TIBCO Software

active

Software — Vista Equity Partners

Deal Terms

Entry Year2014

Entry EV$4.3B

Entry Multiple18x

Leverage7x

Debt Amount$2.97B

Risk Metrics

LTV (est.)69%

Debt / EV0.69x

Notes

Vista $4.3B LBO — largest tech deal of 2014. 18x EBITDA multiple. $2.97B in debt ($2.02B term loan + high-yield bonds). Middleware/integration software. Vista's standard playbook: cut costs, raise prices, extract. Merged into Cloud Software Group alongside Citrix.

Sponsor

Partners Group$185B AUM