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, 16.12.2020 
C(2020)  9358 final   
PUBLIC VERSION 
To the notifying parties  
Subject : Case M. 10042 – VISTA EQUITY PARTNERS / FRANCISCO 
PARTNERS MANAGEMENT / SMARTBEAR SOFTWARE  
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 24 November 2020, the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which Vista Equity 
Partners Management, LLC (“Vista”, United States of America) and Francisco 
Partners Management  LP (“Francisco Partners”,  Unite d States of America) acquire,  
within the meaning of Article s 3(1)(b) and 3(4) of the Merger Regulation , joint control 
over the whole of  SmartBear Software, Inc. (“SmartBear”,  United States of America ), 
currently solely c ontrolled by Francisco Partners, by way of purchase of shares.3 
2. The business activities of the undertakings concerned are:  
− for Vista: investment firm focused on empowering and growing enterprise 
software, data and technology- enabled businesses. Vista controls a number of 
portfolio companies that are active in the provision of IT services such as the 
provision of business software,  
− for Francisco Partners: private equity firm exclusively focused on investments 
in technology and technology- enabled businesses. Francisco Partners currently 
exercises sole control over SmartBear,  
− for SmartBear: active in the provision of software solutions focused on 
application testing, monitoring and development. SmartBear provides tools 
across the entire software development lifecycle, including tools for test 
                                                 
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 415, 1.12.2020 , p. 33. 

2 automation, API lifecycle, collaboration, performance testing and test 
management. 
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 
paragraphs  5(a) and (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 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.