Decision CPC 52_2022

ΚΥΠΡΙΑΚΗ ΔΗΜΟΚΡΑΤΙΑ Decision CPC: 52/2022 Case Number: 08.05.001.022.042 THE CONTROL OF CONCENTRATIONS BETWEEN ENTERPRISES LAW No. 83(Ι)/2014 Notification of a concentration concerning the acquisition of the share capital of Internet Tourism Solutions, S.L. by Hoist Group Spain, S.A.U. Commission for the Protection of Competition: Mrs. Loukia Christodoulou Chairperson Mr. Aristos Aristeidou Palouzas Member Mr. Panayiotis Ousta Member Date of Decision: 2ndth of August 2022 SUMMARY OF THE DECISION On 20/07/2022, the Commission for the Protection of Competition (hereinafter the “Commission”) received on behalf of S.L. by Hoist Group Spain, S.A.U., a notification of a proposed concentration. The notification was filed according to Section 10 of the Control of Concentrations between Enterprises Law 83(I)/14 (hereinafter the “Law”). The notification concerns a concentration, according to which S.L. by Hoist Group Spain, S.A.U. (hereinafter the “Hoist Group”), will acquire the share capital of Internet Tourism Solutions (hereinafter the “ITS”). The companies participating in this merger are the following: • Hoist Group Spain, S.A.U. is a company duly registered in accordance with the laws of Spain. The Hoist Group, which owns Hoist Group Spain, S.A.U., is 1 a hospitality partner for hotels and public activities, which provides high-speed internet access solutions, conference services, a Hotel Property Management System and back-office software, as well as other amenities aimed at visitors. • Internet Tourism Solutions, S.L. (hereinafter referred to as "ITS") is a company duly registered in accordance with the laws of Spain. ITS is the holding company of Avantio, Inc. Avantio is a company duly registered under the laws of the State of Delaware of the United States of America. Avantio is active in the design and sale of property management software for owners of vacation rental properties (e.g. apartments and villas). This software allows owners of rented rooms for leisure purposes to manage reservations made by customers across thirdparty booking platforms, such as AirBnB, Booking.com and Expedia, as well as to schedule arrival (check-in), cleaning and maintenance. This concentration is based on the following Agreements: This concentration is based on the Share Sale and Purchase Agreement of “Internet Tourism Solutions, S.L. dated 15/07/2022, between Hoist Group as the Buyer and shareholders of ITS as the Sellers. The Commission, taking into account the facts of the concentration, has concluded that this transaction constitutes a concentration within the meaning of section 6

(1)(a)(ii) of the Law, since it leads to the acquisition of the sole control of ITS by Hoist Group. Furthermore, based on the information contained in the notification, the Commission found that the criteria set by section 3

(2)(a) of the Law were satisfied and therefore the notified concentration was of major importance falling within the scope of the Law. The relevant product/services market in this case was defined as the market for the sale of property management software for owners of vacation rental properties. In addition, the Commission concluded that the geographic market is defined, for the relevant market under reference, as the Republic of Cyprus. According to the notification, there is no a horizontal, vertical or neighboring relationship between the activities of the Parties in Cyprus. 2 Taking into account all of the above, the Commission concludes that in this concentration no affected market is created based on Annex I of the Law. In addition, there are no other markets in which the notified concentration may have a significant effect. The Commission, on the basis of the factual and legal circumstances, unanimously decided that this concentration does not create or strengthen a dominant position as there is no affected market and therefore the concentration does not raise serious doubts as to its compatibility with the operation of the competition in the market. Therefore, the Commission, acting in accordance with section 22 of the Law, unanimously decided not to oppose the notified concentration and declare it as being compatible with the operation of the competition in the market. Mrs. Loukia Christodoulou Chairperson of the Commission for the Protection of Competition 3

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