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, 21.5.2021  
C(2021 ) 3807 final  
PUBLIC VERSION  
TA Associates Management, L.P.   
56th Floor, 200 Clarendon Street,   
Boston,  MA 02116  
United States of America  
 
Partners Group AG  
Zugerstrasse 57   
Baar,  6341  
Switzerland  
Subject : Case M. 10245  – TA ASSOCIATES / PARTNERS GROUP / UNIT4   
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 23 April 2 021, the European  Commission received notification of a proposed 
conc entration pursuant to Article 4 of the Merger  Regulation by which TA Associates 
Management L.P.  (“TA Associates ”, United States of America ) and Partners Group 
AG (“Partners Group ”, Switzerland ) acqui re within the meaning of Articles 3(1)(b) 
and 3(4) of the Merger Regulation  joint control over the whole of the undertaking  
Unit4 NV (“Unit4”, The Netherlands)  by way of purchase of shares .3 
2. The business activities of the undertakings concerned are:  
 for TA Associates: private equity investments in five core sectors, namely the 
technology, financial services, healthcare, consumer, and business services 
industries in North America, Europe and Asia , 
                                                 
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 154, 30.4.2021 , p. 20. 

2  for Partners Group: global private markets investment manageme nt in the 
areas of private equity, private real estate, private infrastructure and private 
debt in companies in various industries , 
 for Unit4: business software and IT services, focusing on the provision of 
enterprise resource planning (“ERP”) software sol utions.  
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 
certa in 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 an d 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 .