Vista Equity Partners, a global technology investment firm led by America’s richest Black billionaire Robert Smith, has acquired an additional stake worth $16.6 million in Tyler Technologies, Inc. in a recent trading update.
Tyler Technologies, Inc. is a Texas-based firm that provides public-sector software solutions in the United States and Canada. Its products improve transparency, accessibility, and security while encouraging environmentally friendly office practices.
According to a recent Securities and Exchange Commission filing, the Robert Smith-led investment firm purchased a total of 47,801 shares of the technology company’s stock worth approximately $16.6 million.
After the recent acquisition, Vista Equity now joins a growing list of institutional investors and hedge funds that have also repositioned their stakes in Tyler Technologies.
As a result of the latest transaction, Tyler Technologies now accounts for approximately 0.3 percent of Vista Equity Partners’ equity portfolio. At the time of writing, the technology investment firm now owns 0.11 percent of Tyler Technologies.
With more than $95 billion in assets and a yearly return of 22 percent since its inception in 2000, Vista Equity Partners has quickly grown into an industry leader and is one of the most active private equity investors in the technology sector.
Under Smith’s leadership, the firm continues to leverage its cash holdings and the recent drop in the valuation of technology companies to acquire stakes in companies with enormous economic potential.
Vista Equity’s recent acquisition follows a string of high-profile acquisitions, including the $8.4-billion acquisition of Avalara Inc and the acquisition of KnowBe4.
Recently, the Robert Smith-led investment firm entered into a definitive agreement to acquire Duck Creek Technologies, an innovative provider of intelligent solutions for the property and casualty insurance industry.