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, 7.10.2021  
C(2021 ) 7368 final  
PUBLIC VERSION  
Blackstone  Inc. 
345 Park Avenue   
10154 New York, NY  
United States of America  
 
Francisco Partners  Management, L.P.  
One Letterman Drive, Building C, 
Suite 410   
9412 9 San Francisco  
United States of America  
Subject : Case M.10453 — Blackstone / Francisco / Dynamo  
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 15 September 2021 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which Blackstone, 
Inc. (“Blackstone”, U nited States of America ) and Fran cisco Partners Management, 
L.P. (“Francis co Partners ”, United States of America) acquire within the meaning of 
Article s 3(1)(b)  and 3(4)  of the Merger Regulation joint control over the whole of the 
undertaking Dynamo Software Group (“Dynamo”, United States of America) by way 
of purchase of shares .3 
2. The business activities of the undertakings concerned are:  
 for Blackstone: asset management across a wide range of assets classes including 
private equity, real estate, public debt and equity, growth equity, opportunistic, 
non-investment grade credit, r eal assets and secondary funds,  
                                                 
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 387, 24.09.2021 , p. 17. 

2  for Francisco Partners : private equity investments exclusively focused on 
technology and technology -enabled businesses , 
 for Dynamo : software for alternative asset management companies and provision 
of a cloud -based solution that helps investors and alternative asset managers 
maintain investor relationships through compliance document submissions, 
interested party mapping, account statements . 
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 applicat ion 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 .