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, 18.08.2020  
C(2020 ) 5766 final  
PUBLIC VERSION  
To the notifying parties  
Subject : Case M.9881 – CHARLESBANK / TA / VISTA / APTEAN / YALETOWN  
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 27.07.2020 , the European Commission received notification of a proposed 
concentration pursuant to Article 4  of the Merger  Regulation by which  Charlesbank 
Capital Partners, LLC (“Charl esbank”) (United States),  TA Associates Management, 
L.P. (“TA”) (United States), and Vista Equity Partners Management, LLC (“Vista”)  
(United States), aquire within the  meaning of Article 3(1)(b)  and 3(4)  of the Merger 
Regulatio n joint control over the whole of the undertaking Aptean Acquiror Inc. 
(“Aptean”) (United States) and Yaletown Acquiror (UK) Ltd (“Yaletown”) (United 
Kingdom ) (together “Target”) by way of purchase of shares .3 
2. The business activities of the undertakings co ncerned are:  
 for Charlesbank : private equity investment firm focusing on management -led 
buyouts and growth capital financings and engages in opportunistic credit and 
technology investments. It typically invests in companies in the technology, 
education, fi nancial services, industrial, consumer,  energy, and healthcare sectors.  
 for TA: private equity firm focused on targeted  sectors within five industries:  
technology, healthcare, financial services,  consumer and business services.  
 for Vista : investment firm that is focused on empowering and growing enterprise 
software, data an d technology -enabled businesses.  
                                                 
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 254, 03.08.2020 , p. 4. 

2  for Target: provides software that enables customers to enhance their internal 
workflows, including enterprise resource planning, supply  chain management and 
compliance solutions . 
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 (c) of the  Commission Notice on a simpli fied 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 Agre ement . 
For the Commission  
 
 
(Signed)  
Olivier GUERSENT  
Director -General  
 
                                                 
4  OJ C 366, 14.12.2013, p. 5 .