Billionaire Robert Smith has just acquired majority stake ownership of the online advertising platform TripleLift, one of the largest advertising technology platforms in the world.
The platform announced that it had signed a definitive agreement to receive a majority investment from Vista Equity Partners, a leading global investment firm focused on enterprise software, data and technology-enabled businesses. The acquisition will help drive further innovation across TripleLift and accelerate international growth.
“We have developed into a leader in the advertising technology space and are excited about our next chapter,” said Eric Berry, Co-Founder and CEO of TripleLift. “When looking for an investment partner, we placed a premium on a deep understanding of ad tech and a willingness to lean into developing our portfolio of innovative, high-growth products. Vista is that partner.”
Smith made headlines when he pledged to cover $34 million in student loan debt for the entire graduating class of Morehouse College in 2019.
HBCU students graduate with a median debt of $29,000, or about 32% more than their peers from other institutions.
“Each year, thousands of black graduates from HBCUs across America enter the workforce with a crushing debt burden that stunts future decisions and prevents opportunities and choices,” Smith said in a statement at the time. “The [Student Freedom] Initiative is purposefully built to redress historic economic and social inequities and to offer a sustainable, scalable platform to invest in the education of future Black leaders.”
Smith is the Founder, Chairman and CEO of Vista Equity Partners and also sits on the Investment Committees for Vista’s Flagship, Foundation, Endeavor and Perennial Funds and serves as a member of Vista’s Executive Committee and Private Equity Management Committee.
The company currently manages equity assets under management of over $73 billion and oversees a portfolio of more than 60 enterprise software, data and technology-enabled companies that employ over 70,000 people worldwide.