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Black Billionaire Robert F. Smith Sells Cloud-Service Company To Adobe And Becomes $3B Richer

Black engineer Robert F. Smith just sold a cloud-service company to Adobe for a whopping $4.7 billion.

According to reports by Forbes, Smith’s company, private equity firm Vista Equity, acquired the cloud-sharing service Marketo in May 2016 for $1.8 billion. The service market revenue grew to over $100 million in just three years.

Forbes estimates that Smith’s company will be receiving $3 billion in profits for the next two years from the sale of the service. With this kind of figure, this becomes the “biggest realized profit from a single company in the private equity firm’s 18-year history.”

The Marketo will be incorporated by the leading provider of graphics and video editing software, into its Adobe Experience Cloud platform, making it possible for the company to “offer an unrivaled set of solutions for delivering transformative customer experiences across industries and companies of all sizes.”

Marketo CEO Steve Lucas, said in a statement, “Adobe and Marketo both share an unwavering belief in the power of content and data to drive business results. Marketo delivers the leading B2B marketing engagement platform for the modern marketer, and there’s no better home for Marketo to continue to rapidly innovate than Adobe.”

Smith who is Vista’s founder and CEO is reported to be a former investment banker for Goldman Sachs. He has made several acquisitions that has continued to help grow the company immensely. His professional and keen eye in business has made it possible for him to continue growing higher and higher in the industry.

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Black Enterprise reports that, “In November 2016, Vista purchased Cvent Inc., a Tysons Corner, Virginia, leading cloud-based enterprise event management firm, for $1.65 billion. In September 2015, Vista announced plans to buy Solera Holdings in a $6.5 billion deal that included debt. Solera offers software to insurance and car companies. In November, Vista announced its acquisition of Datto, a leading provider of business data protection solutions. The acquisitions are among many big deals made by Vista’s founder, chairman, and CEO Robert F. Smith. He has compiled mass wealth by buying companies in the technology space. Smith ranked No. 226 on Forbes’ 400 richest list with a net worth of $3.3 billion.”

Brad Rencher, executive vice president and general manager, Digital Experience, Adobe, in a released statement, “The imperative for marketers across all industries is a laser focus on providing relevant, personalized and engaging experiences. The acquisition of Marketo widens Adobe’s lead in customer experience across B2C and B2B and puts Adobe Experience Cloud at the heart of all marketing.”

With all his moves in business, Smith now ranks No. 226 on Forbes’ 400 richest list, with a net worth of $3.3 billion. His firm on the other hand, ranks No. 1 on the 2018 Black Enterprise “BE 100s” list of private, black-owned equity firms.

This very inspiring business transaction has been applauded by many, who feel inspired by his hard work and good eye for great deals.

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Written by How Africa

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