Deals
Billionaire Robert Smith’s Firm More Than Doubles Bet on Software Maker With $4.6 Billion Sale
- IBM agreed Monday to buy Apptio for $4.6 billion in cash
- Vista Equity had bought software maker in $1.9 billion deal
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Buyout titan Robert Smith’s Vista Equity Partners more than doubled its initial investment in Apptio Inc. after International Business Machines Corp. agreed to acquire the software maker for $4.6 billion.
The private equity firm, which bought Apptio in early 2019 for about $1.9 billion, told investors that the deal would return 2.1 times the firm’s investment after accounting for fees. Vista has generated $18 billion in total value by cashing in on bets since late 2021, it said in a statement on Monday.