Buyouts: Robert F. Smith discusses Vista’s value creation strategy and exit momentum. READ HERE

Press Release / January 19, 2023

Vista Equity Partners Announces Partial Exit of Zapproved to Legal GRC Platform Exterro

AUSTIN, TexasVista Equity Partners (“Vista”), a leading global investment firm focused exclusively on enterprise software, data and technology-enabled businesses, today announced the sale of its majority stake in Zapproved, an e-discovery software provider for corporate legal teams, to Leeds Equity Partners portfolio company Exterro, a provider of Legal Governance, Risk and Compliance (GRC) software. Vista will retain a minority stake in the go-forward business. Financial terms of the transaction were not disclosed.

Vista’s May 2017 investment – the very first made by its Endeavor Fund – came after building a market thesis around the e-discovery market. Forming a strong relationship with Founder and CEO, Monica Enand, Vista and Zapproved together established category leadership through product expansion, enhanced customer success and investment in go-to-market efforts.

“Founder relationships have driven Vista investment strategies for more than two decades,” said Rachel Arnold, Senior Managing Director and Co-Head of Vista’s Endeavor Fund. “Our partnership with Monica and the Zapproved team over the past five years has been fruitful – the business has grown materially while prioritizing world-class customer success, forward thinking product innovation and preserving the Company’s position as a preferred employer in the Portland, Oregon community. We are especially proud of the fact that Zapproved has been a leader in our portfolio for advancing diversity and inclusion as part of their operating culture. We are grateful to Monica for her authentic and passionate leadership and look forward to the Company’s success in this next chapter with Exterro.”

Through Vista’s partnership, Zapproved experienced significant growth, twice ranking on Deloitte’s Technology Fast 500™ list. Leveraging the Vista ecosystem, Zapproved found the right candidates to grow its executive leadership team while making great strides to foster a diverse and inclusive workforce. In 2021, Enand was nominated for Vista’s first-ever portfolio DE&I award and, at the time of sale to Exterro, the majority of Zapproved’s board was comprised of women and people of color.

About Vista Equity Partners

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. Further information is available at Follow Vista on LinkedIn, @Vista Equity Partners, and on Twitter, @Vista_Equity.

About Leeds Equity Partners

Leeds Equity is a New York-based private equity firm dedicated exclusively to partnering with management teams in the education, training and information services industries (the “Knowledge Industries”). The Firm was founded in 1993 and currently manages over $4 billion of capital across a broad spectrum of companies within the Knowledge Industries. Leeds Equity seeks to leverage its sector-focused expertise and market insights to create long-term value for its partner companies and investors. For additional information on Leeds Equity, see