Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE  
Europese Commissie, DG COMP M ERGER REGISTRY, 1049 Brussel,   BELGIË  
 
Tel: +32 229 -91111. Fax: +32 229 -64301. E -mail: COMP -MERGER -REGISTRY@ec.europa.eu . 
  EUROPEAN COMMISSION  
Brussels, 8.12.2020  
C(2020 ) 8949 final  
PUBLIC VERSION  
To the notifying parties  
Subject : Case M. 10032  – GOLDMAN SACHS GROUP / INSIGHT VENTURE 
MANAGEMENT / INHABITIQ PARENT  
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 November 2020 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which Goldman 
Sachs Group, Inc. (‘Goldman Sachs’, United States of America ) and Insight Venture 
Management, LLC (‘ Insight’, United States of Amer ica), acquire within the meaning 
of Article s 3(1)(b) and 3(4) of the Merger Regulation joint control over the whole of  
Inhabit IQ Parent, LLC (‘InhabitIQ’, United States of America ), by way of purchase of  
shares .3 
2. The business activities of the undertakings  concerned are:  
 for Goldman Sachs: global investment banking, securities and investment 
management. It provides a range of banking, securities and investment services 
worldwide to a substantial and diversified client base,  
 for Insight: global venture capit al and private equity. It specializes in 
investments in growth equity, buyout, capital for mergers and acquisitions. 
Insight primarily invests in the technology sector, focussing on consumer -
facing technology, and software as a service (SaaS) based softwar e 
infrastructure,  
 for InhabitIQ: provider of property management software solutions for 
property managers of all sizes in the residential, vacation and commercial end 
                                                 
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 398, 23.11.2020 , p. 20. 

2 markets. The company provides a comprehensive suite of integrated software 
solutions to address all customer workflows.  
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 s 5(a) and (b)  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 Agre ement . 
 
For the Commission  
 
 
(Signed)  
Olivier GUERSENT  
Director -General  
                                                 
4  OJ C 366, 14.12.2013, p. 5 .