Wednesday, May 14, 2014
DealerSocket Gets Investment From Vista Equity Partners
San Clemente-based DealerSocket, a developer of software-as-a-service for the automotive industry, said Tuesday that it has entered into a strategic investment partnership with private equity firm Vista Equity Partners. Financial terms of the investment were not disclosed. DealerSocket said that it will use the investment to accelerate growth and invest in products, services, and operational scale at the company. DealerSocket said it now has 450 employees. According to a statement from DealerSocket, the company was looking for a partner which would not dilute its brand or "de-energize" its employees or customers. Dealersocket says its current management team will continue to hold a "significant" ownership stake in the company. Vista Equity Partners has been very active acquiring companies in the San Diego area, although a number of those companies--including Websense, Active Network, and Omnitracs--all have subsequently moved their companies or portion of their operations to Texas as a result of those acquisitions.