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, 27.6.2022  
C(2022) 4621 final  
PUBLIC VERSION 
HgCapital LLP  
2 More London Riverside   
London - SE1 2AP  
United  Kingdom  
 
EQT Fund Management S.à r.l   
26A, Boulevard Royal,  
L-2449 - Luxembourg 
Luxembourg 
TA Associates Management, LP  
200 Clarendon Street   
Boston, Massachusetts 02166 
United States of America  
Subject : Case M.10741 - HG / EFMS / TA / IFS  
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 30 May 2022, the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which HgCapital LLP 
(“Hg”, United Kingdom), EQT Fund Management S.à r.l (“EFMS”, Luxembourg ) and 
TA Associates Management LP (“TA”, United States ), will acquire within the 
meaning of Article 3(1)(b) and 3(4) of the Merger Regulation joint control of Impala 
Bidco S.à r.l. (“IFS”, Luxembourg) 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 b e 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 219, 03.06.2022, p.2.  

2 2. The business activities of the undertakings concerned are  the following:  
− Hg is  a specialist private equity investor that looks to grow sustainable software 
and services businesses. Hg focuses on investments in Europe, UK and the United 
States and has investment offices  in London, Munich and New York,  
− EFMS is the alternative investment fund manager of EQT VIII and EQT IX, private investment funds forming part of the EQT group of investment funds (“EQT”), 
− TA is a private equity firm focused on targeted sectors within technology, healthcare, financial services, consumer and busi ness services in  North America, 
Europe and Asia, 
− IFS, currently jointly controlled by EFMS and TA , develops business software for 
customers active in a range of industry sectors, which manufacture and distribute 
goods, maintain assets and manage service -focused operations. IFS also provides 
cloud-based Software -as-a-Service solutions for the field service, last mile 
delivery and logistics industries.  
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 applic ation 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.