To out-pitch corporate competitors pursuing the same assets, Vista is willing to commit billions of dollars of equity from its funds, subtracting the vagaries of debt financing from the equation. Rather than zeroing in on efficiencies to boost the margins of software companies running legacy systems, the Austin-based firm is increasingly betting on unprofitable growth companies to chase returns. The acquisition is one of several recent Vista deals targeting high-growth assets that aren’t conventionally suitable for private equity. SAP and Oracle representatives declined to comment. Vista paid a 64 percent premium above Marketo’s unaffected share price, the value before the company’s sale process was reported by Bloomberg.
The buyout firm leapfrogged the two corporate suitors currently with a combined market value of more than $316 billion by pledging its $5.7 billion fund as collateral, one of the people said. Two months later, Vista Equity Partners agreed to buy Marketo for $1.8 billion. With both willing to pay cash, it was highly unlikely a private equity firm could assemble a financing package quickly enough-or pay an acceptable premium -without putting its required return at risk.
had expressed interest in buying Marketo to bulk up on automated marketing software, according to people familiar with the matter, who asked not to be identified because the process was private. Rethinking the Rules of Customer Engagement: Personalized, Proactive, Purposeful The Holidays Unwrapped: Global Shopper Insights & Predictions Walmart’s last-minute holiday strategies for the ecommerce marketplace seller!
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