Private-equity firm Vista Equity Partners agreed to buy educational-software maker Pluralite Inc.
The deal values Pluralit at $ 20.26 per share, or $ 3.5 billion, including debt, the companies said in a statement that confirmed earlier reports by The Wall Street Journal.
Farmington, Utah-based Pluralight is a cloud-based online-education platform for software developers that sells to both businesses and individuals.
Private-equity firms such as Vista were already focusing on commercial-software providers with their recurring-revenue model, before the pandemic sparked interest in companies whose offerings made it easier to reach employees and students remotely goes.
In March, Vista rival Thoma Bravo LP took over education-software company Instructions Inc. Pvt. In a deal worth about $ 2 billion.
Based in Austin, Texas, Vista is a leader in software investment and manages over $ 73 billion in assets across multiple strategies. A deal for Pluralight will be the latest evidence that the firm is plowing and $ 139 million as part of a non-settlement agreement after it was accepted by chief executive Robert Smith over his involvement in criminal tax evasion in October. Agreed to pay.
Brian Sheth, Vista’s co-founder, president and prominent deal-maker, left the firm in the wake of the settlement last month.
On November 30, Vista said it was taking a major stake in customer-relations-software company Gensite Inc., valuing the company at $ 1.1 billion. Earlier that month, it announced a majority investment in Pipedrive, another maker of customer-relationship-management software, valued at $ 1.5 billion.
Qatalyst Partners is advising Pluralsight and Wilson Sonsini Goodrich & Rosati is a legal consultant. For Vista, Morgan Stanley is the financial advisor, with Kirkland & Ellis LLP serving as legal counsel.
Write Gottfried on Cara Lombardo at [email protected] and Miriam Miriam.Gottfried.wsj.com
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Version displayed on December 14, 2020, ‘Vista Equity to Software Company.’