CELEX: 32021M10517
Language: en
Date: 2021-12-07 00:00:00
Title: Commission Decision of 07/12/2021 declaring a concentration to be compatible with the common market (Case No COMP/M.10517 - PERMIRA / THOMA BRAVO / MOTUS) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

EUROPEAN COMMISSION
                                                               Brussels, 07.12.2021
                                                               C(2021) 9313 final
                                                                                PUBLIC VERSION
                                                               Permira Holdings Limited
                                                               320 Park Avenue, 28th Floor
                                                               10022 New York
                                                               United States of America
                                                               Thoma Bravo L.P.
                                                               600 Montgomery St
                                                               94111 San Francisco, CA
                                                               United States of America
Subject:        Case M.10517 — PERMIRA / THOMA BRAVO / MOTUS
                Commission decision pursuant to Article 6(1)(b) of Council Regulation
                (EC) No 139/20041 and Article 57 of the Agreement on the European
                                    2
                Economic Area
Dear Sir or Madam,
1.      On 9 November 2021, the European Commission received notification of a proposed
        concentration pursuant to Article 4 of the Merger Regulation by which Permira
        Holdings Limited (“Permira”, United Kingdom) and Thoma Bravo L.P. (“Thoma
        Bravo”, United States of America) acquire within the meaning of Articles 3(1)(b) and
        3(4) of the Merger Regulation joint control of Motus Group LLC (“Motus”, United
        States of America), currently solely controlled by funds managed by Thoma Bravo, by
        way of purchase of shares.3
2.      The business activities of the undertakings concerned are:
            for Permira: a Guernsey registered private equity business engaged in the
             provision of investment management services to a number of investment funds 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 472, 23.11.2021, p. 8.
4 Permira ultimately controls the Permira Europe II, Permira Europe III, Permira IV, Permira V, Permira VI,
  Permira VII, and Permira Growth Opportunities private equity funds.
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.
 ---pagebreak---         across the consumer, financial services, healthcare, industrial, and technology
        sectors. It also ultimately controls the Permira Debt Managers funds,
       for Thoma Bravo: a US private equity business providing equity and strategic
        support to experienced management teams and growing software and technology
        companies in sectors including infrastructure, finance, healthcare and
        cybersecurity,
       for Motus: a US enterprise application software business providing workforce
        expense management solutions to businesses through a unified, cloud-based
        software platform. These services assist the businesses to monitor, manage, and
        automate some of the administration behind the reimbursement of expenses
        incurred by their workforce.
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(a) 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 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 Agreement.
                                                     For the Commission
                                                     (Signed)
                                                     Olivier GUERSENT
                                                     Director-General
5  OJ C 366, 14.12.2013, p. 5.
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