SAN FRANCISCO, May 30, 2024 – Portside, a premier provider of modern software solutions for the business aviation industry, today announced a strategic growth investment led by Vista Equity Partners ("Vista"), a leading global investment firm focused exclusively on enterprise software, data and technology-enabled businesses. Existing investor Insight Partners also participated in the minority investment. Portside intends to use the new funding to drive continued growth through product and customer expansion strategies.
Portside’s cloud-based software solutions power a diverse range of flight operations for scheduled and unscheduled aircraft operators, including charter, fractional, corporate, medical, industrial, government, helicopter, military and cargo fleets. The company’s product suite is comprised of simple-to-use and highly integrable tools designed to enable core private aviation operations, such as flight and crew scheduling, recordkeeping, safety reporting, compliance, and critical back-office business and administrative functions such as budgeting, invoicing and human resources. Portside’s product offering helps customers achieve visibility and derive valuable insights across financial and logistical operations of their fleets.
“Portside is building a turn-key and scalable operating system that spans the full range of business aviation needs,” said Alek Vernitsky, CEO and Co-Founder of Portside. “Portside has strong momentum, and we look forward to partnering with Vista and leveraging its considerable software and operational expertise as we continue to build our business and enhance our product offerings for customers.”
Vista’s investment in Portside was made by the firm’s Endeavor Fund, which provides growth capital and strategic support to market-leading, high-growth enterprise software, data, and technology-enabled companies that have achieved at least $10 million in recurring revenue. Ben Benson, Managing Director at Vista, will join Portside’s Board of Directors effective immediately.
“Portside is led by an experienced team that understands well the unique opportunity presented by the fragmented software market serving the growing business aviation industry, as well as the diligence and discipline required to bring the company to the next level,” said Rachel Arnold, Co-Head of Vista’s Endeavor Fund and Senior Managing Director. “Portside has built an impressive and differentiated platform that is rapidly emerging as a market-leader in aviation operations software,” added Benson. “We look forward to partnering with Alek and the entire Portside team as they embark on this exciting next phase of growth.”
Jefferies LLC served as exclusive placement agent and Lowenstein Sandler LLP served as legal counsel to Portside. Kirkland & Ellis LLP served as legal counsel to Vista.
About Portside
Portside, Inc. is a premier provider of modern software solutions for the business aviation industry. Portside’s cloud-based operating system for business and government aviation is designed to support all aspects of flight operations, including scheduling and recordkeeping (Avianis, BART and PFM product lines), fleet and crew optimization (Portside Optimizer), safety and compliance (Baldwin), data sharing, reporting and analytics (Portside Owner Portal / Budget & Planning Dashboard), customer billing (ExpensePulse), crew recruiting (Staffing Marketplace), and crew and passenger travel accommodations (Portside Services). Portside supports over 1,000 operators of business jets, helicopters, medevac, industrial and government fleets, as well as fractional ownership programs, in over 30 countries. For more information, contact us at sales@portside.aero or visit www.portside.aero.
About Vista Equity Partners
Vista is a leading global investment firm with more than $100 billion in assets under management as of December 31, 2023. The firm exclusively invests in enterprise software, data and technology-enabled organizations across private equity, permanent capital, credit and public equity strategies, bringing an approach that prioritizes creating enduring market value for the benefit of its global ecosystem of investors, companies, customers and employees. Vista's investments are anchored by a sizable long-term capital base, experience in structuring technology-oriented transactions and proven, flexible management techniques that drive sustainable growth. Vista believes the transformative power of technology is the key to an even better future – a healthier planet, a smarter economy, a diverse and inclusive community and a broader path to prosperity. Further information is available at vistaequitypartners.com. Follow Vista on LinkedIn, @Vista Equity Partners, and on X, @Vista_Equity.
Media Contacts
Portside
Lynn Moore
media@portside.co
843-342-3921
Vista Equity Partners
Brian W. Steel
media@vistaequitypartners.com
212-804-9170
