january 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.
Vista is a leading global investment firm with more than $101 billion in assets under management as of September 30, 2023. 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 +
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
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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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."
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january 2024 Announced TransactionS
Insights and Ideas
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.
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.
In Case You Missed It
terms not disclosed
add-on
Foundation
Fund
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
terms not disclosed
add-on
Foundation
Fund
terms not disclosed
add-on
Flagship
Fund
terms not disclosed
add-on
Flagship
Fund
• Alan Schwartz, Senior Managing Director, Chief Legal Officer, Co-Head of Legal & Compliance
• Gwen Reinke, Senior Managing Director, Chief Compliance Officer, Co-Head of Legal & Compliance
• Abhay Puskoor, Managing Director, Private Equity, Endeavor Fund
• Ben Benson, Managing Director, Private Equity, Endeavor Fund
• Alex Hughes, Managing Director, Vista Credit Partners
• Brendan Renehan, Managing Director, Vista Credit Partners
We also recently released our Year in Review, reflecting on how the Vista team invested in enterprise software, built market-leading companies and delivered results at scale in 2023. View the full experience here.
Insights From the Investment Teams
Pete Fisher, Managing Director, Vista Credit Partners, joined a panel at SuperReturn Private Credit U.S. to discuss the large and growing opportunity set in non-sponsor lending. Pete shared how Vista is partnering with mature enterprise software businesses seeking alternative capital solutions amid prolonged market dislocation.
Shannon Bracken, Senior Vice President in Vista’s Flagship Fund, spoke at the 2023 ILPA Summit as part of a panel on how GPs are approaching generative AI. Shannon discussed how Vista is encouraging responsible adoption of GenAI tools across our portfolio by providing cutting-edge resources, partnering with technology providers and hosting events like our global hackathons.
Rachel Arnold, Co-Head of the Endeavor Fund and Senior Managing Director, was named to the Wall Street Journal’s list of Women to Watch in Private Equity. Rachel was honored in the Senior Dealmakers category, a testament to her investing acumen, operating expertise and commitment to elevating the next generation of deal professionals.
Lauren Dillard, Chief Financial Officer and Senior Managing Director, is also a champion for fostering a culture of professional growth, a topic she spoke about during a roundtable discussion moderated by Buyouts. Lauren discussed the importance of mentors in her own career development and shared insights on Vista’s approach to furthering representation at our Firm and across our portfolio. Read more here.
Women in Leadership
Vista’s Founder, Chairman and CEO, Robert F. Smith, joined Bain’s Hugh MacArthur on Dry Powder: The Private Equity Podcast for a two-part discussion. In part one, Robert shared how Vista has defied the down market, continuing to close deals in a challenged environment. Part two is an exploration of how generative AI and other technological advancements are creating opportunities in the enterprise software sector. Click here to tune in.
Robert also recently authored a recap of Vista’s 2023 CXO Summit, the Firm’s largest portfolio-wide event gathering more than 450 leaders from across the Vista ecosystem. In the article, Robert shares key takeaways from the Summit, including his advice for software executives looking to balance growth and profitability. Read the full article here.
Achieving Results at Scale
November 2023 Announced TransactionS
Michael Fosnaugh,
Co-Head of the Flagship Fund
and Senior Managing Director, Vista
Since Vista’s investment, Acquia has continued to enhance its product suite to better serve its global customer base. This acquisition further establishes Acquia’s position as the leading open digital experience platform."
"
Acquia, a digital experience solutions provider in Vista’s Flagship Fund, announced the acquisition of CivicPlus’s Monsido platform, which enables customers to monitor and improve website accessibility, content quality, search engine optimization, data privacy and performance.
This investment will materially expand Acquia’s product offering while also furthering the company’s mission to build a more inclusive and accessible digital future.
Investing in Enterprise Software
January Review
In November, Vista’s private equity portfolio continued to create value and capture market share through organic and inorganic growth initiatives. In addition, senior Vista leaders shared insights on the market, offered views on emerging technologies and were recognized for excellence in investing.
CONNECT WITH VISTA
ON LINKEDIN
Vista is a leading global investment firm with more than $101 billion in assets under management as of September 30, 2023. 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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Alan Schwartz, Senior Managing Director,
Chief Legal Officer, Co-Head of Legal & Compliance
Gwen Reinke, Senior Managing Director,
Chief Compliance Officer, Co-Head of Legal & Compliance
Abhay Puskoor, Managing Director,
Private Equity, Endeavor Fund
Ben Benson, Managing Director,
Private Equity, Endeavor Fund
Alex Hughes, Managing Director,
Vista Credit Partners
Brendan Renehan, Managing Director,
Vista Credit Partners
Gwen Reinke, Senior Managing Director,
Chief Compliance Officer, Co-Head of Legal & Compliance
Abhay Puskoor, Managing Director,
Private Equity, Endeavor Fund
Ben Benson, Managing Director,
Private Equity, Endeavor Fund
Alex Hughes, Managing Director,
Vista Credit Partners
Brendan Renehan, Managing Director,
Vista Credit Partners
Abhay Puskoor, Managing Director,
Private Equity, Endeavor Fund
Ben Benson, Managing Director,
Private Equity, Endeavor Fund
Alex Hughes, Managing Director,
Vista Credit Partners
Brendan Renehan, Managing Director,
Vista Credit Partners
Ben Benson, Managing Director,
Private Equity, Endeavor Fund
Alex Hughes, Managing Director,
Vista Credit Partners
Brendan Renehan, Managing Director,
Vista Credit Partners
Alex Hughes, Managing Director,
Vista Credit Partners
Brendan Renehan, Managing Director,
Vista Credit Partners
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.
