Billionaire Robert Smith’s firm sells software maker for $4.6 billion, doubling its initial investment

Billionaire investor Robert F. Smith’s private equity firm has doubled its money after striking a deal this week to sell a software maker.

Vista Equity Partners said in a statement Monday that it had agreed to sell Apptio to IBM for US$4.6 billion.

That’s a return of 142 percent on the US$1.9 billion that Vista spent acquiring the Bellevue, WA-based software company in 2019.

IBM said in a separate statement that it will use cash on hand to fund the deal, which it expects to complete in the second half of 2023.

Vista, which is known for buying out software companies, has made $18 billion cashing out its bets since November 2021, according to its statement released Monday.