III.

THE RELEVANT MARKETS

High-function HR and FMS solutions or software
(10)
The Commission found that the relevant product markets for the assessment of the present transaction are the markets for high-function FMS and HR software applications. As HR and FMS applications are not substitutable for buyers, the Commission considers these as two distinct markets. The high-function FMS and HR software applications are intended to serve the needs of large and complex enterprises (LCEs) which require software and accompanying services with a particularly high standard in terms of, inter alia, scalability, configurability, sophistication, pricing, reliability and quality of the software and brand recognition of the vendor.