Robert F. Smith’s Vista Equity Partners is fulfilling its goal to invest in artificial intelligence (AI).
As AFROTECH™ previously reported, Vista Equity Partners, a global investment firm with more than $100 billion in assets under management, was looking to direct its focus towards investing in more AI companies in light of a $20 billion raise in April 2024.
“You will also hear more about how we have adopted generative artificial intelligence not just as a tool but as a pivotal component of our value creation and underwriting processes,” Smith wrote, per the outlet.
The call to action has manifested in the acquisition of JAGGAER, an enterprise procurement and supplier collaboration platform, from Cinven, a news release mentions. AI empowers JAGGAER to “optimize and automate sourcing, spend management, contracting, eProcurement, invoicing and supply chain visibility” for more than 1,400 customers globally.
“This new partnership with Vista underscores JAGGAER’s strong momentum and the compelling value our intelligent software delivers by helping our customers manage and automate complex processes while enabling a highly resilient, responsible and integrated supplier base,” Andy Hovancik, CEO of JAGGAER, said in the news release. “Vista is a highly experienced software investor, and I’m confident they will be an exceptional partner to JAGGAER during this exciting next phase of growth and opportunity.”
Sam Payton, senior vice president at Vista Equity Partners, commented:
“JAGGAER’s comprehensive solution enables customers to manage all procurement activities from an intuitive platform that harmonizes and optimizes disparate spend data. JAGGAER is led by a high-performing leadership team with a demonstrated commitment to operational excellence and a bright vision for the future of AI-powered spend management. We’re excited to support an organization that cares deeply about their customers, partners and mission.”
Details of the transaction were not provided.
