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, 24.9.2021  
C(2021) 7067 final   
PUBLIC VERSION 
Insight Venture Management, LLC 1114 Avenue of the Americas, 36th 
Floor  
New York,  New York 10036  
United States of America  
 
Francisco Partners Management, L.P.  
One Letterman Drive, Building C, Suite 410  
San Francisco, California 94129  
United States of America  
Subject : Case M. 10467 – INSIGHT / FRANCISCO PARTNERS / NMI  
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 2 September 2021, the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which Insight 
Venture Management, LLC, wholly owned by Insight Holdings Group, LLC 
(“Insight”, United States) and Francisco Partners Management, L.P. (“Francisco 
Partners”, United States) acquire within the meaning of Article 3(1)(b) and 3(4) of the 
Merger Regulation joint control of NMI Topco LLC (“N MI”, United States) by way 
of purchase of shares .3 
2. The business activities of the undertakings concerned are:  
− for Insight: a global venture capital and private equity firm specialising in investments in growth equity, buyout, capital for mergers and acquisitions and 
later stage / middle market / mature recapitalisation and carve -outs. Insight 
                                                 
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 th is 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 365, 10.9.2021, p. 9.  

2 primarily invests in the technology sector, focussing on consumer-facing 
technology, and software as a service (SaaS) based software infrastructure.  
− for Francisco Partners: a private equity firm exclusively focused on investments 
in technology and technology-enabled business.  
− for NMI: a software platform for payments enablement on behalf of software 
companies or independent software vendors  (ISVs), independent sales 
organizations (ISOs), financial institutions, and payment facilitators (PayFacs). 
NMI provides payments infrastructure as a service with omnichannel payments 
functionality. NMI is currently controlled by Francisco Partners.  
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 5(a ) of the Commission Notice on a simplified procedure for treatment of 
certain concentrations under Council Regulation (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.