CELEX: 32021M10380
Language: en
Date: 2021-08-30 00:00:00
Title: Commission Decision of 30/08/2021 declaring a concentration to be compatible with the common market (Case No COMP/M.10380 - HG / TA / INSIGHTSOFTWARE) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

EUROPEAN COMMISSION
                                                                Brussels, 30.08.2021
                                                                C(2021) 6514 final
                                                                                 PUBLIC VERSION
                                                                HgCapital LLP
                                                                2 More London Riverside
                                                                SE1 2AP London
                                                                United Kingdom
                                                                TA Associates Management, LP
                                                                56th Floor, 200 Clarendon Street
                                                                MA 02116 Boston
                                                                United States of America
Subject:        Case M.10380 - HG / TA / INSIGHTSOFTWARE Commission decision
                                                                                                 1
                pursuant to Article 6(1)(b) of Council Regulation (EC) No 139/2004 and
                                                                                           2
                Article 57 of the Agreement on the European Economic Area
Dear Sir or Madam,
1.      On 28 July 2021, the European Commission received notification of a proposed
        concentration pursuant to Article 4 of the Merger Regulation by which the limited
        partnerships comprising Hg Saturn 2, along with potential co-investor vehicles, in
        each case managed by Hg Pooled Management Limited, a subsidiary of HgCapital
        LLP (“Hg”, United Kingdom) and TA Associates Management, LP (“TA”, United
        States of Amercia) acquire within the meaning of Article 3(1)(b) and Article 3(4) of
        the Merger Regulation joint control over the whole of GS Topco, LP and its
        subsidiaries (“Insightsoftware”, United States of America) by way of purchase of
        shares.3 Insightsoftware is currently jointly controlled by TA and Genstar Captial LLC
        (“Genstar”, United States).
2.      The business activities of the undertakings concerned are:
        −     Hg is a specialist private equity investor which manages funds that invest mainly
              in Europe. Through its subsidiaries, Hg administers capital investments and offers
              advisory and other services for a variety of participation companies, such as
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 330, 17.8.2021, p. 9.
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---        private and public pension funds, insurance companies, endowments and
       foundations,
   −   TA is a private equity firm focused on targeted sectors within technology,
       healthcare, financial services, consumer and business services in North America,
       Europe and Asia, and
   −   Insightsoftware is a provider of business software, offering a suite of financial
       reporting tools that serve the needs across the office of the CFO.
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 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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