The investigation of the Hungarian Competition Authority (GVH) revealed that the parties had duly complied with the amendments to the investment contract of CodeCool Kft. Ordered by the authority.
At the beginning of 2019, the Hungarian Competition Authority approved the joint acquisition of control of two capital funds over CodeCool Kft., One of the startups of the IT training services market. In the course of the transaction, the parties agreed on terms and conditions which allowed them to go beyond the remaining permissible restrictions of competition necessary for the concentration
In the summer of 2020 that the parties will have to amend their contracts. The decision of the competition authority was a guideline, as it made it clear that in the case of acquisitions of startups, non-compete clauses covering members with a minority shareholding (for two years after their exit) who know the innovation and technology of the company are acceptable. The decision made it easier for startups to obtain the resources needed for their development. The investigation established that the parties implemented all the required amendments to the investment agreement in a timely manner with appropriate content. The GVH therefore terminated the follow-up procedure
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