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Vista’s SPAC exit of Omnitracs on ice

Unclear if $15 billion auto tech transaction will continue

Vista Equity Partners and Apollo Strategic Growth Capital freeze talks for auto tech SPAC deal. (Photo: Flickr/Rafael Matsunaga CC by 2.0)

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.

Click here for more articles by Grace Sharkey.

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Grace Sharkey

Grace Sharkey is a professional in the logistics and transportation industry with experience in journalism, digital content creation and decision-making roles in the third-party logistics space. Prior to joining FreightWaves, Grace led a startup brokerage to more than $80 million in revenue, holding roles of increasing responsibility, including director of sales, vice president of business development and chief strategy officer. She is currently a staff writer, podcast producer and SiriusXM radio host for FreightWaves, a leading provider of news, data and analytics for the logistics industry. She holds a bachelor’s degree in international relations from Michigan State University. You can contact her at [email protected].