Software-focussed sponsor Vista Equity Partners has informed its investors of plans to significantly reduce its workforce as the firm accelerates the integration of artificial-intelligence platforms, according to a report by the Financial Times.
The technology will reportedly be used to either replace operational roles, junior analysts and investor relations workers, or to support expansion without requiring new appointments. Vista’s CEO Robert F Smith, indicated that the effort may result in headcount cuts of up to one-third, through a combination of redundancies and reduced hiring. The firm currently manages more than $100bn in assets.
It is encouraging portfolio companies to find savings through adoption of AI, and is scoring them on their use of the technology. Vista directly employs about 700 people, while its portfolio companies collectively employ 10,000 people.
