DealerSocket Inc. enters into strategic partnership with Vista Equity Partners
Partnership to Accelerate DealerSocket's Growth and Product Plans
SAN CLEMENTE, CA (May 13, 2014) ---- DealerSocket Inc. ("DealerSocket"), a leading provider of software-as-a-service ("SaaS") enterprise relationship management solutions for the Retail and Independent Automotive industries, announced today it has entered into a strategic investment partnership with Vista Equity Partners ("Vista"), a leading private equity firm with over $12 billion in committed capital focused on investments in software and technology-enabled services companies.
DealerSocket has grown from a startup software company in a garage 13 years ago to a 450 employee leading CRM platform for the retail and independent automotive industries. DealerSocket partnered with Vista to accelerate growth and to continue to invest in product, service and operational scale.
The new relationship with Vista will serve as a platform to continue the DealerSocket traditions of great culture, innovation and customer service and couple it with an increased ability to scale and grow well into the future. DealerSocket's current management team will remain in place and continue to hold a significant ownership stake in the company, which they term as a "true partnership with Vista in every sense of the word."
"DealerSocket is a great company with tremendous potential. We looked long and hard for a partner that could provide the type of strategic and operational support for our leadership team that would enable us to realize our full potential," said Ord. "We did not want to be acquired. Rather, we sought to find a partner that would not dilute our brand or de-energize our employees or customers as well as help us capitalize on all available opportunities for growth. This relationship with Vista accomplishes that goal and more."
Vista's founder and managing principal, Robert F. Smith said, "We are tremendously excited about partnering with DealerSocket. We are convinced that DealerSocket is a wonderful platform company in a space that is in need of thoughtful innovation and attention to customer satisfaction. The company is lead by a passionate management team that loves automotive and loves their customers and desires to continue the legacy of DealerSocket."
ABOUT VISTA EQUITY PARTNERS
Vista Equity Partners is a leading private equity firm that invests in dynamic, successful technology-based organizations led by world-class management teams with a long-term perspective. With over $12 billion in committed capital, Vista is a value-added investor, contributing professional expertise and multi-level support toward companies realizing their full potential. Vista's investment approach is anchored by a sizable long-term capital base, experience in structuring technology-oriented transactions, and proven management techniques that yield flexibility and opportunity in private equity investing. Vista seeks to align the interest of clients, management, and shareholders and focuses on the operational processes and best practices that are critical for long-term value creation.
For more information visit www.vistaequitypartners.com.
ABOUT DEALERSOCKET
Since 2001, DealerSocket has provided the automotive industry with the most comprehensive Customer Relationship Management (CRM) and training solutions available, allowing auto dealers to save time and money, and improve sales staff effectiveness, with one consolidated product. With the power to manage sales, service, CSI, marketing and training, DealerSocket is the complete source for all customer-facing automotive dealership departments.
DealerSocket's core CRM is enhanced by a powerful, customer-facing Mobile Portal application to keep in contact with customers and prospects via all mobile devices, a data-mining tool called RevenueRadar, an online process-training university called CarMind and an efficient CallCenter solution. These products can be used alone or in conjunction with the core CRM solution to provide an end-to-end marketing and revenue-producing engine. More than 140,000 users at over 3,500 auto dealerships throughout the U.S. and Canada now leverage DealerSocket's automotive CRM solution to optimize and manage marketing activities, sales processes, customer satisfaction and retention and service-department operations. For more information, call 866-684-3175, email [email protected], visit DealerSocket.com, like us at Facebook.com/DealerSocketCRM, or follow us on Twitter at @DealerSocketCRM.