Black Billionaire Buys IT Services Co. with Investment Firm

Robert F. Smith recently acquired a major IT services firm, just one of the billionaire's major moves

An African-American billionaire has made another significant purchase this time with his investment firm.

Black Enterprise reports that Vista Equity Partners, one of the world’s most successful investment firms, recently acquired Datto, a “leading provider of business data protection solutions.”



The company is owned by billionaire, Robert F. Smith, who ranked No. 226 on Forbes’ 400 richest list. He was also EBONY’s Power 100 honoree.

Smith reportedly has a net worth of approximately $3.3 billion.

Vista will merge Datto with Autotask, another IT services company that is already in its portfolio. According to a press release announcing the news, the firm will offer several business IT services to managed service providers (MSPs), including remote network monitoring, file sharing and backup and disaster recovery.

“We’re thrilled to bring together the complementary skills and world-class service of two global market leaders, Autotask and Datto,” said Brian Sheth, co-founder and president of Vista Equity Partners via the press release. “Over the past three years, we have worked closely with the Autotask team to accelerate growth and expand its Unified Platform. Bringing Autotask together with Datto’s impressive talent and deep expertise in backup and networking solutions will take us to the next level and deliver extraordinary tools and services to MSPs worldwide.”

The merger of Datto and Autotask includes a total of 1,300 employees who will service more than half-a-million small- to mid-level businesses housed in 125 countries.

“We’re honored to be joining forces with both the world’s premier software investor, Vista Equity Partners, and with Autotask, the provider of the most essential tools for the MSP space,” said Datto’s founder and CEO, Austin McChord. “This unique combination of talent with a track record of success marks a new chapter that will make an even bigger impact for our Managed Service Provider partners, by delivering an unprecedented set of capabilities for them to serve millions of small businesses in the future.

Excellent.

 





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