Vista nears $2bn acquisition of EQT’s cloud ERP firm Acumatica
Vista Equity Partners is reportedly close to acquiring Acumatica, a cloud-based enterprise software provider, from Swedish private equity group EQT in a deal valued at around $2bn, including debt.
The transaction, which could be announced as early as Thursday, aligns with Vista’s strategy of investing in mid-market software businesses that offer recurring revenue models and strong customer retention.
Discussions are in advanced stages, though final terms may still change.
Headquartered in Bellevue, Washington, Acumatica develops enterprise resource planning (ERP) software that helps small and medium-sized businesses automate workflows, manage operations, and optimise inventory. The company has experienced robust growth, driven by rising demand for modern ERP solutions among SMEs undergoing digital transformation.
EQT acquired Acumatica in June 2019 through its EQT VII fund, reportedly as part of a broader carve-out from IFS. While financial terms of the initial investment were not disclosed, the $2bn valuation suggests a significant exit multiple and strong IRR for EQT, highlighting private equity’s appetite for high-growth SaaS platforms with sticky revenue models and differentiated intellectual property.
EQT and Vista have declined to comment on the potential deal.