When Vista Equity Partners acquired Acumatica in late May, it did so with a $300m annual recurring revenue (ARR) loan provided by direct lenders, according to 9fin sources.

The company, valued at $2bn following the takeover, specializes in enterprise resource planning services for small and medium-sized businesses, helping them ultimately deal with a whole host of issues from inventory to payroll. But perhaps more importantly, it’s a case study in showing that while ARR loan volumes may go up and down over time, they never truly go out of fashion.