NYSE-listed Xactly to be Acquired by Vista Equity Partners

Is time moving faster, or is it simply a great technology M&A market?

News came this morning that our Fund IV portfolio company Xactly (XTLY:NYSE) has agreed to be acquired by Vista Equity Partners for US$564M.  We first backed San Jose-based Xactly as a private company in 2013; over the course of the next 12 months, we led US$25M of growth capital financings in the lead-up to the company’s successful NYSE IPO in June 2015.  Although the deal was small at seven million shares, it traded well in the months that followed (to the credit of lead underwriter JPMorgan).  Something that is never guaranteed, unfortunately.

Having gone out at US$8/share, the original IPO investors should be pleased to be receiving US$15.65 after a short 24 month hold.

This isn’t the first time we’ve seen Vista have a look at our universe.  In late 2015, Vista acquired Fund III portfolio co. Marketlive (see prior post “Vista Equity Partners to acquire Wellington Financial Fund III co. Marketlive” Nov. 25-15) and immediately merged it into in-market competitor Shopatron.

Congrats to Xactly CEO Chris Cabrera, CFO Joe Consul (see prior post “Congrats to Joe Consul of Xactly Software named CFO of the Year” Dec. 5-16), and VC backers Rembrandt Venture Partners, Bay Partners, Alloy Ventures, Key Venture Partners, Bridgescale Partners, Outlook Ventures, Illuminate Ventures and Glynn Capital Management.

MRM