Black Billionaire Robert F. Smith, who founded the private equity firm Vista Equity, announced that his business is selling a cloud-service company it purchased two years ago to Adobe for $4.7 billion, Black Enterprise reported on Monday.
Marketo, which was originally purchased for $1.8 billion in 2016, will be incorporated into the graphics and video software company and will “offer an unrivaled set of solutions for delivering transformative customer experiences across industries and companies of all sizes,” per a press release obtained by Black Enterprise.
“Adobe and Marketo both share an unwavering belief in the power of content and data to drive business results,” Marketo’s CEO Steve Lucas told Black Enterprise in a statement. “Marketo delivers the leading B2B marketing engagement platform for the modern marketer, and there is no better home for Marketo to continue to rapidly innovate than Adobe.”
According to Forbes’ 400 richest Americans, Smith ranked at No. 226 and is worth $4.4 billion
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Teddy is a multimedia journalist who serves as the culture and political writer for EBONY. His work has appeared in NBC's Owned and Operated stations, as well as DNAInfo, which covered local neighborhood news in New York City. He received his Masters in Journalism from the Craig Newmark School of Journalism at CUNY in 2017.