CELEX: 32020M10042
Language: en
Date: 2020-12-16 00:00:00
Title: Commission Decision of 16/12/2020 declaring a concentration to be compatible with the common market (Case No COMP/M.10042 - VISTA EQUITY PARTNERS / FRANCISCO PARTNERS MANAGEMENT / SMARTBEAR SOFTWARE) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

EUROPEAN COMMISSION
                                                                Brussels, 16.12.2020
                                                                C(2020) 9358 final
                                                                                 PUBLIC VERSION
                                                                To the notifying parties
Subject:        Case M.10042 – VISTA EQUITY PARTNERS / FRANCISCO
                PARTNERS MANAGEMENT / SMARTBEAR SOFTWARE
                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 24 November 2020, the European Commission received notification of a proposed
        concentration pursuant to Article 4 of the Merger Regulation by which Vista Equity
        Partners Management, LLC (“Vista”, United States of America) and Francisco
        Partners Management LP (“Francisco Partners”, United States of America) acquire,
        within the meaning of Articles 3(1)(b) and 3(4) of the Merger Regulation, joint control
        over the whole of SmartBear Software, Inc. (“SmartBear”, United States of America),
        currently solely controlled by Francisco Partners, by way of purchase of shares.3
2.      The business activities of the undertakings concerned are:
             − for Vista: investment firm focused on empowering and growing enterprise
                 software, data and technology-enabled businesses. Vista controls a number of
                 portfolio companies that are active in the provision of IT services such as the
                 provision of business software,
             − for Francisco Partners: private equity firm exclusively focused on investments
                 in technology and technology-enabled businesses. Francisco Partners currently
                 exercises sole control over SmartBear,
             − for SmartBear: active in the provision of software solutions focused on
                 application testing, monitoring and development. SmartBear provides tools
                 across the entire software development lifecycle, including tools for test
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 415, 1.12.2020, p. 33.
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---            automation, API lifecycle, collaboration, performance testing and test
           management.
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
   paragraphs 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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