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 -MERG ER-REGISTRY@ec.europa.eu.  
  EUROPEAN COMMISSION  
Brussels, 30.08.2021  
C(2021) 6514 final  
PUBLIC VERSION 
HgCapital LLP  
2 More London Riverside   
SE1 2AP London United Kingdom  
 
TA Associates Management, LP  
56th Floor, 200 Clarendon Street    
MA 02116 Boston  
United States of America  
Subject : Case M.10380 - HG / TA / INSIGHTSOFTWARE 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 28 July 2021, the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which the limited 
partnerships comprising Hg Saturn 2, along with potential co-investor vehicles, in 
each case managed by Hg Pooled Mana gement Limited, a subsidiary of HgCapital 
LLP (“Hg”, U nited Kingdom ) and TA Associates Management, LP (“TA”, U nited 
States of A mercia ) acquire within the meaning of Article 3(1)(b) and Article 3(4)  of 
the Merger Regulation joint control over the whole of GS Topco, LP and its 
subsidiaries (“ Insightsoftware ”, U nited States of A merica ) by way of purchase of 
shares .3 Insightsoftware is currently jointly controlled by TA and Genstar Captial LLC 
(“Genstar” , United States ). 
2. The business activities of the undertakings concerned are:  
− Hg is a specialist private equity investor which manages funds that invest mainly 
in Europe. Through its subsidiaries, Hg administers capital investments and offers 
advisory and other services for a variety of participation companies, s uch as 
                                                 
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 330, 17.8.2021, p. 9.  

2 private and public pension funds, insurance companies, endowments and 
foundations, 
− TA is a private equity firm focused on targeted sectors within technology, healthcare, financial services, consumer and business services in North America, Europe and Asia, and  
− Insightsoftware is a provider of business software, offering a suite of financial reporting tools that serve the needs across the office of the CFO.  
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 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 applicat ion 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.