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, 13.7.2022  
C(2022 ) 5122 final  
PUBLIC VERSION  
Vista Equity Partners Managements, LLC  
401 Congress Avenue, Suite 3100  
TX 78701 Austin   
United States of America  
 
Citrix Systems, Inc.  
15 Network Drive  
MA 01803 Burlington   
United States of America  
 
Elliott Investment Management L.P.  
Phillips Point, East Tower, 777 South 
Flager Drive, Suite 1000  
FL 33401 West Palm Beach  
United Stat es of America  
Subject : Case M.10672 - VISTA / ELLIOTT / CITRIX SYSTEMS / TIBCO  
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 16 June 2022, the European Com mission received notification of a proposed 
concentration pursuant to Article 4 of the Merger Regulation by which  Vista Equity 
Partners Management (‘Vista’, USA)  and Elliott Investment Management L.P. 
(‘Elliott’, USA)  will acquire  within the meaning of Art icle 3 (1)(b) and 3(4)  of the 
Merger Regulation , joint control of the whole of  Citrix Systems Inc. (‘Citrix’, USA) 
and TIBCO Software Inc. (‘TIBCO’, USA, currently controlled by Vista ). 
 The concentration is accomplished by way of purchase of shares.3 
                                                 
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 241, 24.06.2022 , p. 27. 

2  
2. The business activities of the undertakings concerned  are the following : 
 Vista is an investment firm focused on enterprise software, data and technology -
enabled solutions.  
 Elliott is an investment firm active across a wide range of sectors.  
 Citrix is an enterprise software company providing digital workspace solutions, 
general work solutions and app delivery and security solutions.  
 TIBCO is an intelligence software company providing infrastructure and analytical 
software.  
3. After examination of the notifica tion, 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 Regulati on (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 .