Investment Strategy Vista was founded in 2000 to pursue buyout transactions of companies in the enterprise software, data and technology-enabled solutions (collectively “enterprise software”) industries. But expect them to become more comfortable committing more equity if they continue to lose out on deals, said Wyatt of Morgan Stanley, which represented Cvent as well as Marketo on their deals. While Thoma Bravo and some other buyout firms have used similar strategies as Vista for high-growth technology assets, most still focus on traditional targets, relying on debt-financing models to generate returns.
He previously served in the same role at audio-visual group AVI-SPL, which has been backed by private equity firms HIG Capital and Silver Lake. At Ping, Raj Dani was brought in as chief financial officer in November. In Marketo’s case, Fernandez stepped down as CEO months after the buyout and was replaced by former SAP executive Steve Lucas. One feature of Vista’s playbook that remains the same is bringing in fresh management. The lower debt load-a typical buyout is two-thirds debt-coupled with a pledge of further investment gives Aggarwal the financial freedom to invest in customer service and building sales teams.
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