Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE  
Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel,   BELGIË  
 
Tel: +32 229 -91111. Fax: +32 229 -64301. E -mail: COMP -MERGER -REGISTRY@ec.europa.eu . 
  EUROPEAN COMMISSION  
Brussels, 01/02/2022  
C(2022 ) 688 final  
PUBLIC VERSION  
Bain Capital Investors, LLC   
200 Claredon Street   
Boston, Massachusetts  02116  
United States of America  
 
Hellman & Friedman LLC  
415 Mission Street, Suite 5700  
San Francisco, CA 94105   
United States of America  
Subject : Case M.10576 – BAIN CAPITAL / HELLMAN & FRIEDMAN / 
ATHENAHEALTH GROUP  
Commission decision pursuant to Article 6(1)(b) of Council Regulation 
(EC) No 139/20041 and Article 57 of the Agreement on the European 
Economic Area2  
Dear Sir or Madam,  
1. On 10 January 2022 , the European Commission received notification of a proposed 
concentration pursuant to Article 4  of the Merger  Regulation by which Bain Capital 
Investors , LLC (“Bain Capital”, United States of America) and Hellm an & Friedman 
LLC (“Hellman & Friedman”, United States of America) intend to acquire, within the 
meaning of Article s 3(1)(b)  and 3(4) of the Merger Regulation, joint control of the 
whole of athenahealth Group Inc. (“athenahealth”, United States of America). The 
concentration is accomplished by way of purchase of shares .3 
2. The business activities of the undertakings concerned are:  
 for Bain Capital: private equity investment firm that invests in companies across a 
number of industries, including inform ation technology, healthcare, retail and 
consumer products, communications, financial services and 
industrial/manufacturing,  
                                                 
1 OJ L 24, 29.1.2004, p. 1 ( the ‘Merger Regulation ’). With effect from 1 December 2009,  the Treaty on 
the Functioning of the European Union ( ‘TFEU ’) has introduc ed certain changes, such as the 
replacement of ‘Community ’ by ‘Union ’ and ‘common market ’ by ‘internal market ’. The terminology 
of the TFEU will be used throughout this decision.  
2  OJ L 1, 3.1.1994, p.  3 (the ‘EEA Agreement ’). 
3  Publication in the Official Journal of the European Union No C 23, 17.1.2022 , p. 12. 

2  for Hellman & Friedman: private equity firm focused on market -leading firms 
with growth potential, and has investments in a variety  of sectors worldwide,  
 for athenahealth: cloud -based provider of medical record, revenue cycle, patient 
engagement, care coordination, and population health services, as well as point -
of-care mobile applications.  
3. After examination of the notification, the European Commission has concluded that 
the notified operation falls within the scope of the Merger  Regulation  and of 
paragraph s 5(a) and 5 (b) of the Commission Notice on a simplified procedure for 
treatment of certain concentrations under Council Regulatio n (EC) No 139/2004 .4 
4. For the reasons set out in the Notice on a simplified procedure, the European 
Commission has decided not to oppose the notified operation and to declare it 
compatible with the internal market and with the EEA Agreement. This decision is 
adopted in application of Article 6(1)(b) of the Merger  Regulation  and Article 57 of 
the EEA Agreement . 
For the Commission  
 
 
(Signed)  
Olivier GUERSENT  
Director -General  
                                                 
4  OJ C 366, 14.12.2013, p. 5 .