October Review
Vista is a leading global investment firm with more than $94 billion in assets under management as of June 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.
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Legal Information +
Investing in Enterprise Software
Founder-Friendly Investor
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. ©2022 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.
2022 GrowthCap recognition nominees were required to apply for nomination, which included a participation fee.
Please see Disclosures at https://www.vistaequitypartners.com/disclosures/ for further information.
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Stu Sjouwerman, Founder, Chairman and CEO, KnowBe4
"
platform
Flagship
Fund
monetization
Foundation
Fund
Monetization
Foundation
Fund
october 2022 Announced Transactions
terms not disclosed
Vista recognizes the urgency of the climate crisis and is partnering with our portfolio to reach net zero GHG emissions. In pursuit of that goal, we were pleased to release the Vista Climate Action Report in August. This report shares our portfolio’s baseline GHG emissions analysis for 2019 and the pillars
of our Climate Action Plan. As one of the first North American-based private equity firms to outline our GHG footprint across all majority-owned companies publicly, we’re proud of this progress and our commitment to ESG principles.
Advancing Climate Goals
For the third year in a row, we were honored to be named to Inc. Magazine’s list of Founder-Friendly Investors. This recognition speaks to Vista’s track record of backing founders and their management teams and underscores our dedication to understanding and realizing their visions. Our founder network is our strongest source of referral, and since 2019 almost 70% of Vista’s investments have been founder-influenced. Click here to learn more about our approach and see why Pluralsight’s Co-Founder, Aaron Skonnard, chose to partner with Vista.
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.
Founder-Friendly Investor
OCTOBER REVIEW
Investing in
Enterprise Software
OCTOBER Announced Transactions
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Vista is a leading global investment firm with more than $94 billion in assets under management as of June 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. ©2022 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.
2022 GrowthCap recognition nominees were required to apply for nomination, which included a participation fee.
Please see Disclosures at https://www.vistaequitypartners.com/disclosures/ for further information.
CLOSE X
Vista held our inaugural ESG and DE&I Summit in October. The event brought together leaders from across our portfolio to connect, collaborate and learn from experts in their field. Participants had the opportunity to share insights and discover best practices, empowering them to apply those learnings at their respective companies. Through the Summit and other portfolio-wide events, we harness our scope and resources to drive growth and progress at scale.
Impact at Scale
Several Vista CEOs were named to The Software Report’s list of the Top 50 SaaS CEOs of 2022. Our portfolio is home to some of the brightest minds in the industry, and we are committed to developing current and future leaders through programs and events designed to foster professional growth. Congratulations to Reggie Aggarwal of Cvent, Jesper Anderson of Infoblox, Chris Cabrera of Xactly, David Felsenthal of EAB, Simon Paris of Finastra, Nick Mehta of Gainsight and Michael Sullivan of Acquia on this outstanding accomplishment.
Vista’s Founder, Chairman and CEO, Robert F. Smith, recently appeared on McKinsey’s “The Lighthouse” podcast to reflect on lessons learned throughout his career and to discuss Vista’s systemic approach to advancing DE&I initiatives. Watch the full episode here.
Industry Leadership
Vista’s Foundation Fund announced the exit of our stake in Aptean, a leading provider of ERP software. Vista’s Flagship Fund merged CDC and Consona to form Aptean in 2012 and Vista’s Foundation Fund acquired the company in 2019. Today Aptean boasts more than 10,000 customers spanning over 20 industries. It has been a pleasure partnering with the entire Aptean team, and we wish them the best as they embark on this next chapter.
We were also pleased to announce the take-private acquisition of KnowBe4 (NASDAQ: KNBE), a leading security awareness training and simulated phishing platform. We look forward to leveraging our deep understanding of the business and significant experience in the cybersecurity space as we partner with the KnowBe4 team to drive growth and expansion.
KnowBe4 has a strong record of performance, as evidenced by our market-leading platform and global customer base. Under Vista’s ownership, we will have access to additional resources and support, which will help us achieve our goals and deliver enhanced value to our customers."
Vista entered the fourth quarter with strong momentum. Our Flagship Fund announced the acquisition of KnowBe4, a deal valued at $4.6 billion, and our Foundation Fund announced two exits. Vista was recognized by Inc. Magazine as a Founder-Friendly Investor for the third year in a row, and several of our CEOs were named to The Software Report’s list of the Top 50 SaaS CEOs of 2022.
$4.6bn
Terms not disclosed
Throughout the summer, the Vista ecosystem
has continued to invest, drive value creation initiatives and advance impact goals amid dynamic market conditions. In July, Vista’s portfolio companies announced several add-on acquisitions. Additionally, our Firm and portfolio companies supported Code.org’s advocacy efforts for universal access to computer science education. Finally, several Vista team members and companies were recognized for outstanding
leadership and performance in their fields.
Vista announced five add-on acquisitions
in July. In the Flagship Fund, Advanced invested in Decision Time, a provider of board governance, risk and compliance software
and Pellcomp, a provider of individual learner record management software. In the Foundation Fund, Aptean acquired Produce Pro, a purpose-built solution for the fresh produce and perishables industry, while StarRez added Residential Management Systems, the developer of the Mercury Residential Housing Platform. BigTime,
a company in Vista’s Endeavor Fund,
also completed its acquisition of Projector,
a cloud-based professional services automation platform.
STU SJOUWERMAN, FOUNDER, CHAIRMAN AND CEO, KNOWBE4
KnowBe4 has a strong record of performance, as evidenced by our market-leading platform and global customer base. Under Vista’s ownership, we will have access to additional resources and support, which will help us achieve our goals and deliver enhanced value to our customers."
"
$8.4bn
platform
Flagship
Fund
$8.4bn
platform
Flagship
Fund
$2.8BN
MONETIZATION
Flagship
Fund
Terms not disclosed
Add-on
Foundation
Fund
Terms not disclosed
Add-on
Foundation
Fund
terms not disclosed
add-on
Foundation
Fund
terms not disclosed
add-ON
Flagship
Fund
Former Prime Minister of Denmark and Vista Advisory Board Member Helle Thorning-Schmidt provides a global perspective on diversity, equity and inclusion in a fireside chat with Vista’s Director of Diversity and Inclusion, Khalida Ali.
Vista’s annual CXO Summit gathers executive teams from across our portfolio to create meaningful connections that enable knowledge sharing and spark innovation. Participants engage with peers from other enterprise software companies and hear from Vista's experts on critical topics like value creation and leadership.
For the first time, we’re sharing a behind-the-scenes look at the Summit, with key takeaways and insights available here.
Explore Further: Vista’s
2022 CXO Summit
Aaron Skonnard, Co-Founder and CEO, Pluralsight
“Ultimately, what helped Vista win the opportunity and close the deal in 2021 was that they know enterprise software better than anyone else, and they have a proven track record. They trust the Founders and CEOs to define the culture that will be most effective for their business.”
Terms not disclosed
monetization
Vista Credit Partners
Terms not disclosed
monetization
Vista Credit Partners
For the third year in a row, we were honored to be named to Inc. Magazine’s list of Founder-Friendly Investors. This recognition speaks to Vista’s track record of backing founders and their management teams and underscores our dedication to understanding and realizing their visions. Our founder network is our strongest source of referral, and since 2019 almost 70% of Vista’s investments have been founder-influenced. Click here to learn more about our approach and see why Pluralsight’s Co-Founder, Aaron Skonnard, chose to partner with Vista.
“Ultimately, what helped Vista win the opportunity and close the deal in 2021 was that they know enterprise software better than anyone else, and they have a proven track record. They trust the Founders and CEOs to define the culture that will be most effective for their business.”
Vista held our inaugural ESG and DE&I Summit in October. The event brought together leaders from across our portfolio to connect, collaborate and learn from experts in their field. Participants had the opportunity to share insights and discover best practices, empowering them to apply those learnings at their respective companies. Through the Summit and other portfolio-wide events, we harness our scope and resources to drive growth and progress at scale.
Impact at Scale
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.
The 2022 Inc. Top Founder Friendly Investors list is an annual list that was presented 10/2022, which included a participation fee for consideration.
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.
The 2022 Inc. Top Founder Friendly Investors list is an annual list that was presented 10/2022, which included a participation fee for consideration.