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, 16.9.2022  
C(2022 ) 6756 final 
PUBLIC VERSION  
CVC CAPITAL PARTNERS SICAV -
FIS S.A.  
20 Avenue Monterey,  
L-2163 Luxembourg,  
Grand Duchy of Luxembourg  
Subject : Case M. 10846 – CVC FUNDS  / VISMA CUSTOM SOLUTIONS  
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 25 August 2022, the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger Regulation, by which  the 
undertaking(s) CVC Capital Partners SICAV -FIS S.A. (“CVC Funds”, Grand Duchy 
of Luxembourg), will acqui re within the meaning of Article 3(1)(b) of the Merger 
Regulation sole control over the whole of certain subsidiaries of Visma Norge 
Holding AS, Visma Finland Holding Oy, Visma Sverige Holding AB, Visma 
Danmark Holding A/S and Visma International Holding A S (“Visma Custom 
Solutions”, comprising 25 companies headquartered in Denmark, Finland, Lithuania, 
Norway and Sweden)3 by way of purchase of shares. 4 
                                                 
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 333, 1.9.2022, p. 14.  
4  Visma Custom Solutions comprises the following 25 companies: Visma Consulting AS, Visma bWise 
AS, Visma Avento AS, Conceptos AS, Visma Digital Commerce AS, IT Minds AS (all locate d in 
Norway); Visma Consulting AB, Trimma AB, Visma bWise AB, Visma Digital Commerce AB (all 
located in Sweden); Visma Consulting A/S, Kapacity A/S, IT Minds ApS, Co3 A/S, Visma Digital 
Commerce ApS, Two -Many ApS, Tabular Editor ApS (all located in Denmark ); Visma Consulting Oy, 
Digital Illustrated Finland Oy, Weoptit Oy, Visma Insights Oy, Biit Oy, Visma AI Works Oy, Solidabis 
Solutions Oy (all located in Denmark); Visma Lietuva UAB (located in Lithuania).  
 
 

 
2 2. The business activities of the undertakings concerned  are the following : 
 for CVC Funds: is a private equi ty and investment advisory firm which provides 
advice to, and management of, investment funds with interests in a number of 
companies active in a variety of industries,  
 for Visma Custom Solutions: an IT services provider which specialises in 
developing cus tomer software and providing IT consulting services to its customers . 
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 .5 
4. For the reasons set out in the Notice on a simplified procedure, the European 
Commission has decided not to oppose the no tified 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)  
Olivie r GUERSENT  
Director -General  
 
 
                                                 
5  OJ C 366, 14.12.2013, p. 5 .