First half Review
We are witnessing a new economic environment. Global events and geopolitical dynamics are generating market challenges and unique conditions for enterprise software companies and their investors. Vista’s engineered approach to investing enables us to stay focused on our mission — to power innovation, accelerate growth and influence positive change in pursuit of market-leading results that consistently deliver on our commitment to investors.
Through the first half of 2022, we’ve maintained strong momentum, including the sale of Datto, the announced take-private of Citrix and over 35 additional transactions across our private equity, permanent capital, credit and public investment strategies. We’ve also maintained our unwavering commitment to our ESG and DE&I goals, prioritizing value creation initiatives and scaling our internal infrastructure to drive growth and innovation across the Vista ecosystem.
Vista is a leading global investment firm with $96 billion in assets under management as of March 31, 2022. 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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Vista announced 38 transactions in the first half of 2022. Our private equity and permanent capital portfolio added 11 new portfolio companies and completed 18 add-on transactions across the Flagship, Foundation, Endeavor and Perennial Funds. Additionally, Vista Credit Partners announced four investments and Vista Public Strategies invested in Ramp. In the last 12 months, Vista has returned $9.8 billion to investors.
Investing in Enterprise Software
This document is 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. 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. The metrics regarding select aspects of portfolio company operations were selected by Vista on a subjective basis. Such metrics are provided solely for illustrative purposes to demonstrate elements of such companies' business, are incomplete, and are not necessarily indicative of the company's performance or overall operations. The information provided is strictly confidential and may not be reproduced or disseminated to any third parties without the written consent of Vista. 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. ©2022 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 recognitions described herein (the “Recognitions”), including but not limited to 2021 GrowthCap recognition nominees were required to apply for nomination, which included a participation fee. 2022 Forbes 30 Under 30, PEI’s Future 40, and Buyouts’ Women in Private Equity nominees were required to apply for nomination. 2022 Mergers and Acquisitions Mid-Market Deal of the Year and PDI Fundraiser of the year nominees were required to apply for nomination.
The Recognitions do not include information on all applicable private equity funds available for investment or all vintages of such private equity funds and therefore are necessarily incomplete. In particular, the Recognitions do not include the results of private equity funds that do not meet the specified investment strategy or other specified criteria, or that were raised prior to or subsequent to the cut-off dates specified in the criteria for such Recognitions. Inclusion of such private equity funds could materially affect the relative positioning of the private equity firms shown in the Recognitions. In addition, the Recognitions make certain assumptions and weightings, and other assumptions or weightings could lead to materially different results. Because the methodologies of the Recognitions are proprietary, it is not possible for a private equity firm to assess the universe of private funds included, including an assessment of whether such funds have investment programs or risk/return profiles similar to that of the funds managed by such firm. Use of other methodologies might lead to a private equity fund or firm being ranked in a materially different position. In addition, any Recognition that represents an aggregate performance of any private equity firm’s funds, including but not limited to the above mentioned Recognitions, is not necessarily indicative of any one investor’s experience. For the foregoing and other reasons, the Recognitions may not be an appropriate measure by which to assess the performance of any private equity fund.
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. (M-225612)
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 metrics regarding select aspects of portfolio company operations were selected by Vista on a subjective basis. Such metrics are provided solely for illustrative purposes to demonstrate elements of such companies' business, are incomplete, and are not necessarily indicative of the company's performance or overall operations. The information provided may not be reproduced or disseminated to any third parties without the written consent of Vista.
Please see Disclosures at https://www.vistaequitypartners.com/disclosures/ for further information.
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David Politis, CEO, BetterCloud
Vista is the perfect partner for BetterCloud given their keen understanding of the value behind SaaS management.”
"
Vista’s engineered approach delivers discipline across our investment activity. Our efforts have been rewarded with several recognitions and successful monetizations over the past six months, including:
Dealmaking with Discipline
FIRST HALF REVIEW
Investing in
Enterprise Software
FounderDirect - Growth Financing
Vista Credit Partners
Terms not disclosed
Add-On
Terms not disclosed
Foundation
Fund
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Vista is a leading global investment firm with $96 billion in assets under management as of March 31, 2022. 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 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. 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. The metrics regarding select aspects of portfolio company operations were selected by Vista on a subjective basis. Such metrics are provided solely for illustrative purposes to demonstrate elements of such companies' business, are incomplete, and are not necessarily indicative of the company's performance or overall operations. The information provided is strictly confidential and may not be reproduced or disseminated to any third parties without the written consent of Vista. 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. ©2022 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 recognitions described herein (the “Recognitions”), including but not limited to 2021 GrowthCap recognition nominees were required to apply for nomination, which included a participation fee. 2022 Forbes 30 Under 30, PEI’s Future 40, and Buyouts’ Women in Private Equity nominees were required to apply for nomination. 2022 Mergers and Acquisitions Mid-Market Deal of the Year and PDI Fundraiser of the year nominees were required to apply for nomination.
The Recognitions do not include information on all applicable private equity funds available for investment or all vintages of such private equity funds and therefore are necessarily incomplete. In particular, the Recognitions do not include the results of private equity funds that do not meet the specified investment strategy or other specified criteria, or that were raised prior to or subsequent to the cut-off dates specified in the criteria for such Recognitions. Inclusion of such private equity funds could materially affect the relative positioning of the private equity firms shown in the Recognitions. In addition, the Recognitions make certain assumptions and weightings, and other assumptions or weightings could lead to materially different results. Because the methodologies of the Recognitions are proprietary, it is not possible for a private equity firm to assess the universe of private funds included, including an assessment of whether such funds have investment programs or risk/return profiles similar to that of the funds managed by such firm. Use of other methodologies might lead to a private equity fund or firm being ranked in a materially different position. In addition, any Recognition that represents an aggregate performance of any private equity firm’s funds, including but not limited to the above mentioned Recognitions, is not necessarily indicative of any one investor’s experience. For the foregoing and other reasons, the Recognitions may not be an appropriate measure by which to assess the performance of any private equity fund.
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. (M-225612)
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 metrics regarding select aspects of portfolio company operations were selected by Vista on a subjective basis. Such metrics are provided solely for illustrative purposes to demonstrate elements of such companies' business, are incomplete, and are not necessarily indicative of the company's performance or overall operations. The information provided may not be reproduced or disseminated to any third parties without the written consent of Vista.
Please see Disclosures at https://www.vistaequitypartners.com/disclosures/ for further information.
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PE PLATFORM INVESTMENTS
11
PE ADD-ON Acquisitions
17
PE
MONETIZATIOnS
4
PERENNIAL FUND
ADD-ON
1
VISTA PUBLIC STRATEGIES INVESTMENT
1
First Half Announced Transactions
VISTA CREDIT PARTNERS
FOUNDERDIRECT - GROWTH FINANCINGS
4
Our value creation team helps to implement talent best practices, providing our portfolio a valuable advantage as competition for human capital in the tech sector continues to grow. We also host regular events that bring together Vista’s 80+ companies, allowing leaders to share insights, exchange best practices and learn from the experiences of their peers. Among the events held in the first half of the year were our annual CEO Retreat and Enterprise Operation Excellence Best Practice Sharing Summit. Additionally, several Vista companies and team members have been recognized for outstanding performance, including:
The Power of the Vista Ecosystem
Vista announced a new phase in our partnership with iCIMS, welcoming TA Associates as an investor.
Vista’s President and Chief Operating Officer, David Breach, was invited to participate in Milken Institute’s Global Conference to discuss private markets in periods of uncertainty and how Vista’s scale and focus position us for success.
Vista was recognized as one of GrowthCap’s Top 25 Growth Equity Firms of 2021.
Our investment in Drift was named Mergers & Acquisition’s 2022 Middle-Market Deal of the Year for Enterprise Software.
Vista’s credit strategy was recognized in PDI’s Fundraisers of the Year awards.
We announced and closed the sale of Datto to Kaseya in a take-private transaction valued at $6.2 billion.
We announced and closed the sale of SecureLink to Imprivata after a successful five-year partnership.
Chief Technology Officers from Gainsight, Pipedrive, Aptean and Jebbit were named to The Software Report’s Top 25 Software CTOs of 2022 list.
Leaders from Aptean, Infoblox, Outreach and Jebbit were among the Top 25 Software Sales Executives of 2022, according to The Software Report.
PowerSchool and Ramp were recognized in Fast Company’s World’s Most Innovative Companies of 2022 list.
Individuals from Datto, KnowBe4, LogicMonitor, Securonix, SentinelOne and TIBCO were named to CRN’s 2022 Channel Chiefs list.
LogicMonitor and Salesloft were recognized in Inc. Magazine’s Best Places to Work 2022 list.
At Vista, we’re committed to fostering a culture of excellence with a focus on inclusion in order to provide equitable opportunities to learn and grow.
Earlier this year, we reached gender parity as a Firm — a result of our commitment to diversity. We’re proud to work alongside an outstanding group of talented individuals, many of whom have been recognized for excellence in their field. Among those receiving honors, Rachel Arnold, Co-Head of the Endeavor Fund and Senior Managing Director, was recently featured in Buyouts’ Women in Private Equity: The Class of 2022. Additionally, Khalida Ali, Director of Diversity and Inclusion, was named to Private Equity International’s 40 Under 40: Future Leaders of Private Equity, Class of 2022.
A Culture of Excellence
Our commitment to driving positive impact at scale is evident in the industry-leading initiatives taking place across our firm and portfolio. A recent case study with the Principles for Responsible Investment shares how we’re working with our companies to measure and report GHG emissions. This work took a major step forward with the Vista Climate Pledge — Vista’s global, portfolio-wide emissions measurement and reduction strategy that is among the most comprehensive in the private equity industry.
As part of our leadership on ESG and DE&I pursuits, Vista’s Founder, Chairman and CEO Robert F. Smith contributed an essay to Milken Institute’s Power of Ideas series, sharing how Vista designs scalable ESG and DE&I initiatives to build a better future.
Investing Responsibly
Rachel Arnold
Co-Head of The Endeavor Fund & Senior Managing Director
Khalida Ali
Director, Diversity & Inclusion
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[1] Vista Equity Partners, as of 3/31/2022
[1] Vista Equity Partners, as of 3/31/2022
1