Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQU E  
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, 07.12.2021  
C(2021 ) 9313  final 
PUBLIC VERSION  
Permira Holdings Limited  
320 Park Avenue, 28th Floor  
10022 New York  
United States of America  
 
Thoma Bravo L.P.  
600 Montgomery St  
94111 San Francisco, CA  
United States of America  
Subject : Case M.10517 —  PERMIRA / THOMA BRAVO / MOTUS  
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 9 November  2021 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which  Permira 
Holdings Limited (“Permira”, United Kingdom ) and  Thoma Bravo L.P. (“Thoma 
Bravo”, U nited States of America ) acquire within  the meaning of Article s 3(1)(b)  and 
3(4) of the Merger Regulation joint control of Motus Group LLC (“Motus”, United 
States of America ), currently solely controlled by funds managed by Thoma Bravo , by 
way of purchase of shares .3 
2. The business activities of the undertakings concerned are:  
 for Permira : a Guernsey registered private equity business engaged in the 
provision of investment management services to a number of investment funds4 
                                                 
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 introduced 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 472, 23.11.2021 , p. 8. 
4 Permira ultimately controls the Permira Europe II, Permira Europe III, Permira IV, Permira V, Permira VI, 
Permira VII, and Permira Growth Oppo rtunities private equity funds.  

 
2 across the consumer, financial services, healthcare, industrial, and technology 
sectors. It also ultimately controls the Permira Debt Managers funds , 
 for Thoma Bravo : a US private equity business providing equity and strategic 
support to experienced management teams and growing software and technology 
companies in sectors i ncluding infrastructure, finance, healthcare and 
cybersecurity , 
 for Motus : a US enterprise application software business providing workforce 
expense management solutions to businesses through a unified, cloud -based 
software platform. These services assist the businesses to monitor, manage, and 
automate some of the administration behind the reimbursement of expenses 
incurred by their workforce . 
3. After examination of the notification, the European Commission has concluded that 
the notified operation falls with in the scope of the Merger  Regulation  and of 
paragraph 5 (a) of the Commission  Notice on a simplified procedure for treatment of 
certain concentrations under Council Regulation (EC) No 139/2004 .5 
4. For the reasons set out in the Notice on a simplified procedu re, 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  
                                                 
5  OJ C 366, 14.12.2013, p. 5 .