Billionaire Paying Off College Students’ $40 Million Debt Has Ties to Insurance Industry

The billionaire technology investor and philanthropist who has promised to assume the $40 million student debt of the entire graduating class at More house College has ties to the insurance industry.
Robert F. Smith, who addressed the nearly 400 graduating seniors of the all-male historically black college in Atlanta on Sunday, is founder and CEO of Vista Equity Partners, a private equity firm that invests in software, data and technology companies. Among his firm’s investments is Vertafore, a leading provider of software to the property/casualty insurance broker and carrier market. Vista Equity Partners and Bain Capital completed a buyout of Denver-based Vertafore in June 2016.Vista Equity also owns Orlando, Florida-based PlanSource, which supplies software for benefits administration and human resources professionals. Vista Equity acquired PlanSource in April 2019.Vista Equity’s insurance portfolio also includes Texas-based Solera, a digital technology firm that owns automotive and home-related businesses, including insurance services firm Enservio, which offers claims management software for carriers. Vista Equity completed a take-private of Solera in March 2016.