Robert F. Smith’s Vista explores $1B-plus AlertMedia sale

Vista Equity Partners, the software focused buyout firm founded by billionaire Robert F. Smith, is sounding out buyers for AlertMedia in a deal that could fetch more than $1 billion, according to people familiar with the matter.

The early stage process puts a spotlight on Vista’s core playbook: buy enterprise software companies with sticky customers, tighten operations, then look for an exit when the numbers and the market line up. This time, the asset is AlertMedia, an Austin based provider of emergency communication tools used by employers to warn staff and manage disruptions.

People familiar with the talks said Vista has hired JPMorgan to run the sale process. Vista and JPMorgan declined to comment, and AlertMedia did not respond to requests for comment. The sources said the company generates more than $100 million in revenue and could command a double digit revenue multiple, pushing the valuation beyond $1 billion.

AlertMedia sells cloud based software that helps organizations monitor threats and quickly reach employees by text, phone, email and app alerts. Its client list includes Walmart, JetBlue, Coca Cola Bottling, DHL and Thomson Reuters, the parent company of Reuters. In a market where storms, cyberattacks and workplace violence drills have become familiar operational risks, that sort of business continuity tooling has shifted from nice to have to must have for many employers.

Vista invested in AlertMedia in 2021 through its Foundation Fund, which targets middle market software and technology enabled businesses. A Vista announcement at the time described the investment as a strategic growth move, with AlertMedia’s existing backers and its chief executive keeping a significant stake.

The potential sale also lands in a complicated moment for software dealmaking. Public market volatility and questions about how artificial intelligence will reshape everything from customer service to security have made pricing harder to pin down, even for well run subscription businesses. Analysts and bankers say the gap between what sellers want and what buyers will pay has narrowed in some corners of tech and widened in others, depending on growth rates and churn.

Smith has spent years selling investors on the idea that software, properly managed, can deliver steady cash flows and repeatable returns. He founded Vista in 2000 after working at Goldman Sachs, then built the firm around a disciplined operating model and an almost singular focus on enterprise software. Under Smith, Vista became a major force in private equity with a reputation for data driven management and a heavy emphasis on metrics.

His rise has made him one of the most prominent figures in American finance, with a public profile that blends boardroom power and high visibility philanthropy. Smith joined the Giving Pledge and has backed initiatives ranging from museum support to scholarships, including a widely publicized gift that helped cover student debt for a graduating class at Morehouse College. That sort of visibility has also kept attention on Vista’s deals, especially when the firm moves in or out of favor with public market sentiment.

Deal watchers have pointed to Vista’s recent willingness to step slightly outside its traditional lane when opportunities look compelling. The firm has also been linked to bets tied to artificial intelligence infrastructure, even as it keeps its main focus on business software that runs behind the scenes at large organizations.

Any sale of AlertMedia would be compared with other transactions in the same niche. Rival Everbridge was acquired in 2024 by Thoma Bravo for $1.8 billion, giving buyers and bankers a recent reference point even as market conditions shift. With the AlertMedia process still in its early innings, a deal is not guaranteed, and the timeline could change as Vista tests appetite and pricing.