Vista is buying majority stake in Acquia in $1B deal

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(Bloomberg) --Billionaire Robert F. Smith’s Vista Equity Partners has agreed to acquire a majority stake in Acquia Inc. in a transaction valuing the enterprise software company at close to $1 billion, including debt, according to people with knowledge of the matter.

The technology-focused private equity firm confirmed the deal in a statement Tuesday without disclosing financial terms. It couldn’t immediately be learned how much Vista was investing in the company. Several existing investors of Acquia will retain stakes.

Vista declined to comment on the financial terms.

Vista’s CEO, Chairman and Founder Smith said in a statement that Acquia is “leading the way in providing innovative solutions to its customers.”

Acquia, which helps companies manage the software behind their websites, had previously considered going public in 2014. It has announced acquisitions this year of Cohesion, a U.K.-based website builder, and Mautic Inc, an online marketing management firm.

“Vista’s support will allow us to invest more in research and development, expand faster, and get products to market quicker,”Acquia Chief Executive Officer Michael Sullivan said in a statement.

Acquia, which works with companies including International Business Machines Corp. and Vodafone Group Plc., had $200 million revenue in 2018, according to a statement in January.

Vista Equity is among the most active private equity investors in technology and software. It also backs Ping Identity Holding Corp., a software company that went public last week.

Goldman Sachs advised Acquia. The legal advisers were Goodwin Procter for the company and Kirkland & Ellis for Vista, the statement said.

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