Vista Equity Partners has acquired a majority stake in San Diego-based PayLease, a payments and billing provider for the property management and HOA industry. No financial terms were disclosed. As a result of the deal, PayLease’s previous backer Francisco Partners will retain a “significant” ownership stake in the company. Raymond James was the financial adviser on the transaction.
SAN DIEGO, CA (PRWEB) JUNE 28, 2017
PayLease, a leading payments and billing provider for the property management and HOA industry, today announced that Vista Equity Partners (“Vista”), a leading technology investment firm, has acquired a majority stake in the Company. Vista’s investment will further support PayLease’s accelerated organic growth, including potential future acquisitions. Existing investor, Francisco Partners, as well as PayLease’s Management Team, will retain significant ownership stakes in the Company.
Founded in 2003 and headquartered in San Diego, CA, PayLease offers online payments, resident billing, and utility expense management tools to property management companies. The Company serves more than 4,500 property management companies nationwide. PayLease joins the Vista family after experiencing years of rapid growth and success within the property management industry.
“This investment by Vista validates the market leadership we’ve built to date, and gives us the opportunity to expand our products and services for the property management industry,” said Dave Dutch, CEO of PayLease. “Our vision for making key business processes easier for property managers while delivering exceptional customer support remains the same, and we will continue to develop solutions that align with that goal. This marks the beginning of a new chapter for PayLease and we are excited for what the future holds,” he added.
“PayLease’s market leadership, fantastic culture and dedication to its customers create a unique and special opportunity. We are thrilled to partner with the team at PayLease to help the Company continue its exciting growth and expansion,” said Alan Cline, Principal at Vista Equity Partners and Co-Head of the Vista Foundation Fund. “We look forward to bringing PayLease into the Vista family.”
“Dave Dutch and his team have built an amazing organization and platform at PayLease,” commented Peter Christodoulo, Partner of Francisco Partners. “We are thrilled to continue our partnership with them and are excited to welcome new investors Vista Equity Partners into the company.”
Raymond James served as a financial advisor in the transaction. The transaction is expected to close in the coming weeks, subject to customary closing conditions, regulatory approvals and the satisfaction of certain other customary conditions.
PayLease provides online payments, billing, and utility expense management tools to HOAs and property management companies. Property managers use PayLease to offer their residents convenient online payment options and to improve their business’ operational efficiencies. Our solutions are easy to use and are bolstered by the highest levels of security and customer support. Since our inception in 2003, PayLease has grown to serve thousands of property management companies nationwide and is now among the fastest growing technology companies in the United States. For more information, please visit http://www.PayLease.com.
About Vista Equity Partners
Vista Equity Partners, a U.S.-based investment firm with offices in Austin, San Francisco, Chicago, and Oakland with more than $30 billion in cumulative capital commitments, currently invests in software, data and technology-enabled organizations led by world-class management teams with long-term perspective. Vista is a value-added investor, contributing professional expertise and multi-level support towards companies realizing their full potential. Vista’s investment approach is anchored by a sizable long-term capital base, experience in structuring technology-oriented transactions, and proven management techniques that yield flexibility and opportunity in private equity investing. For more information, please visit http://www.vistaequitypartners.com.
About Francisco Partners
Francisco Partners is a leading global private equity firm, which specializes in investments in technology businesses. Since its launch over 17 years ago, Francisco Partners has raised over $10 billion in capital and invested in nearly 200 technology companies, making it one of the most active and longstanding investors in the technology industry. The firm invests in opportunities where its deep knowledge and operational expertise can help companies realize their full potential. For further information, please visit http://www.franciscopartners.com.