June 28th 2023.
Robert F. Smith's private equity firm, Vista Equity Partners, had a big success recently with their sale of software company Apptio. The reported price tag of $4.6 billion was a 142 percent return on investment which was made possible because of their faith in Apptio CEO and co-founder Sunny Gupta's vision.
Vista Equity Partners said in a statement, “As investors, we were immediately drawn to what Sunny and his team were doing. Not only were they innovating an entirely new category with tremendous growth potential, but Sunny was also an established visionary founder having co-founded iConclude which pioneered the IT runbook automation market through its acquisition by Opsware.”
IBM announced that they plan to use cash on hand to fund the deal, which is expected to be finalized later this year. Since 2021, Vista has made $18 billion from their acquisitions, and since November 30, 2021, they have completed or signed 18 monetization events. They have generated $18.0 billion in total value, including monetizations of $14.3 billion and $3.7 billion in unrealized value still to be captured.
This news is very impressive for Robert F. Smith, who has a personal fortune of $12 billion and is currently the world's 150th wealthiest person according to Markets Insider. Furthermore, he is one of the world's richest Black Americans and is also remembered for his generous donation to Morehouse's 2019 graduating class, whose debts totaling $34 million he completely expunged.
[This article has been trending online recently and has been generated with AI. Your feed is customized.]
