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.
The deal gives Smith new ammunition as he scours the globe to raise a $20 billion fund for new deals. He’s currently worth about $12 billion, making him the 152nd-richest person in the world, according to the Bloomberg Billionaires Index.
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