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  "documentTitle": "Altair US LLC | Activist Presentation Deck | 38 slides",
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  "authorName": "Altair US, LLC",
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  "presentationDate": "2022-09-01 00:00:00",
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  "notes": "Includes three news clippings as evidence of recent deal activity.",
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      "kind": "callout",
      "text": "Vista's recent deal-making and fund-raising activity suggests that it has the capacity to increase its bid for Avalara",
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      "text": "Vista Equity Partners AUM ($B) from 2018 to Present.",
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      "text": "News clippings from Bloomberg and WSJ regarding Vista's fund raising and acquisitions.",
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      "text": "We believe Vista has ample dry powder to deploy. In May 2022, Vista was already halfway towards raising the $20 billion target for its flagship fund. AUM has more than doubled to over $96 billion.",
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      "text": "Vista has been an active acquirer in 2022. Total acquisitions exceed $27 billion. Includes Citrix ($16.5B) and KnowBe4 ($4B).",
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      "kind": "source-note",
      "text": "1 Gillian Tan and Kamaron Leach, 'Robert Smith's Vista Equity Snags Early $9 Billion for New Fund,' Bloomberg, May 27, 2022. 2 Source: Bloomberg.",
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      "kind": "title",
      "text": "We Believe Vista Could Pay Significantly More for Avalara",
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