Case studySaaS / Enterprise Tech
Merger clearance for two overlapping enterprise platforms
We acted for the acquirer in a combination of two enterprise workflow platforms with overlapping mid-market customers, securing clearance without commitments.
- $310m
- Transaction value
- Phase I
- Cleared without remedies
- 47
- Customer interviews reviewed
Framing the market
The parties' internal documents described each other as competitors, which the filing could not wish away. We built the market definition around switching evidence: procurement records showing customers routinely moving between six vendors, not two.
Anticipating the theory of harm
Rather than wait for questions on bundling, we submitted an economic annexure on pricing dispersion and a review of every deal both parties lost in twenty-four months.
Outcome
Cleared in Phase I with no behavioural or structural commitments. Integration began on the original timetable.
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