Vista’s $1 Billion Level Up With Quick Base Coding
By CultureBanx Team
Robert Smith’s Vista Equity acquired a $1 billion majority stake in Quick Base
Vista was among the early private equity firms to focus on SaaS
Private equity firm Vista Equity Partners, helmed by Robert Smith is going big into the coding for non-techies space. They just acquired a $1 billion majority stake in Quick Base, a software company that provides people with no coding experience the tools to build internal software platforms.
Why This Matters: Vista will buy the majority stake from Welsh Carson Anderson & Stowe, with the latter keeping a minority stake, according to the Wall Street Journal. Smith’s business was among the early private equity firms to focus on software-as-a-service (SaaS) companies and has since become one of the largest owners of enterprise software products in the world.
Quick Base claims to have more than 5,400 customers, and the publication reports its annual revenue as roughly $125 million. They’ve bagged A-list customers like Google (GOOG +0.77%), Sprint (S +1.00%) and even some high flying love from Southwest Airlines (LUV +1.94%).
Back in 2016, Quick Base was one of three companies spun out of Intuit, which is best known for their TurboTax and QuickBooks software. As more people become interested in coding, platforms like Google’s App Maker program and Microsoft’s (MSFT +1.50%) PowerApps have gained in popularity and could stymie Quick Base’s growth long term. The DIY coding company plans to use Vista’s investment to grow its products, enhance workflow automation and to invest in artificial intelligence along with machine learning tools.
What’s Next: For Vista the sky seems to be the limit as they are currently raising capital for their new buyout fund, Vista Equity Partners Fund VII LP. Since last year they have collected more than $13 billion for the fund and it will be interesting to see what they invest in next.
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