Investing
in the Future
In 2024, the world sped up. Deal activity reignited, innovation cycles accelerated and the software investment landscape was transformed. In this new frontier, opportunities abound – but so do risks.
We believe our 25 years focusing exclusively on enterprise software have prepared us for this moment. Our investment teams have done more than 600 software deals.1 Our operating partners have shepherded software companies through previous technological shifts. Our Firm has invested the time, energy and resources into expanding our operational capacity.
Generative AI is reshaping the enterprise software landscape. And we’re ready for it. Our 2024 activity – the investments, exits, and value creation initiatives – is emblematic of our conviction in enterprise software and our belief in our own capabilities. By investing in the future, we are preparing to go even faster and further in 2025 and beyond. We look forward to partnering with you on the journey.
Putting Capital to Work
Across investment strategies, our focus remains where it always has – on partnering with the world’s leading enterprise software businesses and helping them unlock their full potential.
AUM
$100BN+2
Capital Deployed
$6.5BN+3
Capital Returned
$2.6BN+4
Private Equity
In 2024, Vista deployed $6.5 billion of capital through our private equity strategy and returned $2.6 billion. In our current portfolio, our companies announced more than 30 add-on acquisitions to launch new products, expand market share and position themselves for the future.
Private Credit
Vista’s private credit platform also had an active year, capitalizing on favorable dynamics in both the sponsor and non-sponsor markets. Vista Credit Partners deployed more than $1.5 billion across funds, including investments through our non-sponsor FounderDirect channel.
2024 Announced Transactions
Select a category and hover over logos for more information.
Category
Companies
Platform Investment
Endeavor Fund
Platform Investment
Flagship Fund
Platform Investment
Flagship Fund
Platform Investment
Foundation Fund
Platform Investment
Endeavor Fund
Platform Investment
Flagship Fund
Platform Investment
Flagship Fund
Flagship Fund
Follow-On Offering
Foundation Fund
Partial Monetization
Flagship Fund
Partial Monetization
Flagship Fund
Divestiture
Acquired by Energy Exemplar
Foundation Fund
Acquired by PowerSchool
Flagship Fund
Acquired by Benchmark Gensuite
Endeavor Fund
Acquired by ARCOS
Foundation Fund
Acquired by Citrix
Flagship Fund
Acquired by Bonterra
Foundation Fund
Acquired by Salesloft
Flagship Fund
Acquired by Ellucian
Perennial Fund
Acquired by KnowBe4
Flagship Fund
Acquired by EAB
Flagship Fund
Acquired by BetterCloud
Foundation Fund
Acquired by Cvent
Flagship Fund
Acquired by BlueConic
Endeavor Fund
Acquired by Cvent
Flagship Fund
Acquired by Portside
Endeavor Fund
Acquired by LifeLoop
Endeavor Fund
Acquired by ESO
Foundation Fund
Acquired by Tripleseat
Endeavor Fund
Acquired by Naviga
Foundation Fund
Acquired by SmartBear
Flagship Fund
Acquired by SmartBear
Flagship Fund
Acquired by Cvent
Flagship Fund
Acquired by Duck Creek
Flagship Fund
Acquired by StarRez
Foundation Fund
Acquired by Granicus
Foundation Fund
Acquired by Granicus
Foundation Fund
Acquired by Gainsight
Flagship Fund
Acquired by Citrix
Flagship Fund
Acquired by Portside
Endeavor Fund
Acquired by ARCOS
Foundation Fund
Acquired by BetterCloud
Foundation Fund
Acquired by TigerConnect
Foundation Fund
Acquired by BigTime
Endeavor Fund
Acquired by TRG Screen
Foundation Fund
Leading the Markets
David Breach discusses Vista's approach to investing in enterprise software on the Educational Alpha podcast.
Rachel Arnold shares insights on small-cap software investing on the Money Maze podcast.
David Flannery discusses opportunities in software-focused private credit in an interview with Private Debt Investor.
Martin Taylor provides an in-depth look at Vista's approach to value creation on Tinsley Parks Talks.
Michael Fosnaugh discusses why Vista's Flagship strategy has been active with take-privates in an interview with PE Hub.
Patrick Severson and René Stewart
Patrick Severson and René Stewart are named among GrowthCap’s Top Software Investors of 2024.
Building for Tomorrow
85+
Companies
95K+
Employees
500MM+
Users
1.7MM+
Customers
Today, Vista’s Value Creation Team has more than 100 subject matter experts. These professionals partnered with our portfolio companies on over 200 engagements in 2024 to implement best practices on topics like talent development, demand generation and contracting, which we amplify through more than 50 annual knowledge-sharing events that bring together the full power of the Vista ecosystem.
This time-tested infrastructure and organizational design have enabled us to move quickly and effectively to capture new opportunities created by generative AI. Our portfolio companies are laser-focused on developing generative AI-powered products while also implementing AI in their internal operations as we seek to build the enterprise software companies of the future.
Gen AI In Action Across Our Portfolio5
Select a category and hover over logos for more information.
Category
Companies
95%
Decrease in Cost Per Contract
Mindbody
34%
Reduction YoY in Mean Time to Resolution
CentralSquare
60%
Increase in Funnel Conversions
Quickbase
9K+
Questions Answered in Four-Month Span in 2024
Sonatype
30%
Increase in Marketing Content Creation
Quickbase
70 Hours
Saved in 2-Week Window
SmartBear
27%
Increase in Story Point Volume
Greenway Health
31%
Decrease in Total Bugs
Pipedrive
Recognized for Excellence
The 2024 M&A Best Places to Work in Private Equity recognition is an annual recognition that was presented 09/2024. The 2023 PEI Global Technology Private Equity Firm of the Year recognition is an annual recognition that was presented 03/2024. The 2024 Inc. Founder-Friendly Investors list is an annual recognition that was presented 10/2024, which included a participation fee for consideration. The 2024 GrowthCap Top Private Equity Firms recognition is an annual recognition that was presented 08/2024, which included a participation fee for consideration.
Vista Hackathon
Watch footage from our sixth annual North America Hackathon, where we brought together developers and engineers from across our portfolio to pilot generative AI-powered enterprise software solutions.
Let’s Next
Discover how through shared experiences, collective expertise and continuous learning opportunities, Vista builds leading organizations that advance our digital future.
Sources & Disclosures
All information as of 12/31/2024 unless otherwise specified.
Past performance is not necessarily indicative of future results. 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.
This Site 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. The metrics regarding select aspects of the company’s operations were selected by Vista on a subjective basis. Such metrics are provided solely for illustrative purposes to demonstrate elements of the company’s business, are incomplete, and are not necessarily indicative of the company’s performance or overall operations. 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.
Vista is a leading global investment firm with more than $100 billion in assets under management as of September 30, 2024. The firm exclusively invests in enterprise software, data and technology-enabled organizations across private equity, permanent capital, and credit 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. Further information is available at vistaequitypartners.com. Follow Vista on LinkedIn, @Vista Equity Partners, and on X, @Vista_Equity.
- Vista Equity Partners, as of 12/31/2024. Note: inclusive of signed deals. Transactions include private equity and permanent capital platform investments, add-on acquisitions, and monetizations, and excludes public toe-hold positions.
- Assets under management (“AUM”) as of 09/30/2024. Vista’s AUM generally represents the net asset value (“NAV”) of assets Vista manages based on US GAAP plus unfunded commitment amounts as of the measurement date. NAV refers to the fair value of the assets of a fund less the liabilities of a fund. Vista Credit Partners’ AUM generally represents: (1) the fair market value of assets held in VCP-sponsored investment vehicles, including vehicles formed for the purpose of facilitating co-investments (collectively, the “Funds”), plus (2) unfunded equity commitments of the Funds, plus (3) amounts available to be borrowed under the Funds’ asset based credit facilities, with each figure calculated as of the aforementioned measurement date, plus (4) the fair market value of certain co-investments for which VCP provides non-discretionary investment advice. Vista’s AUM figures do not include assets held in certain employee contribution vehicles.
- Vista Equity Partners, 12/31/2024. Note: Inclusive of deals that were closed between 1/1/2024 and 12/31/24, including Co-Invest. This figure excludes deals that were announced but not closed by 12/31/2024.
- Vista Equity Partners, 12/31/2024. Note: Inclusive of deals that were closed between 1/1/2024 and 12/31/24, including Co-Invest. This figure excludes deals that were announced but not closed by 12/31/2024.
- Vista internal data as of 12/31/2024. Case studies presented herein are for informational purposes only and are intended to illustrate Vista’s experience in leveraging generative AI within in its portfolio, and the profile and types of investments previously pursued by Vista. 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 the investments included in the illustrative case studies should not be construed as a recommendation of any particular investment or security. The investments listed should not be assumed to have been profitable. Past performance is not an indication of future results. The metrics regarding select aspects of the company’s operations were selected by Vista on a subjective basis. Such metrics are provided solely for illustrative purposes to demonstrate elements of the company’s business, are incomplete, and are not necessarily indicative of the company’s performance or overall operations. There can be no assurance that historical trends will continue throughout the life of any Vista Fund. A complete list of Vista portfolio companies can be found on Vista’s website.