Taking Control
Based in San Francisco; Austin, Texas; and Chicago, Vista has completed more than 80 transactions representing nearly $21 billion, each of which has resulted in a net gain for investors since 2000, the year it opened for business. Through its underlying portfolio companies, Vista has employed more than 18,000 people in more than 65 countries at companies that collectively have more than 50 million users of their software.
The firm’s current funds consist of the following:
- Vista Equity Fund II
- Vista Equity Partners Fund III
- Vista Foundation Fund I
- Vista Equity Partners Fund IV
- Vista Foundation Fund II
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Virtually all of Vista’s investments are made in companies that sell essential technology to corporate or institutional customers. “We invest in software companies that help their clients run their businesses day to day,†says Rob Rogers, one of Vista’s principals. “The software provides very strong value to the clients.â€
Vista typically acquires a controlling interest (often from 65% to 100%) in an established enterprise software company.
Among other things, investment candidates must meet the following criteria:
- Possess an enterprise valuation from $20 million to $1.5 billion
- Generate at least $15 million in revenues with significant recurring revenue and high customer renewal rates
- Have limited customer concentration
- Be a current or potential market leader
- Possess revenue and margin growth potential
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