What a difference a few days make.
Earlier this month, Vista Equity Partners was in talks to combine its auto technology trio — Omnitracs, Solera Holdings Inc. and DealerSocket — to go public under blank-check firm Apollo Strategic Growth Capital (NYSE:APSG).
Bloomberg reported on Thursday, however, that the potential $15 billion transaction has been halted, according to people familiar with the matter, and it is unclear if talks will continue.
Reports are attributing this to the recent decline in technology valuations rather than auto-related tech valuations, as the NASDAQ, which consists of more than 3,000 tech-related stocks, has declined by 3.5% in March.
As FreightWaves reported earlier this month, the deal would have been Vista Equity’s fourth attempt to exit its investment with transportation telematics provider Omnitracs, along with a second attempt to merge with the firm’s portfolio company, Solera, an automotive and insurance software company.
DealerSocket, an enterprise relationship management solution, and Solera have sued Vista Equity in the past for allegedly steering them from profitable acquisitions, to instead offer them its poor-performing assets.
NOVEMBER 7-9, 2023 • CHATTANOOGA, TN • IN-PERSON EVENT
The second annual F3: Future of Freight Festival will be held in Chattanooga, “The Scenic City,” this November. F3 combines innovation and entertainment — featuring live demos, industry experts discussing freight market trends for 2024, afternoon networking events, and Grammy Award-winning musicians performing in the evenings amidst the cool Appalachian fall weather.