CELEX: 32021M10527
Language: en
Date: 2021-12-09 00:00:00
Title: Commission Decision of 09/12/2021 declaring a concentration to be compatible with the common market (Case No COMP/M.10527 - INSIGHT / VECTOR CAPITAL / IRIS HOLDINGS JV) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

EUROPEAN COMMISSION
                                                                Brussels, 9.12.2021
                                                                C(2021) 9385 final
                                                                                PUBLIC VERSION
                                                                Insight
                                                                1114 Avenue of the Americas, 36th
                                                                Floor
                                                                10036 New York, NY
                                                                United States of America
                                                                Vector Capital
                                                                One Market Street, Steuart Tower,
                                                                23rd Floor
                                                                941052 - San Francisco, CA
                                                                United States of America
Subject:        Case M.10527 - INSIGHT / VECTOR CAPITAL / IRIS HOLDINGS JV
                Commission decision pursuant to Article 6(1)(b) of Council Regulation
                                       1
                (EC) No 139/2004 and Article 57 of the Agreement on the European
                                    2
                Economic Area
Dear Sir or Madam,
1.      On 17 November 2021, the European Commission received notification of a proposed
        concentration pursuant to Article 4 of the Merger Regulation by which Insight
        Venture Management LLC (“Insight”, USA), wholly-owned by Insight Holdings
        Group, LLC, and Vector CM Holdings (Cayman), L.P. (“Vector Capital”, USA),
        controlled by Vector Capital IV International, L.P., acquire within the meaning of
        Articles 3(1)(b) and 3(4) of the Merger Regulation joint control over the whole of a
        newly created joint venture, Iris Holdings JV, in order to combine the activities of
        Campaign Monitor Limited (“CM Group”, UK), currently under sole control of
        Insight, and Cheetah Holdings Limited (“Cheetah”, UK), currently under sole control
        of Vector Capital, 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 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.15.
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--- 2. The business activities of the undertakings concerned are:
   −    for Insight: global venture capital and private equity firm specialised in
        investments in growth equity, buyout, capital for mergers and acquisitions and
        later stage / middle market / mature recapitalisation and carve-outs. Insight
        primarily invests in the technology sector, focusing on consumer-facing
        technology, and SaaS-based software infrastructure.
   −    for Vector Capital: private equity firm focused on investments in technology and
        technology-enabled businesses.
   −    for Iris Holdings JV: JV combing activities of CM Group and Cheetah. CM
        Group provides email and multichannel marketing platforms and services. Cheetah
        provides personalized marketing, combining cross-channel marketing platform
        operations with data management, analytics and services.
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) and (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 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.
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