward-looking statements.
Please see Disclosures at vistaequitypartners.com/disclosures/ for further information.
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In October, Vista announced a growth investment through our Credit platform along with several strategic add-on acquisitions across our private equity strategies. We were also named to Inc.’s 2024 Founder Friendly Investors list and shared our latest responsibility report with the market.
Growth INvestment
Vista Credit Partners
In Case You Missed It
Vista’s Founder, Chairman and CEO, Robert F. Smith, delivered a keynote presentation at the 2024 CAIS Alternative Investment Summit, where he shared why Vista believes generative AI is creating a generational investment opportunity and that significant value capture will accrue to the software application layer.
Martin Taylor, Senior Managing Director and Co-Head of the Foundation Fund, and Greg Galligan, Senior Managing Director and CEO of Vista Credit Strategic Lending, were also featured at the event, participating in a fireside chat on the dynamics in the private markets and the factors driving founders to seek new sources of capital from operationally minded partners.
Ashley MacNeill, Managing Director and Head of Equity Capital Markets, appeared on CNBC’s Closing Bell to discuss the current state of the IPO market and share her views on the essential factors required to reignite IPO activity for technology companies. Tune in here.
add-on
Foundation
Fund
Add-On
Foundation
Fund
Add-On
Endeavor Fund
add-on
Endeavor Fund
platform
Flagship
Fund
add-on
Endeavor Fund
platform
Flagship
Fund
Vista was once again named to Inc.’s annual list of Founder Friendly Investors, marking our fifth consecutive year honored in the private equity category and our second year included in the lender category. Through Vista’s private equity strategy, more than 70% of investments since 2019 have been founder-influenced, and 90% of these founders are still involved in the company in some capacity. Our credit business is equally focused on partnering with founders and management teams through our FounderDirect platform, a direct lending channel that offers less-dilutive financing solutions to later-stage, founder-driven enterprise software companies. Read more about Vista’s commitment to backing leading founders here.
We were pleased to celebrate six senior leadership promotions in 2023. Our people are at the heart of our success, and each of these individuals has provided incredible value to our Firm, our portfolio companies and our investors throughout their respective tenures at Vista.
Vista’s Founder, Chairman and CEO, Robert F. Smith, delivered a keynote presentation at the 2024 CAIS Alternative Investment Summit, where he shared why Vista believes generative AI is creating a generational investment opportunity and that significant value capture will accrue to the software application layer.
Martin Taylor, Senior Managing Director and Co-Head of the Foundation Fund, and Greg Galligan, Senior Managing Director and CEO of Vista Credit Strategic Lending, were also featured at the event, participating in a fireside chat on the dynamics in the private markets and the factors driving founders to seek new sources of capital from operationally minded partners.