The richest Black man in America is about to get richer!
Robert F. Smith has now acquired majority ownership of the advertising platform, TripleLift, which will expand his investment portfolio into multiple businesses.
According to Moguldom, the billionaire made a $1.4 billion investment in acquiring a majority stake in the web advertising platform.
“We have developed into a leader in the advertising technology space and are excited about our next chapter,” co-founder and CEO of TripleLift Eric Berry said. “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.”
Founded in 2000, Smith’s Vista Equity Partners is a private equity company that has allowed him to carve a niche for himself, fixing up enterprise software outfits.
With a focus on enterprise software data and technology-enabled businesses, Vista Equity is expected to continue to drive innovation across TripleLift while simultaneously accelerating global growth.
Today, the company has $50 billion in assets and is regarded as one of the best-performing private equity firms.
“Vista is pleased to partner with TripleLift and we have a tremendous runway for growth,” said Rod Aliabadi, Managing Director at Vista Equity Partners. “We look forward to continued market leadership in programmatic, further catalyzing our opportunity in CTV and building upon our expansion into priority international markets across Europe and Asia.”
According to a press release, once the transaction is closed, Berry will remain as CEO and will continue serving on the board. Two early investors in TripleLift, Edison Partners and True Ventures will also remain invested in the company.
Smith, who is famously known for paying off the student debts of Morehouse’s graduating class in 2019, also donated $50 million in 2020 to ease the burden of students attending Historically Black Colleges and Universities.