2023 First Half Update
Vista is a leading global investment firm with more than $96 billion in assets under management as of December 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.
READ MORE UPDATES
Legal Information +
Vista maintained our disciplined investment approach in the first half of 2023, announcing 22 transactions.
Through our private equity strategy, we welcomed four new portfolio companies and completed six add-on acquisitions. Additionally, Vista Credit Partners announced four new investments.
Investing in Enterprise Software
Recently, Vista’s Founder, Chairman and CEO,
Robert F. Smith, was interviewed by Helle Thorning-Schmidt,
Former Prime Minister of Denmark, at SuperReturn International. Their conversation focused on why enterprise software is leading the growing digital economy and how emerging technologies are accelerating that transformation. Robert discussed Vista’s approach to encouraging
the responsible adoption of AI tools across our portfolio, including through our CEO Council on AI. Vista believes
that with the right strategy, enterprise software companies that integrate AI into their products can drive additional customer value, resulting in more powerful and efficient solutions for users and increased return oninvestment
for customers.
Martin Taylor, Senior Managing Director and Co-Head
of Vista’s Foundation Fund, also spoke on value creation and product innovation during the 2023 RFK Compass Summer Investors Conference. Martin shared how his background as a software executive shapes his approach
to dealmaking and portfolio company partnership,
and he discussed the enduring opportunities for enterprise software companies in the middle market.
Creating Value at Scale
PE PLATFORM INVESTMENTS
4
PE Monetization Events
8
PE Add-On
Acquisitions
6
VISTA Credit PARTNERS
Investments
4
1H ANNOUNCED TRANSACTION TOTALS
A Platform for Growth
Khalida Ali, Vista’s Vice President of Diversity and Inclusion, recently authored an article for Impact Alpha on how private equity firms can capture alpha by advancing diversity and inclusion across their portfolio companies. By focusing on board diversity, holding executives accountable and fostering a community of DE&I practitioners, we believe we can help build stronger businesses.
In June, we were pleased to recognize Pride Month and Juneteenth, celebrating our colleagues whose diverse backgrounds, identities and perspectives bring immeasurable value to our Firm and our portfolio companies.
Click here to read Robert’s perspectives on the history and significance of Juneteenth.
Championing Diversity
Discipline Delivers Results
Through Vista’s systematic approach to investing and portfolio operations, we seek to create sustainable value in our companies. As the first half of 2023 comes to a close, we continue to work alongside
our portfolio management teams to instill operational best practices, accelerate corporate maturity
and unleash product innovation through collaborative partnership.
Our recent exit activity reflects our discipline even amid challenging market conditions.
Since November 30, 2021, Vista has completed or signed 18 monetization events across full and partial exits, recapitalizations, and public market monetizations. Across these events, we have generated
$18.0 billion in total value, including monetizations of $14.3 billion (including co-investment)
and $3.7 billion in unrealized value still to be captured for our investors.
As we set our sights on the remainder of the year and beyond, our focus is unwavering and our mandate is clear – to identify, attract and invest in the world’s leading enterprise software businesses
and to leverage our decades of experience to help them realize their full potential.
We also delivered liquidity in a dynamic environment, announcing eight monetization events so far in 2023.
In June, Vista's Flagship Fund announced the sale of Apptio to IBM for $4.6 billion. We acquired Apptio through
a take-private transaction in 2019, and over the course of Vista’s investment, Apptio expanded its product suite,
increased customer adoptionand enhanced operational efficiency. Vista helped Apptio unlock innovation by furthering
its machine learning capabilities and supporting five add-on transactions, including the acquisition of Cloudability.
Congratulations to Apptio’s Co-Founder and CEO, Sunny Gupta, and the entire Apptio team on this tremendous outcome.
Robert F. Smith, Founder, Chairman and CEO, Vista
We are committed to building resilient enterprise software companies, which has proven to be highly attractive to strategic
and financial buyers, as well as public
markets... Apptio has transformed how
leading organizations optimize their IT spend and performance for better outcomes."
"
Vista's Endeavor strategy, focused on the lower mid-market and growth-oriented investments, has defied this year's private equity deal making slowdown with three new investments, one add-on acquisition and three partial exits. In a recent Q&A with the Wall Street Journal, Rachel Arnold, Senior Managing Director and Co-Head of Vista’s Endeavor Fund, shared how her team has successfully navigated this environment.
Vista’s credit platform also stayed active, taking advantage off avorable tailwinds for private credit. David Flannery,
Senior Managing Director and President of Vista Credit Partners, sat down with 9fin to share more on Vista’s FounderDirect strategy, which leverages Vista’s network and domain expertise to provide capital solutions to mature, high-growth software companies.
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. ©2023 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 https://www.vistaequitypartners.com/disclosures/ for further information
CLOSE X
Discipline
Delivers
Results
Public Market Monetization
Flagship
Fund
PUBLIC MARKET MONETIZATION (MAY)
Flagship Fund
PARTIAL EXIT
Endeavor Fund
PARTIAL EXIT
Endeavor Fund
Partial exit
Endeavor Fund
Full exit
Flagship + Foundation Funds
Full exit
Flagship
Fund
1H ANNOUNCED MONETIZATION EVENTS
More than 130 leaders from across the Vista portfolio recently gathered for our annual Product and Technology Leadership Best Practice Sharing Summit. Attendees had
the opportunity to network with peers,
share learnings and best practices, and hear from industry leaders on cybersecurity, emerging technologies, product development
and more. Through our portfolio-wide events,
we strive to harness our ecosystem’s collective knowledge and talent to fuel innovation
and build stronger, more resilient businesses.
A Platform For Growth
Creating Value at Scale
PUBLIC MARKET MONETIZATION
(MAY)
Flagship Fund
platform
Flagship
Fund
PARTIAL EXIT
Endeavor Fund
FULL EXIT
Flagship Fund
VISTA CREDIT PARTNERS INVESTMENTS
2
PE ADD-ON
INVESTMENTS
3
PE PLATFORM INVESTMENtS
1
PE MONETIZATION EVENTS
3
1H ANNOUNCED TRANSACTION TOTALS
Robert F. Smith, Founder, Chairman
and CEO, Vista
We are committed to building resilient enterprise software companies, which has proven to be highly attractive
to strategic and financial buyers, as well as public markets... Apptio has transformed how leading organizations optimize their
IT spend and performance
for better outcomes."
"
Vista maintained our disciplined investment approach in the first half of 2023, announcing 22 transactions. Through our private equity strategy, we welcomed four new portfolio companies and completed six add-on acquisitions. Additionally, Vista Credit Partners announced four new investments.
Investing in
Enterprise Software
Through Vista’s systematic approach to investing and portfolio operations, we seek to create sustainable value in our companies. As the first
half of 2023 comes to a close, we continue
to work alongside our portfolio management teams to instill operational best practices, accelerate corporate maturity and unleash product innovation through collaborative partnership.
Our recent exit activity reflects our discipline
even amid challenging market conditions.
Since November 30, 2021, Vista has completed or signed 18 monetization events across full and partial exits, recapitalizations, and public market monetizations. Across these events, we have generated $18.0 billion in total value, including monetizations of $14.3 billion (including co-investment) and $3.7 billion in unrealized value
still to be captured for our investors.
As we set our sights on the remainder of the year and beyond, our focus is unwavering and our mandate is clear – to identify, attract and invest
in the world’s leading enterprise software businesses and to leverage our decades of experience to help them realize their full potential.
READ MORE UPDATES
Vista is a leading global investment firm with more than $96 billion in assets under management as of December 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 +
1H ANNOUNCED MONETIZATION EVENTS
We also delivered liquidity in a dynamic environment, announcing eight monetization events so far in 2023.
In June, Vista's Flagship Fund announced
the sale of Apptio to IBM for $4.6 billion.
We acquired Apptio through a take-private transaction in 2019, and over the course
of Vista’s investment, Apptio expanded
its product suite, increased customer adoption
and enhanced operational efficiency.
Vista helped Apptio unlock innovation
by furthering its machine learning capabilities and supporting five add-on transactions, including the acquisition of Cloudability. Congratulations to Apptio’s Co-Founder
and CEO, Sunny Gupta, and the entire
Apptio team on this tremendous outcome.
FULL EXIT
Flagship + Foundation Funds
MONETIZATION
Endeavor
Fund
Public Market Monetization
Flagship Fund
Vista and Elliott Investment Management’s acquisition of Citrix was recently recognized
as the 2022 Deal of the Year in North America by Private Equity International. Upon closing, Citrix merged with Vista portfolio company TIBCO to create Cloud Software Group,
a leading provider of mission-critical enterprise software to more than 100 million users around the world.
Recently, Vista’s Founder, Chairman and CEO, Robert F. Smith, wasinterviewed by Helle Thorning-Schmidt, Former Prime Minister ofDenmark, at SuperReturn International.
Their conversation focusedon why enterprise software is leading the growing digital economyand how emerging technologies
are accelerating thattransformation. Robert discussed Vista’s approach to encouragingthe responsible adoption of AI tools across our portfolio, includingthrough our CEO Council
on AI. Vista believes that with the right strategy, enterprise software companies
that integrate AI into theirproducts can drive additional customer value, resulting
in morepowerful and efficient solutions
for users and increased return oninvestment for customers.
Vista's Endeavor strategy, focused
on the lower mid-market and growth-oriented investments, has defied this year's private equity deal making slow down with three new investments, one add-on acquisition and three partial exits. In a recent Q&A with the Wall Street Journal, Rachel Arnold, Senior Managing Director and Co-Head of Vista’s Endeavor Fund, shared how her team has successfully navigated this environment.
Vista’s credit platform also stayed active, taking advantage of favorable tailwinds for private credit. David Flannery, Senior Managing Director and President of Vista Credit Partners, sat down with 9fin to share more on Vista’s FounderDirect strategy, which leverages Vista’s network and domain expertise to provide capital solutions to mature, high-growth software companies.
Championing Diversity
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. ©2023 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 https://www.vistaequitypartners.com/disclosures/ for further information.
CLOSE X
PUBLIC MARKET MONETIZATION (JUNE)
Flagship Fund
PUBLIC MARKET MONETIZATION (JUNE)
Flagship Fund