Robert Smith, CEO of Vista Equity Partners, will pay back taxes owed on offshore assets totaling $140 million. Vista has a majority stake in Lone Wolf Technologies.

Robert Smith, the billionaire CEO of Vista Equity Partners, has reached a $140 million settlement with the U.S. Department of Justice over a years-long criminal tax investigation.

Private equity firm Vista Equity Partners has had a majority stake in Lone Wolf Technologies, a residential real estate software and services firm, since 2016. Lone Wolf acquired Instanet Solutions in 2017 and zipLogix in 2019, both transaction management companies. Ontario-based Lone Wolf serves more than 1.4 million real estate professionals in the U.S. and Canada, according to the company. At the time Vista Equity first invested in Lone Wolf in 2015, Lone Wolf served 250,000 real estate professionals in the U.S. and Canada.

For the past four years, the DOJ has been conducting an inquiry into whether Smith failed to pay U.S. taxes on roughly $200 million in assets that passed through offshore vehicles, according to the Wall Street Journal.

As part of the settlement, Smith will admit liability for additional taxes owed and not properly filing foreign bank account reports, but he won’t be prosecuted, the paper said. He will also pay a penalty of $85 million, back taxes of about $30 million and about $25 million of interest. The WSJ said the deal is among the largest known agreements by a U.S. taxpayer to resolve issues involving undeclared offshore accounts.

In an emailed statement, a Lone Wolf spokesperson told Inman, “As this is a personal matter for Mr. Smith that has been completely resolved, we have no concerns.”

Vista Equity, which Smith co-founded in 2000, has more than $50 billion in assets and is known for investing exclusively in business software firms and improving them by using a “regimented proprietary playbook,” according to the WSJ. Smith’s net worth of more than $5 billion makes him the wealthiest Black person in the U.S., according to Forbes.

Smith reportedly owns several properties, including a $59 million penthouse in Manhattan and two houses in Malibu, Calif., worth nearly $20 million each, and made headlines last year when he announced he would pay off the college debt for the entire 2019 graduating class of Morehouse College, a historically Black men’s college in Atlanta.

Editor’s note: This story has been updated with a comment from Lone Wolf.

Email Andrea V. Brambila.

Like me on Facebook | Follow me on Twitter

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription