July RevieW

In July, Vista’s credit platform announced an investment in an AI-powered healthcare solutions provider, and companies in Vista’s private equity portfolio captured both organic and inorganic growth opportunities. Additionally, several Vista leaders and companies were recognized for demonstrating excellence and fostering forward-thinking cultures.

Vista is a leading global investment firm with more than $100 billion in assets under management as of March 31, 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.

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. ©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

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David Flannery, Senior Managing Director and President, Vista Credit Partners

RapidAI is playing an outsized role in advancing patient care for life-threatening diseases with innovative clinical AI solutions."

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Flagship Fund

July 2023 Announced Transactions

An Ecosystem of Innovation

Vista’s 2023 North America Hackathon welcomed development teams from across our portfolio to compete, network and share best practices. This year’s event focused on generative AI and responsible adoption – a timely topic as companies across our portfolio continue to lead the market in delivering AI-powered solutions that provide enhanced value to customers. We look forward to hosting even more portfolio talent at our Global Hackathon in India later this summer. As a testament to our culture of continuous improvement, two Vista portfolio companies were recently named to Fast Company’s list of the Best Workplaces for Innovators. This award recognizes companies that demonstrate a commitment to capturing great ideas, wherever they originate. Congratulations to Ellucian and Sonatype on this well-deserved honor.

FounderDirect - Growth Financing

Vista Credit Partners

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Foundation Fund

$75MM

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Rachel Arnold and Rene Stewart, Senior Managing Directors and Co-Heads of Vista’s Endeavor Fund, were named to GrowthCap’s list of the Top Women Leaders in Growth Investing for 2023. Under Rachel and Rene’s leadership, the Endeavor Fund maintained strong momentum in the first half of 2023, announcing three partial exits and three platform investments. Endeavor is one of the world’s largest technology buyout funds led by women, and the Fund’s team and portfolio continue to evolve and expand. Vista’s Senior Managing Director and Chief Financial Officer, Lauren Dillard, recently joined Capital Allocators’ Investment Management Operations podcast to share her background in financial services and discuss how Vista’s finance team is scaling and refining its operations and internal processes to meet the demands of our growing platform and better serve our global investor base. Listen to the full episode here.

Women in Leadership

Nadeem Syed, Senior Managing Director and Head of Value Creation, was interviewed by PE Hub about Vista’s recent sale of Apptio to IBM. Nadeem shared how Vista partnered with Apptio’s Co-Founder and CEO, Sunny Gupta, to diversify Apptio’s product offerings, unlock new go- to-market channels and capitalize on strategic M&A opportunities. Read the article for a behind-the-scenes look at our collaborative approach to value creation. David Flannery, Senior Managing Director and President of Vista Credit Partners, spoke with Private Debt Investor about the growing opportunity set in tech-focused private credit and how Vista’s scale and resources allow for a differentiated underwriting process. Informed by a deep understanding of the enterprise software space, Vista’s credit team underwrites against critical factors for success that generalists may not fully understand. Read the full article here.

A Platform for Growth

Our conviction is that if you invest in great companies, at the right prices, with the support of a purpose-built system designed to build better business practices that drive profitable growth, you will create optionality in any environment."

Nadeem Syed, Senior Managing Director and Head of Value Creation, Vista Equity Partners

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Flagship Fund

Vista’s President and COO, David Breach, sat down with Bloomberg’s Sonali Basak at the 2023 Milken Institute Global Conference to share his conviction in the enterprise software space and to discuss the opportunities that continue to exist in the public markets for private investors. Listen to their full conversation here.

Market Leadership

Vista partnered with Microsoft to produce a new report, “The Best of Both Worlds: Unlocking the Potential of Hybrid Work for Software Engineers.” The study analyzed 3,400 survey responses conducted across 28 companies in seven countries to identify challenges and trends in productivity and job satisfaction among developers. Click here to read key findings from the report and learn how company leaders can set developers up for success in a hybrid work environment.

Women in Leadership

Vista held our annual Women’s Leadership Summit in May. The theme for this year’s Summit was “Learn. Grow. Evolve.,” exploring paths to career development and highlighting insights from women leaders at Vista. Last year, we achieved gender parity as a Firm, and today women represent 53% of employees. Click here to listen to some of their stories.

An Ecosystem of Opportunity

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foundation fund

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July Announced Transactions

David Flannery, Senior Managing Director and President, Vista Credit Partners

RapidAI is playing an outsized role in advancing patient care for life-threatening diseases with innovative clinical AI solutions."

Vista’s Endeavor Fund announced two platform investments in May, including the acquisition of Resilinc, a leading provider of supply chain risk management software. Resilinc’s expansive proprietary data set provides companies in complex, interconnected supply chains with clear visibility into their entire supply chain ecosystem and offers customers the ability to collaborate with suppliers on a single, secure platform. This investment will accelerate Resilinc’s product development and enhance its go-to-market capabilities. Vista Credit Partners announced an investment in Fivetran, a global leader in automated data movement. Vista’s investment will be used to support Fivetran’s continued innovation and enterprise growth, bolstering its leadership position in the market.

Investing in Enterprise Software

In May, Vista announced new private equity and credit investments, and we held portfolio-wide events to spark growth, fuel innovation and create value for our portfolio companies and investors.

JULY REVIEW