Q1 Review
Vista continued to generate liquidity in the first quarter of 2023, announcing exits across our private equity funds amid volatile market conditions. We also remained focused
on creating value in our portfolio, hosting events to promote knowledge sharing
and deploying best practices to hedge against external factorsand capitalize
on emerging opportunities. Finally, Vista received awards from Private Equity International and GrowthCap, and we celebrated Women’s History Month as a Firm.
3
12
1
1
1
PE PLATFORM INVESTMENTS
PE
ADD-ON AQUISITIONS
PE MONETIZATION
INITIAL PUBLIC OFFERING
VPS SERIES C PRIVATE INVESTMENT
Vista is a leading global investment firm with more than $95 billion in assets under management as of September 30, 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 announced nine transactions in the first quarter, including three monetization events. In March
alone, we announced the partial exit of our stake in Cvent (NASDAQ: CVT) via its forthcoming acquisition
and announced a block sale of PowerSchool (NYSE: PWSC) shares.
Cvent, a leading meetings, events and hospitality technology provider, was acquired by Vista in 2016
and merged with Lanyon Solutions. Over the course of Cvent’s partnership with Vista, the business tripled its revenue, closed seven add-on acquisitions and returned to the public markets in 2021. Congratulations to Reggie Aggarwal, Founder and CEO of Cvent, and the entire Cvent team on this exciting outcome.
Investing in Enterprise Software
PLATFORM
Flagship
Fund
MONETIZATION
Flagship Fund
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
ADD-ON
Flagship
Fund
ADD-ON
Flagship
Fund
ADD-ON
Endeavor
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.
Vista was also named to GrowthCap’s list of the Top 25 Growth Equity Firms of 2022. Honorees were selected based on their ability to identify investment opportunities, create value in their portfolio companies, retain talent and deliver successful outcomes for stakeholders.
Leading the Markets
First Quarter Announced Transactions
Unleashing Innovation
Celebrating Women’s History Month
Monti Saroya, Co-Head of Flagship Fund
and Senior Managing Director, Vista
Since Vista first invested, Cvent has undertaken considerable business transformation and has been a testament
to how we partner with founders to help
their businesses scale and thrive.”
“
Block Trade
Flagship
fund
Monetization
Flagship + Foundation
Funds
Add-on
Flagship
fund
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.
Kelly Matoney, Executive Director, Vista Consulting Group,
and John Donovan, Former CEO of AT&T and Vista Advisory
Board Member, lead a conversation at Vista’s 2023 Product
and Technology Leadership Best Practice Sharing Summit.
The 2022 PEI North America Deal of the Year recognition
is an annual recognition that was presented 03/2023.
The 2022 GrowthCap's Top 25 Growth Equity Firms recognition
is an annual recognition that was presented 03/2023,
which included a participation fee for consideration.
The Vista team celebrated Women’s History Month and International Women’s Day in March. As our Firm continues to grow, we’re committed to maintaining a diverse and inclusive culture where people of all backgrounds and identities are encouraged to bring their best selves to work. Today women represent
53% of our Firm and 37% of our investing roles and helm several of our departments, teams and funds.
Hear some of their stories in our latest video, “In Her Words: Vista’s Trailblazers.”
1
1. Vista Equity Partners, 12/31/2022. Includes both Vista Equity Partners and Vista Consulting Group employees.
Celebrating Women’s History Month
The Vista team celebrated Women’s History Month and International Women’s Day in March. As our Firm continues to grow, we’re committed to maintaining a diverse and inclusive culture where people of all backgrounds and identities are encouraged to bring their best selves
to work. Today women represent 53% of our Firm and 37% of our investing roles and helm several of our departments, teams and funds. Hear some of their stories in our latest video,
“In Her Words: Vista’s Trailblazers.”
By approaching ESG and DE&I as we do everything at Vista — with a lens toward systematic solutions that scale – we can create tangible and sustainable results that lead to lasting change. Vista's Founder, Chairman and CEO, Robert F. Smith, recently participated in the 2022 FCLTGlobal Blue Book and shared how Vista continues to prioritize ESG and DE&I practices across our firm and portfolio of companies.
Unleashing Innovation
Our companies continuously innovate, fueled by a desire to improve both their products and the world around them. We’re proud to announce that Powerschool was recently named to Fast Company’s The World’s Most Innovative Companies of 2022 list. Joining PowerSchool on the list is Ramp, a Vista Public Strategies investment. Both companies continue to move the needle and make a meaningful impact on their respective industries, and we’re delighted to celebrate their accomplishments.
Leading the Markets
VISTA CREDIT PARTNERS INVESTMENTS
1
PE MONETIZATION EVENTS
1
PE ADD-ON
INVESTMENTS
12
PE PLATFORM INVESTMENt
8
First Quarter Announced Transactions
Vista announced nine transactions in the first quarter, including three monetization events.
In March alone, we announced the partial exit
of our stake in Cvent (NASDAQ: CVT) via its forthcoming acquisition and announced a block sale of PowerSchool (NYSE: PWSC) shares.
Cvent, a leading meetings, events and hospitality technology provider, was acquired
by Vista in 2016 and merged with Lanyon Solutions. Over the course of Cvent’s partnership with Vista, the business tripled
its revenue, closed seven add-on acquisitions and returned to the public markets in 2021. Congratulations to Reggie Aggarwal, Founder and CEO of Cvent, and the entire Cvent team
on this exciting outcome.
Vista continued to generate liquidity in the first quarter of 2023, announcing exits across our private equity funds amid volatile market conditions. We also remained focused
on creating value in our portfolio, hosting events to promote knowledge sharing and deploying best practices to hedge against external factors and capitalize on emerging opportunities.
Finally, Vista received awards from Private Equity International and GrowthCap, and we celebrated Women’s History Month as a Firm.
Q1 REVIEW
Investing in
Enterprise Software
READ MORE UPDATES
Vista is a leading global investment firm with more than $95 billion in assets under management as of September 30, 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 +
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
Monti Saroya, Co-Head of Flagship Fund
and Senior Managing Director, Vista
Since Vista first invested,
Cvent has undertaken considerable business transformation and has been
a testament to how we partner with founders to help their businesses scale and thrive."
"
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.
Vista Credit Partners Investments
2
PE Monetization Events
3
PE Add-on
Investments
3
PE PLATFORM INVESTMENT
1
Founderdirect
Vista Credit Partners
Founderdirect
Vista Credit Partners
add-on
Foundation Fund
Add-on
Flagship
Fund
Monetization
Endeavor
Fund
platform
Flagship
Fund
add-on
Flagship
Fund
Block Trade
Flagship Fund
MONETIZATION
Flagship + Foundation Funds
Founderdirect
Vista Credit Partners
Founderdirect
Vista Credit Partners
add-on
Foundation Fund
Add-on
Flagship
Fund
MONETIZATION
Endeavor
Fund
platform
Flagship
Fund