This project was completed by Intensity. Intensity joined Secretariat on February 1, 2023.
A large enterprise computer server and software company was alleged to have engaged in anticompetitive behavior, including establishing pricing and policies that blocked competitors from providing customers with support services. The alleged anticompetitive behavior included customer lock-in via economic tying, whereby customers could receive software and firmware updates only if they also purchased software support services from the original manufacturer that were priced far above competitive levels. This practice was alleged to enable the server manufacturer to block competition for hardware support by pricing the hardware services well below competitive levels. The plaintiffs in the case sought to recover damages related to the alleged anticompetitive behavior.
Intensity researched and analyzed marketplaces for multiple enterprise hardware and software support services, evaluated market power within the relevant markets, and quantified lost profits to a competitive provider of the products at issue.
Intensity’s analysis included consideration of economic tying arrangements and economic lock-in. For example, Intensity evaluated the economics of access to software updates and firmware for customers to purchase support from third-party providers in addition to the server manufacturer. In this case the server manufacturer was alleged to have forced customers to purchase expensive software support services in order to gain access to the updates, and leveraged the profits to undersell competitors for hardware services.
The issues Intensity addressed include market definition, analysis of market power, economic tying arrangements, economic lock-in, lost profits, and econometric evaluation of but-for revenues.
Taking The Right Approach in Asset Searching and Recovery in 2025
The tension among regulators between the push for increased transparency and the need to protect individual privacy is always apparent in asset searching exercises. This tension is a global phenomenon, central to the ongoing debate surrounding registering beneficial ownership information.
Marking 135 Years of the Sherman Antitrust Act
Today, Secretariat marks the 135th anniversary of the Sherman Antitrust Act, enacted by the 51st U.S. Congress and signed into law by President Benjamin Harrison on July 2, 1890. The Act was the first comprehensive federal legislation to promote competition, criminalize monopolistic behavior, and empower courts to uphold economic efficiency as a public good.
Highlights and Takeaways from CBV CONNECT 2025
At the CBV CONNECT 2025 Conference in Toronto, we had the privilege of presenting multiple panels, engaging with fellow business valuation professionals, and exploring the latest developments shaping the future of the industry. We’ve compiled key takeaways from our time at CONNECT 2025 below, highlighting critical insights from our speaking engagements and the emerging trends we’re watching in the world of business valuation.