April Review
In April, Vista maintained strong monetization momentum, continuing to generate liquidity amid a challenging market environment. We also announced new private equity and credit investments, and we were pleased to share updates on our recent activity and performance at Vista’s 2023 Annual General Meeting – the largest gathering of investors in our Firm’s history.
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12
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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 $96 billion in assets under management as of December 31, 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’s Endeavor Fund announced three transactions in April, including two monetization events.
Fusion Risk Management, a leading provider of cloud-based operational resilience, business continuity and risk management software, announced an investment from Great Hill Partners. Vista will maintain a minority stake in the go-forward business. Over the course of Vista’s partnership with Fusion, the business increased average customer size by 70% while sustaining gross customer retention of over 95%.
Tripleseat, a leading event management software and integrated payments solution for the hospitality industry, announced an investment from General Atlantic. Vista will maintain a minority stake in the go-forward business. In 2020, Vista merged Tripleseat with Gather to accelerate the combined company’s product roadmap and increase scale by creating an all-encompassing event management experience for a large addressable market.
In addition to the two exits outlined above, Vista continues putting capital to work for our investors, announcing new investments in Benchmark Gensuite through our Endeavor Fund and in Arcadia through Vista Credit Partners’ FounderDirect channel.
Investing in Enterprise Software
Leading on Diversity
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
R. Mukund, Founder and CEO, Benchmark Gensuite
With Vista, we’ve chosen a partner who is strongly aligned with our customer-focused values and has a shared commitment to innovation."
"
ADD-ON
Flagship
Fund
ADD-ON
Flagship
Fund
ADD-ON
Endeavor
Fund
Partial Monetization
Endeavor
Fund
Partial Monetization
Endeavor
Fund
April 2023 Announced Transactions
terms not disclosed
terms not disclosed
A key theme of the event was that Vista remains disciplined in our approach and consistent in our ability to create value in our investments. Also on display last week was the expertise and breadth of Vista’s investment and operating teams.
In partnership with our investors and our portfolio companies, we are focused on capturing the opportunities ahead.
Watch our latest video, “Our Ecosystem of Opportunity.”
2023 Annual General Meeting
Vista recently partnered with Columbia Business School to host their annual Women’s Business Leadership in Technology Conference. The event promotes the advancement of women in the tech sector by bringing together leading industry experts and executives to share their perspectives and inspire new ideas and solutions.
Vista’s Founder, Chairman and CEO, Robert F. Smith, moderated a panel on adopting a diverse workforce during uncertain times. Joining Robert on stage was Vista’s Rachel Arnold, Senior Managing Director and Co-Head of the Endeavor Fund, along with portfolio CEOs Christina Kosmowski, LogicMonitor, and Lisa Utzschneider, Integral Ad Science. View the discussion here.
We announced the take-private of Datto in April, which is pending sale to Kaseya at a valuation of $6.2 billion following a period of rapid growth during its time in the Vista portfolio. After acquiring Datto in December 2017, we merged it with Autotask, a Vista Foundation Fund company, based on an investment thesis to create the world’s broadest MSP platform. Partnering with Datto’s founder and management team, we accelerated organic growth across the enterprise — implementing best practices across sales, customer acquisition and customer experience — and completed three add-ons to further strengthen the product suite. During this time, Datto’s annual revenue more than doubled to $620 million, headcount increased from ~800 to more than 2,000 and its MSP customer base has grown to over 19,000.
Congratulations and best wishes to the Datto team on this exciting milestone. This exit represents a meaningful monetization event for both Vista’s Flagship and Foundation Funds.
Leading on Diversity
APRIL REVIEW
Investing in
Enterprise Software
Partial Monetization
Endeavor Fund
Terms not disclosed
April Announced Transactions
In April, Robert authored an article on the principles for success in enterprise software investing. In the piece, he argues that the key to meeting the challenges of today’s market environment is to embrace fundamental investment practices: selectivity, cost discipline and a commitment to value creation. Read the full article here.
From the Desk of the CEO
We’ve entered a new paradigm where growth will be earned, not given, and where disciplined investment strategies and a fundamental approach to value creation are more important than ever.”
“
Robert F. Smith
Founder, Chairman and CEO, Vista
Vista’s Robert F. Smith and Rachel Arnold lead
a discussion at our 2023 CEO Summit.
R. Mukund, Founder and CEO, Benchmark Gensuite
With Vista, we’ve chosen a partner who is strongly aligned with our customer-focused values and has a shared commitment to innovation."
"
Partial Monetization
Endeavor Fund
Terms Not Disclosed
READ MORE UPDATES
Vista is a leading global investment firm with more than $96 billion in assets under management as of December 31, 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
$125MM
Founderdirect
Vista Credit Partners
terms not disclosed
Platform - Minority
Endeavor
Fund
Growth Financing
Vista Credit Partners
$125mm
Platform - Minority
Endeavor
Fund
Terms not disclosed
Last week, we held our Annual General Meeting in New York, convening our global investor base to review our portfolio and share our vision for the future. This year’s AGM was the largest and most geographically diverse in our history, and we were pleased to welcome representatives from our portfolio companies and feature speakers from across the Vista ecosystem.
Endorsements presented herein are made by current or former employees of Vista portfolio companies,
over which Vista may have the ability to exercise discretion on employee compensation, promotion
and other employment decisions.