Consortium led by Robert F. Smith’s Vista to acquire cloud storage firm in $1.2 billion deal

Omokolade Ajayi -

Key Point

  • Vista Equity Partners, led by Robert F. Smith, finalizes $1.2B deal for majority stake in Nasuni, a hybrid cloud storage leader.
  • Deal with KKR & Co. and TCV aims to strengthen Nasuni’s market position amid rapid cloud adoption.
  • Nasuni reports 30% revenue growth, eyes substantial market expansion under new investment from Vista Equity Partners.

A consortium including private equity giant Vista Equity Partners, under the leadership of Robert F. Smith, America’s richest Black billionaire, has finalized a landmark agreement to acquire a majority stake in Nasuni, a prominent hybrid cloud storage provider.

The deal, valued at $1.2 billion, underscores Vista’s strategic move to bolster its presence in the rapidly evolving technology investment landscape. Joining forces with KKR & Co. and TCV, Vista aims to fortify Nasuni’s market position and accelerate its growth trajectory.

Nasuni’s cloud growth empowers global reach, sees 30% revenue boost

Founded in 2009 and based in Boston, Nasuni provides a platform for enterprises to store, protect, and collaborate on files across locations at scale. The company’s cloud solutions are utilized by over 850 companies in 70 countries.

In January, Nasuni reported a 30 percent growth in annual recurring revenue for 2023 and secured over 120 new enterprise customers, including Patagonia Inc., Autodesk Inc., and the state of Vermont.

Nasuni eyes multibillion-dollar market growth

Vista Equity Partners, using funds from its middle market-focused Foundation fund, is backing Nasuni. This follows Vista’s recent acquisition of energy software provider Energy Exemplar alongside Blackstone Inc. and Bain Capital’s agreement to acquire Vista-backed education software provider PowerSchool Holdings Inc. for about $5.6 billion last month.

Nasuni’s CEO Paul Flanagan expressed that the new investment would support the company’s mission to become “a multibillion-dollar company in a multibillion-dollar market,” stating that Nasuni has the potential to be a large publicly traded company.

Robert F. Smith’s visionary leadership at Vista

Robert F. Smith, known for his visionary leadership since founding Vista Equity Partners in 2000, has propelled the firm to prominence in the software, data, and technology-enabled sectors.  Smith boasts a net worth of $11.4 billion, and under his leadership Vista has orchestrated over 610 transactions totaling $302 billion, consistently delivering impressive returns to investors.

With its recent acquisition, coupled with its successful track record and robust portfolio of over 85 companies, Vista Equity Partners reaffirms its status as a trailblazer in the private equity industry. The firm remains poised to capitalize on emerging opportunities in technology investments, leveraging Smith’s strategic vision and Nasuni’s innovative solutions to drive continued growth and success in the global marketplace.