Saturday, 19 Sep 2020

Vista sells SecureLink stake to Cove Hill in Endeavor fund's first exit: sources

NEW YORK (Reuters) – U.S. private equity firm Vista Equity Partners has sold a portion of its stake in third-party remote access software company SecureLink Inc to Cove Hill Partners, people familiar with the matter said on Tuesday.

The deal marks the first exit for Vista’s $560 million Endeavor Fund, which was raised in 2017 to invest in early-stage enterprise software companies. Vista raised a second $850 million Endeavor fund last year.

Vista invested in SecureLink in 2017, the second investment from the Endeavor fund, the sources said, noting that since then SecureLink’s revenue has almost tripled.

Vista will retain a minority stake in SecureLink with Cove Hill the majority shareholder.

Austin, Texas-based SecureLink offers software designed to provide secure platform access between vendors and companies in industries including healthcare, retail and gaming.

Cove Hill Partners is a buyout firm formed in 2016 by a former Bain Capital executive.

Vista, Cove Hill and SecureLink did not immediately respond to request for comment.

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