The Hellenic Competition Commission (HCC) in Section, on July 3, 2024, by its decision 851/2024, unanimously approved the notified concentrations, concerning the change of control over the companies ENTERSOFT S.A. and SOFT ONE S.A.
ENTERSOFT is a Greek company, active in business software and services, and especially on enterprise application services (EAS).
SOFT ONE is also a Greek company, active in business software and services and especially on EAS.
The notified concentrations concern a) the acquisition of joint control by Rucio Investment S.a.r.l. and Olympia Group Ltd on ENTERSOFT, through the company UNITY HOLDING COMPANY S.A and through a mandatory public offer of shares and (b) the change of control of SOFT ONE from negative sole control to joint control, by the companies Rucio Investment S.a.r.l., Rocinante Investments Sarl and Grey Squirrel Services Ltd.
Rucio is a holding company, incorporated under the laws of Luxembourg, which indirectly holds a 50% stake in UNITY and is active in Greece in software through its direct 21.21% stake in SOFT ONE.
Rocinante is a holding company, incorporated under the laws of Luxembourg, which is active in Greece in software through its direct 21.21% stake in SOFT ONE.
Olympia is a Cypriot company, member of the international investment group Olympia Group, which is active in retail and e-commerce, energy, distribution, software and commercial real estate. It indirectly holds a 50% stake in UNITY.
Grey Squirrel is a Cypriot company, member of the Olympia Group, which is active in the sectors of distribution, software (through its direct 33.34% stake in SOFT ONE) and commercial real estate.
UNITY is a Greek company, established on 2024 with no other activity, apart from the shares it holds in ENTERSOFT.
The HCC examined the nature of the transactions, which were notified as separate transactions, and the nature of the acquired control and assessed them as a single transaction. The HCC further investigated the competitive characteristics in the EAS market and its submarkets, assessed the relevant markets in which the parties are active, including the EAS market and its submarkets, i.e. enterprise resource planning (ERP), customer relationship management (CRM) and supply chain management (SCM) software. The HCC concluded that the conditions of competition on horizontally affected markets would not change, as a result of the transaction under consideration, and that the concentration is not expected to result in changes in the structure of the relevant markets and therefore would not affect the level of competition.
