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Robert Smith at a Morehouse College gala. Photo: Paras Griffin/Getty Images

Vista Equity continues to work toward getting its house in order, following last Thursday's stunning admissions of personal tax fraud by founder and CEO Robert Smith.

Why it matters: Smith has settled with the Justice Department and the IRS, but the story isn't over yet.

Three updates:

  1. There has not yet been any resolution to the conflict between Smith and firm president Brian Sheth.
  2. Vista recently removed Sheth from the board of Datto, a data protection software company that last night raised nearly $600 million in its IPO (at an initial market cap of $4.25 billion). Multiple sources say Sheth is credited with selling the original buyout to Datto founder and former CEO Austin McChord, after the pair connected at a Morgan Stanley tech event. He had been listed on Datto's original IPO paperwork, filed on Sept. 29.
  3. Vista isn't sitting on its hands while all of this plays out. Axios has learned that the firm quietly agreed to buy a 50% stake in SmartBear, a Somerville, Mass.-based software development and testing company, for around $1.7 billion from Francisco Partners (which retains the other half).

The bottom line: The tension isn't just between two top execs at one of private equity's largest firms. It's also between the appearance of stability and the reality of volatility.

Go deeper

Dan Primack, author ofย Pro Rata
Nov 20, 2020 - Economy & Business

Robert Smith's image rehab

Illustration: Eniola Odetunde/Axios

Robert Smith on Wednesday made his first public appearance since copping to tax fraud, and agreeing to pay $140 million in back taxes and penalties, appearing on a "Race and Corporate America" panel at the New York Times DealBook Summit.

Why it matters: Smith didn't just get a pass, he got image rehab from his fellow panelists.

Updated 2 hours ago - World

At least 125 dead in western India after landslides, monsoon flooding

Vehicles driving through a flooded street in Mumbai on July 19. Photo: Pratik Chorge/Hindustan Times via Getty Images

At least 125 people are dead after monsoon rains triggered landslides in the western Indian state of Maharashtra, authorities said on Saturday, according to Reuters.

State of play: Downpours lasting several days have impacted hundreds of thousands of people, as major rivers are in danger of breaking through their banks.

Updated 3 hours ago - Sports

Olympics dashboard

๐Ÿšจ: China wins 1st gold of Tokyo Olympics

๐Ÿ“บ: The Olympic events to watch today

๐ŸŽพ: Athlete spotlight - Naomi Osaka looks to snag gold on home soil

๐Ÿ‘ป: How the no-spectator Olympics could affect the athletes

๐Ÿ‡บ๐Ÿ‡ธ: "What an honor it is to watch you soar," first lady tells U.S. Olympians

๐Ÿฅ‡: The six new sports at Tokyo 2020

๐Ÿ’‰ About 100 U.S. Olympic athletes are unvaccinated

Go deeper: Full Axios coverage