Q3 Review
Vista is a leading global investment firm with more than $100 billion in assets under management as of March 31, 2024. 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.
Connect with Vista on LinkedIn
Legal Information +
Vista announced an agreement to acquire Smartsheet (NYSE: SMAR), a leading provider of collaborative work management software that enables organizations to manage projects and automate processes at scale. Smartsheet’s solutions are deeply embedded in mission-critical workflows and enable enhanced collaboration and productivity 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. ©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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Monti Saroya, Senior Managing Director
and Co-Head of the Flagship Fund
We look forward to partnering closely with Blackstone and Smartsheet to support its ambitious goal of making its platform accessible to every organization, team and worker relying on collaborative work to achieve successful outcomes."
"
SEPTEMBER 2024 Announced TransactionS
Industry Excellence
David Flannery, Senior Managing Director and President of Vista Credit Partners, recently shared insights on the private credit market in a keynote interview with Private Debt Investor. In the article, David highlights Vista’s differentiated ability to invest in non-sponsor, founder-led software companies through our FounderDirect strategy. He also shares how new structures like business development companies are changing the private credit landscape. Read the full article here and read about Vista’s latest FounderDirect investment, Mews, here.
Dan Parant, Managing Director and Global Head of Private Wealth, discussed the evolution of the private wealth channel during an interview with Buyouts. Dan provided insights on the growth of evergreen vehicles and shared why there is a strong demand for sector specialists like Vista that offer complementary exposure to generalist private market strategies. Read the article here.
Insights and Ideas
Platform
Flagship Fund
In Case You Missed It
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.
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
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.
Insights and Ideas
JANUARY 2023
Announced TransactionS
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."
"
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
Q3 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.
Connect with Vista
on LinkedIN
Vista is a leading global investment firm with more than $100 billion in assets under management as of March 31, 2024. 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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In the third quarter of 2024, Vista saw an uptick in deal activity amid shifting macro conditions that have created favorable opportunities for capital deployment. Additionally, Mergers & Acquisitions named Vista a "Top Place to Work in Private Equity," and several of our leaders shared insights on technology and investing.
platform
Foundation
Fund
platform
Flagship
Fund
In Case You Missed It
Robert F. Smith, joined Dr. Steffen Pauls, Founder and CEO of Moonfare, to discuss how emerging technologies are creating new opportunities for software investors. Robert also discussed why Vista believes private ownership empowers software companies to take a longer-term view on the application of tools like generative AI, enabling them to better navigate innovation cycles. Watch the full interview here.
add-on
Flagship Fund
platform
Endeavor
Fund
Founderdirect
Vista Credit Partners
Carve-Out
Flagship
Fund
Add-on
Foundation
Fund
Vista was pleased to be named to Mergers & Acquisitions’ list of the Best Places to Work in Private Equity. This award recognizes private equity firms that have programs to support employee education and career mobility. Read more about Vista’s culture of excellence and innovation here.
In September, Vista’s Patrick Severson and Rene Stewart were recognized on GrowthCap’s list of the Top Software Investors of 2024. Nominees were evaluated based on their breadth of investing experience and success in scaling portfolio companies. As the Co-Heads of Vista’s Foundation and Endeavor Funds, respectively, Patrick and Rene bring invaluable experience and leadership to Vista’s middle-market and small-cap investment strategies.
More and more companies don’t want to deal with the volatility
of the public markets and are staying private for longer –
further driving the need for
scaled financing solutions.”
"
David Flannery, Senior Managing Director and President of Vista Credit Partners
Vista’s Endeavor strategy announced an investment in Gnosis Freight, which provides supply chain visibility and execution software to manage the full lifecycle of the shipping container. Gnosis’s solutions are digitizing a critical component of the global supply chain, and the company currently serves a loyal base of blue-chip customers. Vista’s investment and operational experience will support Gnosis as the business continues to scale its operations and expand its global footprint.
Vista announced an agreement to acquire Smartsheet (NYSE: SMAR), a leading provider of collaborative work management software that enables organizations to manage projects and automate processes at scale. Smartsheet’s solutions are deeply embedded in mission-critical workflows and enable enhanced collaboration and productivity for customers. Vista looks forward to partnering with Blackstone and Smartsheet to accelerate innovation and instill operational excellence.
add-on
Endeavor Fund
add-on
Endeavor Fund
add-on
Endeavor Fund
add-on
Endeavor Fund
add-on
Endeavor Fund
Vista was pleased to be named to Mergers & Acquisitions’ list of the Best Places to Work in Private Equity. This award recognizes private equity firms that have programs to support employee education and career mobility. Additionally, the award recognizes Vista’s employee carry pool program, which provides an opportunity for all full-time employees to share directly in the success of our investments, aligning our team members with our limited partners. Read more about Vista’s culture of excellence and innovation here.
David Flannery, Senior Managing Director and President of Vista Credit Partners, recently shared insights on the private credit market in a keynote interview with Private Debt Investor. In the article, David highlights Vista’s differentiated ability to invest in non-sponsor, founder-led software companies through our FounderDirect strategy. He also shares how new structures like business development companies are changing the private credit landscape. Read the full article here and read about Vista’s latest FounderDirect investment, Mews, here.
