October Review
In October, Vista announced transactions spanning our private equity, permanent capital and credit strategies. In addition to welcoming new companies to our portfolio, we hosted a record number of attendees at our annual CXO Summit for networking and professional development. Finally, we were pleased to be recognized as one of Inc.’s Founder-Friendly Investors and see our team members honored for their professional success.
Vista is a leading global investment firm with more than $101 billion in assets under management as of June 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 +
Vista’s Flagship Fund announced a definitive agreement to acquire EngageSmart (NYSE: ESMT), a leading provider of vertically tailored customer engagement software and integrated payments solutions. This investment represents an exciting opportunity to build on EngageSmart’s established track record of growth and profitability while working closely with the management team to provide even more powerful solutions for customers.
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 vistaequitypartners.com/disclosures/ for further information.
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Michael Fosnaugh,
Co-Head of the Flagship Fund
and Senior Managing Director, Vista
We look forward to working with EngageSmart as they continue to innovate, scale and empower organizations to better serve their customers."
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add-on
Perennial
Fund
October 2023 Announced TransactionS
Helping Founders Thrive
For the fourth consecutive year, Vista was named to Inc.’s list of Founder-Friendly Investors. Vista Credit Partners was also recognized this year, earning a spot on Inc.’s newly created list of Founder-Friendly Lenders. Both recognitions speak to Vista’s commitment to partnering with and supporting the best founders in enterprise software, a strategy we believe accelerates our ability to create value at scale. Click here to read more about how Vista helps the founders in our portfolio build faster and go further – together.
platform
Endeavor Fund
Rene Stewart, Co-Head of the Endeavor Fund and Senior Managing Director, was named to GrowthCap’s list of the Top Software Investors of 2023. Honorees were chosen based on their investment judgment, business-building chops and commitment to operating with integrity. Rene’s selection was well-deserved, as she’s helped lead our Endeavor Fund through a highly active year – announcing several new investments and closing three monetizations. Endeavor’s recent activity, including the October investment in Gatekeeper, was highlighted in Fortune’s Term Sheet.
Vista’s Flagship Fund has also stayed active in 2023, a testament to enterprise software’s durability and the continued digital transformation of our global economy. Michael Fosnaugh, Co-Head of the Flagship Fund and Senior Managing Director, spoke with Pensions & Investments about this dynamic in a recent article, “How Private Market Asset Classes Are Changing the Game in Investment Portfolios.”
Capturing Opportunity
Vista’s Foundation Fund announced two platform investments in October, backing TRG Screen and Energy Exemplar. TRG Screen is a provider of enterprise subscription spend and usage management software, while Energy Exemplar's software powers energy market simulation. Both companies will leverage Vista's investment to accelerate product development, unlock innovation and further establish category leadership.
terms not disclosed
£172MM
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founderdirect
vista credit partners
$4.0BN
platform
Flagship
Fund
terms not disclosed
Platform
Foundation
Fund
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platform
Foundation
Fund
Vista hosted our annual CXO Summit in October, gathering CEOs and management teams from across our portfolio to build connections that enable knowledge sharing and spark innovation. This year’s Summit was our largest yet, welcoming more than 450 guests from over 65 portfolio companies. Attendees had the opportunity to hear from Vista executives, industry experts and fellow portfolio leaders – many of whom are working to tackle similar challenges and are able to share hard-earned advice and insight.
Companies in the Vista Credit Partners portfolio also benefit from access to the broader Vista ecosystem, as Michael Meucci, President and CEO of Arcadia, shared in a conversation with David Flannery, President of Vista Credit Partners and Senior Managing Director, at the 2023 LAVCA Week Conference. Michael and David discussed how the Arcadia team has leveraged Vista’s Best Practice Sharing Summits, our network of enterprise software executives and resources on topics like strategic M&A.
Our Ecosystem in Action
Vista was recently named to GrowthCap’s list of the Top Private Equity Firms of 2023. This award considered hundreds of nominees, and winners were selected based on their commitment to growth and value creation. We were pleased to receive this recognition once again, and we extend our congratulations to our peers and fellow recipients. See the full list here.
Industry Excellence
Developing portfolio talent is key to Vista’s value creation efforts, which we accomplish through talent management best practices, portfolio-wide events and cutting-edge research. Our new web experience, “Developing Software: Advancing Our Digital Future,” provides a behind-the-scenes look at how the Vista ecosystem develops and retains top tech talent. Click here to explore
how Vista is empowering the companies and developers in our ecosystem to do more
while doing good, including through our
2023 Global Hackathon.
Empowering
Software Developers
Several Vista team members recently convened in Singapore to meet with investors and industry leaders from across the APAC region. Vista’s President and Chief Operating Officer, David Breach, joined a panel discussion at the Milken Institute Asia Summit, where he emphasized Vista’s commitment to creating opportunities and fostering innovation on a global scale. As David shared on the panel, APAC is an emerging source of technical talent for our portfolio companies, and through our APAC-based Centers of Excellence, our companies gain access to deep pools of talent while establishing footholds in the region.
A Global Opportunity
terms not disclosed
founderdirect
vista credit partners
add-on
£172MM
Perennial
Fund
September 2023 Announced Transactions
David Flannery,
Senior Managing Director and President, Vista Credit Partners
VideoAmp is defining how advertisers measure and deliver value in the modern media landscape, and we look forward to supporting the company in its next phase of growth."
"
Vista Credit Partners recently announced an investment in VideoAmp, an adtech platform providing measurement, data and software solutions that enable the advertising ecosystem to more efficiently and effectively allocate media spend. This investment will accelerate VideoAmp’s growth, enhance its product suite and further establish its category leadership.
On the equity side of the house, PowerSchool announced the acquisition of Neverskip, an education technology platform that serves more than 1.2 million students in India, meaningfully expanding PowerSchool’s reach in the large and growing Indian education market. This was the eighth add-on acquisition announced in Vista’s private equity portfolio in Q3, with transactions spanning the Endeavor, Foundation and Flagship funds.
Investing in
Enterprise Software
october Review
In the third quarter of 2023, M&A activity ticked up across Vista’s portfolio, enabling entry into new markets and accelerating product roadmaps. Vista’s credit platform also maintained steady capital deployment through our non-sponsor, FounderDirect channel, partnering with mature enterprise software businesses seeking alternative financing solutions. In September, Vista continued to expand our global presence and received recognition from GrowthCap as one of the top private equity firms of 2023.
CONNECT WITH VISTA
ON LINKEDIN
Vista is a leading global investment firm with more than $101 billion in assets under management as of June 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. ©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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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 vistaequitypartners.com/disclosures/ for further information.
CLOSE X
terms not disclosed
platform
Endeavor Fund
terms not disclosed
platform
Foundation Fund
Platform
terms not disclosed
Foundation
Fund
$4.0BN
Platform
Flagship
Fund
Vista hosted our annual CXO Summit in October, gathering CEOs and management teams from across our portfolio to build connections that enable knowledge sharing and spark innovation. This year’s Summit was our largest yet, welcoming more than 450 guests from over 65 portfolio companies. Attendees had the opportunity to hear from Vista executives, industry experts and fellow portfolio leaders – many of whom are working to tackle similar challenges and are able to share hard-earned advice and insight.