Vista Equity Partners is swooping up another Seattle-area enterprise software player.
The private equity firm announced Thursday that it will acquire Acumatica, which specializes in cloud-based enterprise resource planning (ERP) technology. Terms of the deal were not disclosed.
Founded in 2008, Acumatica helps companies automate processes including financial management, payroll, CRM, and more. It sells to various industries and sectors, and competes against tech giants including Microsoft, Oracle, and SAP, among others.
Private equity firm EQT Partners acquired Acumatica in 2019. Vista said EQT will no longer be an investor in the company.
Bloomberg, which reported on the deal Wednesday, said that acquisition could value Acumatica at $2 billion.
Acumatica is led by John Case, the former CEO of Unify Square. Case took over in 2022, replacing Jon Roskill, who moved into an advisory role with EQT.
“With Vista’s support and track record of growing software companies, we believe we’re positioned to accelerate product development, deepen partner engagement and extend our impact,” Case said in a statement.
Acumatica moved its headquarters to the Seattle region from the Washington, D.C., area in 2012. It opened a new HQ in Bellevue, Wash., last year.
It employs almost 700 people worldwide, according to LinkedIn, which is up from 265 employees in 2019.
Vista, an Austin, Texas-based firm with more than $100 billion in assets, recently acquired Bellevue, Wash.-based enterprise software giant Smartsheet in an $8.4 billion deal with Blackstone.
Vista also acquired other publicly traded Seattle-area tech companies including IT cost analysis software firm Apptio in 2019 (Apptio sold to IBM in 2023) and tax software giant Avalara in 2022.
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