Robert Smith, a billionaire, has seen the revenue of his private equity business, Vista Equity Partners, surge after securing a deal to sell a software producer this week.
Vista Equity Partners has agreed to sell Apptio to IBM for $4.6 billion, according to Market Insider. Vista’s money has almost doubled since it was acquired in 2019, representing a 142% return on the $1.9 billion investment.
In a separate statement, IBM stated that “it will use cash on hand to fund the deal, which it expects to complete in the second half of 2023.” According to Market Insider, Vista has profited $18 billion by selling off its bets since November 2021.
Since its founding in 2000, the company has carved out a place for itself by repairing corporate software outfits, and its assets are now worth over $46 billion.Smith was placed 355th on Forbes’ 2019 list of billionaires.
The businessman and philanthropist, with a focus on educational and entrepreneurship development, is one of a growing number of wealthy black people who are utilizing their fortune to better society.
He is no stranger to inspiring others, as it aligns with his objective of creating value for Black people. In 2019, he paid the entire Morehouse graduating class’s outstanding tuition bills, which were believed to be $40 million.
Smith also donated $15 million to Cornell University in 2020 to support engineering students from historically underrepresented communities. He previously gave the university a $50 million gift in 2016 to support disadvantaged students at Cornell’s School of Chemical and Biomolecular Engineering.
