Billionaire, Robert Smith, has seen the revenue of his private equity firm, Vista Equity Partners, skyrocket after striking a deal this week to sell a software maker.
According to Market Insider, Vista Equity Partners agreed to sell Apptio to IBM for $4.6 billion. This has doubled Vista’s money after acquiring it back in 2019 and marking a return of 142% on the $1.9 billion investment.
Sharing details on the deal, IBM, in a separate statement noted that “it will use cash on hand to fund the deal, which it expects to complete in the second half of 2023.” Market Insider notes that Vista has made $18 billion cashing out its bets since November 2021.
Since its inception in 2000, the company has carved out a niche for itself; fixing up enterprise software outfits, and presently has a value of about $46 billion in assets. Smith was ranked number 355 on Forbes’ 2019 billionaires list.
The businessman and philanthropist, with a bias for educational and entrepreneurship development, is among a growing number of high-net-worth black personalities who are using their wealth to improve society.
He is no stranger when it comes to uplifting others, as it falls in line with his vision to create value for Black people. In 2019, he paid the outstanding tuition costs for the entire Morehouse graduating class, estimated at $40 million.
In 2020, Smith also made a $15 million donation to Cornell University to provide financial aid to engineering students from historically underrepresented communities. He previously made a $50 million donation to the university in 2016 to provide funding for underrepresented students at Cornell’s School of Chemical and Biomolecular Engineering.
