Hubbry Logo
Constellation SoftwareConstellation SoftwareMain
Open search
Constellation Software
Community hub
Constellation Software
logo
7 pages, 0 posts
0 subscribers
Be the first to start a discussion here.
Be the first to start a discussion here.
Constellation Software
Constellation Software
Constellation Software
View on Wikipedia
from Wikipedia

Constellation Software is a Canadian diversified software company. It is based in Toronto, Canada, is listed on the Toronto Stock Exchange, and is a constituent of the S&P/TSX 60.

Key Information

The company was founded by Mark Leonard, a former venture capitalist, in 1995.[3] It went public in 2006,[4] and now has over 64,000 employees[2] spread over six operating segments.

Business

[edit]

The company's business strategy is to acquire software companies, and then hold them for the long term.[4] It has acquired over 500 businesses since being founded.[4] It focuses on vertical market software companies (i.e. those that create software for a particular industry or market, as opposed to creating software usable for a wide variety of markets).[5] Most of its acquisitions are relatively small (for less than $5 million),[5] although the company has indicated that it may pursue larger acquisitions in the future.[4] For instance, Constellation acquired Acceo Solutions for $250 million in January 2018, its then second-largest acquisition.[6] In March 2022, Constellation Software acquired Allscripts’ hospital business unit for $700m. As per the agreement, Allscripts will receive a fixed amount of $670m plus $30M as a performance bonus at the closing of the deal.[7] Although the company has experienced great success with this strategy in the past (its stock has increased 30 times since its IPO in 2006), it has experienced more competition in acquiring companies in recent years,[4] especially from private equity and hedge funds. As of 2016, 67% of revenue was from customers in the public sector, while the other 33% was from customers in the private sector.[8] 12% of revenue was from Canada, 52% from the US, 30% from Europe, and 5% from the rest of the world.[8]

Operating segments

[edit]

Constellation Software has six operating segments:[9]

  • Volaris Group: focuses on acquiring software businesses serving various areas, including agri-business, financial services, and education. It has more than 150 constituent software businesses.[10]
  • Harris Computer Systems: primarily serves the public sector, including utilities, education, and healthcare, as well as the private technology, retail technologies, payment solutions and insurance sectors.[11] It has over 100 constituent software businesses.
  • Jonas Software: acquires niche software businesses or companies in the vertical market software industry. Focuses on B2B and has a heavy presence in North America, Europe, South America, Australia and New Zealand. Has 140 companies in its portfolio across 40+ major verticals in 2022, primarily in the hospitality and construction sectors.[12]
  • Vela Software: operates 8 divisions, primarily focuses on the industrial sector, including oil and gas and manufacturing
  • Perseus Operating Group: operates 56 companies in a variety of industries, including home building, pulp and paper, dealerships, finance, healthcare, digital marketing, and real estate.
  • Total Specific Solutions: focuses on software companies in the UK and Europe. Total was acquired in December 2013 for $360 million.[5] In January 2021, this operating segment was spun-off to Topicus.com.

Controversy

[edit]

In 2016, the founder of Innoprise Software sued Harris Computer Systems for giving away its software for free, thus reducing the value of a revenue-sharing agreement.[13][4]

In mid-2018, the company cancelled its quarterly earnings calls, a highly unusual step for a public company.[6] Analysts suggest the company took this step because it was worried about leaking information about potential acquisitions to its competitors.

Management team

[edit]

As of September 25th 2025, the management team[14] is composed of

References

[edit]
Revisions and contributorsEdit on WikipediaRead on Wikipedia

Constellation Software

View on Grokipedia
from Grokipedia
Constellation Software Inc. (CSI) is a Canadian multinational software founded in 1995 by Mark Leonard that acquires, manages, and builds (VMS) businesses providing mission-critical solutions to specific industries in the public and private sectors. Headquartered in , , CSI operates through six independent operating groups—Volaris Group, , Jonas Software, Perseus Group, Topicus.com Inc., and Vela Software—that collectively serve customers in over 100 vertical markets worldwide, including public safety, healthcare, , , and . The company's growth strategy emphasizes acquiring established VMS companies with strong market positions, allowing them significant autonomy while providing centralized support for further acquisitions and operational improvements, resulting in over 1,000 acquisitions since inception and expansion to offices across , , , , and . As of 2024, CSI employed approximately 64,000 people and reported annual revenue of $10.07 billion, marking a 20% increase from the previous year driven largely by acquisitions. Listed on the under the ticker symbol CSU, CSI has become one of Canada's largest technology companies by , with a focus on long-term value creation through decentralized management and disciplined capital allocation. In September 2025, founder and long-time president Mark Leonard resigned for health reasons, with Mark Miller, a veteran executive and co-founder of an early CSI subsidiary, appointed as the new president to ensure continuity in leadership.

History

Founding and early development

Constellation Software was founded on August 23, 1995, in , , , by , initially as a firm focused on investing in software companies. , who holds a from the and an MBA from the , had spent eleven years in the industry prior to establishing the company, raising $25 million from investors including and Ventures West Capital to launch operations. Before entering , held a variety of jobs to support himself through education, including as a gravedigger, bouncer, dog handler, and wind energy researcher. Leonard grew frustrated with the traditional venture capital model, which emphasized short-term exits and frequent buying and selling of investments, often at the expense of long-term business development. This dissatisfaction led him to pivot Constellation toward a buy-and-hold strategy, creating a permanent capital vehicle dedicated to acquiring and indefinitely owning software businesses rather than flipping them for quick returns. The approach allowed for sustained improvement of acquired companies without the pressure of timed exits, aligning with Leonard's vision of building enduring value in the software sector. From its inception, Constellation began acquiring (VMS) companies—niche providers of mission-critical software tailored to specific industries such as public transit and justice systems—with its first deal closing in 1995 for Trapeze Software, a firm offering fixed-route scheduling solutions. Subsequent early acquisitions in the late 1990s and early 2000s, often costing between $2 million and $4 million each, targeted overlooked small VMS firms serving over 60 vertical markets, establishing the company's core focus on proprietary, industry-specific solutions that generated recurring revenue. This strategy emphasized acquiring businesses too small for larger interest, allowing Constellation to consolidate and empower them within a decentralized structure. The company went public through an on May 19, 2006, on the under the CSU, reorganizing its share capital into common shares and raising approximately $80 million to fuel further acquisitions. This listing provided permanent public capital, reinforcing the buy-and-hold model while enabling expansion beyond its initial venture roots.

Key milestones and expansions

Following its on the in 2006, Constellation Software experienced rapid post-IPO growth primarily through an aggressive acquisition strategy targeting (VMS) businesses. By 2024, the company had amassed over 500 such businesses, reflecting a deliberate expansion that capitalized on its model of acquiring niche software providers serving specific industries like public transit, healthcare, and operations. This period marked a shift from early organic development to scaled inorganic growth, with annual acquisition spending consistently in the hundreds of millions, enabling the integration of diverse VMS entities while maintaining operational autonomy for each acquired unit. In the 2000s and , Constellation formalized its structure by establishing initial operating groups to manage the growing portfolio of acquisitions, providing focused oversight for clusters of related VMS businesses. A key development was the creation of the Group in the early , which by 2012 was actively acquiring companies in sectors such as , , and marine software, including notable deals like SpecTec Group Holdings Limited. These groups, including , facilitated efficient scaling by grouping acquisitions thematically, allowing Constellation to handle increasing complexity without centralizing control excessively. A significant strategic pivot occurred in with the spin-off of Topicus.com Inc., a European-focused entity comprising previously acquired businesses under Total Specific Solutions and other regional operations. Constellation retained substantial ownership in Topicus, holding approximately 30% of the shares on a fully-diluted basis post-spin-off, with subsequent increases through additional transactions, allowing continued influence while enabling targeted growth in the European market. This move diversified geographic exposure and streamlined management for international assets. By 2025, Constellation's expansion had accelerated further, completing numerous additional acquisitions and growing its employee base to approximately 64,000 worldwide, underscoring the scale of its VMS ecosystem. In parallel, the company entered AI strategies that year, emphasizing the integration of into its acquired VMS offerings to deliver vertical-specific enhancements, such as improved customization and efficiency in sector-specific applications. This initiative was highlighted in a September 2025 discussing AI's potential to expand IT budgets and augment rather than disrupt existing software models. In September 2025, founder and long-time president Mark Leonard resigned for health reasons, with Mark Miller, a executive, appointed as the new president to ensure continuity in leadership.

Business model

Acquisition strategy

Constellation Software's acquisition strategy centers on a buy-and-hold philosophy, targeting profitable (VMS) companies that serve specific industries with mission-critical solutions, such as those in the or healthcare, and committing to permanent ownership without plans to divest or flip them. This approach emphasizes acquiring niche businesses that generate steady recurring revenue streams through maintenance contracts and subscriptions, avoiding consumer-facing or commoditized software offerings. Target companies are selected based on rigorous criteria to ensure long-term value creation. Exceptional candidates typically exhibit at least $1 million in EBIT, EBITDA margin plus annual revenue growth totaling at least 20%, and experienced teams capable of sustaining operations. Good businesses, meanwhile, must hold a leading market position (number one or two) in an underserved vertical, generate over $5 million in annual revenue, serve hundreds or thousands of customers, and face limited competition. Strong management continuity is prioritized, with a preference for founder-led firms where leaders are motivated to enhance profitability under Constellation's umbrella. The capital allocation process is decentralized, with deal sourcing primarily handled by the company's operating groups, while central oversight ensures funding alignment and approval for larger transactions. This structure enables efficient deployment of excess cash flows toward acquisitions, with annual spending consistently surpassing $1 billion in recent years, including $1.8 billion in total consideration for 2024. The strategy redeploys generated cash to fuel ongoing purchases, compounding the portfolio's intrinsic value without reliance on external financing for routine deals. Post-acquisition integration maintains high for the acquired entities, with minimal central interference in day-to-day operations to preserve their specialized expertise and . Instead, Constellation provides , resources, and capital access to support organic growth and tuck-in acquisitions, fostering an environment where management can focus on enhancing recurring revenue and profitability. This hands-off model, informed by shareholder letters emphasizing perpetual ownership, allows acquired businesses to operate as independent units while benefiting from shared best practices.

Decentralized operations

Constellation Software's operational framework is built on a philosophy of and , where subsidiary managers maintain significant over their businesses. This approach ties managerial performance to incentives, such as stock options and equity participation, encouraging long-term value creation aligned with shareholder interests. Founder Mark Leonard emphasized this in his shareholder letters, promoting a culture where hard work, fairness, and continuous learning reward capable leaders while fostering . The central headquarters, a small team based in , focuses primarily on capital allocation, governance, and overarching strategy, without imposing mandatory synergies or shared services on subsidiaries. This lean structure, comprising a dedicated group handling capital and large-scale acquisitions, supports the decentralized model by avoiding interference in day-to-day operations. Leonard outlined key principles in his operating manual and annual letters to shareholders, stressing perpetual ownership of vertical market software businesses, ethical conduct, and the rejection of bureaucratic expansion to preserve agility. These tenets, communicated through consistent shareholder communications, reinforce a commitment to long-term over short-term gains. This decentralized structure enables rapid scaling of niche expertise by leveraging local leadership strengths, though it demands robust subsidiary management to navigate challenges effectively. For instance, adaptations to emerging technologies like are managed at the business unit level, with each independently assessing and integrating AI tools to enhance their specialized offerings.

Organizational structure

Operating groups

Constellation Software structures its portfolio through six primary operating groups, each functioning semi-independently to acquire, manage, and develop businesses across more than 100 specialized markets, such as agri-food, marine, and retail. These groups enable focused expertise in distinct industry verticals while adhering to the company's overarching decentralized management principles. The Volaris Group, formed in 2011, specializes in solutions for communications, media, , and related areas, managing over 200 subsidiaries that provide mission-critical applications to sustain long-term growth. It emphasizes acquiring and strengthening vertical market technology companies, drawing on Constellation's extensive acquisition experience to foster and within its portfolio. Harris Computer Systems, acquired by Constellation in 1996, concentrates on software for government and healthcare verticals, with a strong focus on modernizing legacy systems to deliver innovative, mission-critical solutions. As a global provider, it acquires businesses with growth potential and integrates them to serve public and private sector needs efficiently. Jonas Software, established in 2003, targets industries including , , fitness, and , overseeing numerous subsidiaries that specialize in . The group is recognized for its role in driving cloud migrations and digital transformations, having completed over 200 acquisitions as of 2025 to enhance operational capabilities in these sectors. Vela Software, a smaller operating group, focuses on , distribution, and industrial sectors such as oil and gas, through eight specialized divisions that employ tuck-in acquisitions to build targeted software portfolios. It acquires and manages mission-critical applications to support niche markets, benefiting from Constellation's global reach across dozens of countries. The Perseus Group targets public safety, justice, education, and verticals, with a portfolio that includes international operations and a track record of over 1,000 acquisitions by Constellation since its inception, including ongoing activity in 2025. It acquires businesses to blend global scale with specialized expertise, particularly in regulated environments. Topicus.com, spun off from Constellation in January 2021 to accelerate European expansion, mirrors the parent company's acquisition model while focusing on healthcare, services, and other verticals; Constellation retains a majority stake to ensure strategic alignment. Operating primarily through its subsidiary Total Specific Solutions, it continues to acquire and grow software businesses in , maintaining close ties with Constellation's broader ecosystem.

Global presence and headquarters

Constellation Software Inc. is headquartered at 66 Wellington Street West, Suite 5300, TD Bank Tower, in , , , M5K 1E6, where it has served as the central hub for corporate strategy, finance, and oversight since its founding in 1995. The company maintains a global footprint through its network of subsidiaries, operating in , (including the and ), , , and , serving over 150,000 customers worldwide. Major offices include those in the United States (such as in , for Harris operations), the , the (headquarters of the Topicus operating group in ), and (such as in South Brisbane). As of December 31, 2024, Constellation Software employs approximately 64,000 full-time staff worldwide, with staffing decentralized across local subsidiaries to align with regional operations and customer needs; the majority of employees are based in and . Geographic expansion has been primarily driven by acquisitions of businesses, which have extended the company's reach into new regions; for instance, the 2021 establishment of the Topicus operating group has intensified focus on through targeted purchases in countries like the , , and .

Financial performance

Revenue growth and acquisitions

Constellation Software has demonstrated robust growth since its early operations, expanding from approximately CAD 78 million in 2006 to $6.0 billion in 2022, $8.4 billion in 2023, and $10.06 billion in 2024. This trajectory continued into 2025, with trailing twelve-month reaching $11.1 billion as of September 30. The has achieved average annual growth rates of 20-30% over this period, fueled by a mix of organic expansion—primarily from recurring maintenance fees—and strategic acquisitions that integrate new businesses. Acquisitions have been the primary driver of this expansion, with Constellation completing over 500 deals since inception, contributing an estimated 15-20% to annual revenue increments. These transactions have increasingly focused on larger targets, with average deal sizes rising from around $3 million in early years to $50-100 million by 2025, enabling faster scaling while preserving the company's decentralized model. In 2024 alone, acquisitions accounted for $1.71 billion in cash outlays, underscoring their role in sustaining high growth amid maturing organic segments. Profitability remains strong, with operating margins consistently in the 15-20% range, supported by high recurring comprising over 75% of total sales—largely from post-sale and support for . Constellation maintains low leverage, with total debt at approximately US$5.0 billion as of September 30, 2025, funded primarily through operational cash flows rather than excessive borrowing, which allows flexibility for ongoing acquisition activity. In the third quarter of 2025, revenue increased 16% year-over-year to , reflecting 5% after adjustments and minor prior-period corrections. Emerging investments in , particularly for enhancing software offerings in and healthcare verticals, are beginning to improve margins in targeted areas, as highlighted in company discussions on AI's operational impacts.

Stock performance and valuation

Constellation Software Inc. (TSX: CSU) has been publicly traded on the since its on May 15, 2006. At the time of its IPO, the company's was approximately CAD 70 million. Since then, the has delivered exceptional long-term , achieving a compounded annual total return of approximately 34% through mid-2025, significantly outperforming broader market indices such as the S&P/TSX Composite. The company's has grown dramatically over nearly two decades, reaching a peak of around CAD 78 billion in May 2025 based on a share high of CAD 3,720. By 2025, following market volatility, it stood at approximately CAD 68.6 billion with 21.19 million . This growth reflects investor confidence in Constellation's acquisition-driven model, though the stock trades at a premium valuation, with a trailing price-to-earnings (P/E) ratio of 57.96, a forward P/E of 15.95, and a price-to-free-cash-flow (P/FCF) ratio of 14.83 (based on TTM FCF per share of C$169.47 and share price of C$2,512.96), higher than typical software sector averages due to its sustained growth trajectory. A notable event impacting stock performance occurred on September 25, 2025, when founder and long-time President Mark Leonard resigned for health reasons, leading to an immediate 17% drop in the share price over the following week and erasing billions in . The stock partially recovered in subsequent weeks as new President Mark Miller reaffirmed the company's robust acquisition pipeline and commitment to its decentralized strategy, helping to stabilize investor sentiment amid the leadership transition. In January and February 2026, Constellation Software's shares experienced a significant decline amid broader market concerns over potential disruption to the software industry from advancements in artificial intelligence. The stock closed at CAD 3,256.73 on January 6, 2026, before falling to CAD 2,512.96 by January 30, 2026—a decrease of approximately 23%. It reached a low closing price of CAD 2,288.91 on February 3, 2026, and closed at CAD 2,434.02 on February 6, 2026, reflecting an overall decline of around 25% from the January 6 level. This movement occurred as part of a sector-wide selloff in software stocks driven by fears of AI disruption. Constellation Software maintains a distinctive approach to investor relations, eschewing quarterly earnings conference calls and forward guidance in favor of annual shareholder letters from the president, which emphasize long-term value over short-term market fluctuations. These letters, available on the company's website, provide insights into strategic priorities without detailed quarterly disclosures, aligning with the firm's focus on operational autonomy across its portfolio.

Leadership and management

Key executives and board

Constellation Software's leadership is characterized by a small team of experienced executives focused on the company's decentralized acquisition and operational model. The key executives include the President and , , and other senior roles that support capital allocation and strategic oversight. The , comprising nine members, provides with an emphasis on expertise and long-term value creation. Mark Leonard, the founder of Constellation Software in 1995, served as President until September 2025 and now acts as a . With a background in prior to founding the company, Leonard holds a BSc from the and an MBA from the . He owns approximately 1.9% of the company's shares, aligning his interests with shareholders. Leonard is renowned for his annual shareholder letters, which serve as an informal operating manual guiding the company's culture of autonomy and disciplined growth. Mark Miller has been President and Chief Operating Officer since September 2025, while also serving as Executive Chairman of the Volaris Group. With over 30 years at , including co-founding the Trapeze Group (acquired by the company in 1995), Miller specializes in operational leadership, acquisitions, and integrations across operating groups. His tenure emphasizes developing management talent and executing the decentralized strategy. Jamal Baksh has served as since joining the company in 2003, initially as Controller of the Jonas Operating Group. A with an Honours Bachelor of Mathematics from the , Baksh oversees financial reporting, capital allocation, and treasury functions. Under his leadership, Constellation Software has maintained a conservative with minimal , supporting sustained acquisitions without excessive leverage. John Billowits serves as Chairman of the Board and is an independent director with deep technology governance experience. Previously the CEO of the Vela Operating Group, he holds a CPA designation and an MBA from London Business School. Billowits also sits on the boards of Togetherwork and Topicus.com, bringing expertise in software operations and strategic oversight. The board of directors is a compact, merit-based group of nine members selected for their software and investment acumen, including figures like Vice-Chairman Lawrence Cunningham (a professor and founder of the Quality Shareholders Group) and directors such as Claire Kennedy (a senior advisor at Bennett Jones LLP with legal and financial board experience). As of May 2025, the board features 33% women and diverse professional backgrounds, with no dominant external investors influencing decisions, preserving the company's founder-led ethos.

Recent leadership transitions

On September 25, 2025, Mark Leonard, founder and long-serving President of Constellation Software Inc., resigned from his executive role for health reasons after 30 years with the company, effective immediately, while continuing to serve as a member of the . The simultaneously appointed Mark Miller, the company's , as the new President, emphasizing that the change would ensure continuity in the firm's established strategy and operations. In statements accompanying the announcement, Chairman John Billowits highlighted Leonard's foundational contributions since 1995, and both Leonard and Miller expressed confidence in a seamless transition. Following the transition, made his first public address during a and on October 1, 2025, hosted alongside Jamal Baksh, marking the company's inaugural shareholder Q&A session of this format. reaffirmed the commitment to "business as usual," stating, "I really think it's business as usual, just continue to push ahead with our existing strategy," with discussions centering on maintaining acquisition momentum and exploring AI's role in enhancing operations. The session addressed inquiries on capital deployment and operational priorities, underscoring no immediate strategic shifts. The transition highlighted Leonard's longstanding emphasis on meritocracy within Constellation Software's culture, which had informed internal promotions like Miller's based on performance rather than tenure. No major strategy alterations were announced, aligning with Leonard's prior focus on decentralized decision-making and organic growth alongside acquisitions. However, the change prompted questions among investors regarding long-term capital allocation decisions, given Leonard's pivotal role in the company's disciplined approach to investments.

Controversies and challenges

In 2015, the founder of Innoprise Software filed a lawsuit against Harris Computer Systems, a subsidiary of Constellation Software, alleging breach of an asset purchase agreement from 2011. The suit claimed that Harris distributed Innoprise's software for free to promote other products, thereby depriving the founder of promised ongoing revenue shares and devaluing the acquisition. The case proceeded to a scheduled jury trial in June 2016 after partial dismissal of certain claims, but was ultimately settled out of court with no public details on the terms. Constellation Software and its subsidiaries have encountered minor legal disputes, which were resolved through settlements without material impact. As of 2025, no major ongoing litigation has been reported. The company's acquisitions in software have periodically faced antitrust reviews by regulatory authorities, such as those required for the 2025 treasury shares purchase agreement with Topicus.com Inc. However, none have resulted in blocked deals, attributable to Constellation's emphasis on niche, non-dominant markets.

Market and operational risks

Constellation Software Inc. faces various market risks stemming from economic volatility and competitive pressures in the industry. Fluctuating influenced by broader economic conditions can reduce spending on software licenses and , leading to lower revenues and the need for increased provisions for doubtful accounts. Competition from both large multinational providers and smaller niche players intensifies pricing pressures, potentially eroding gross margins and if the company fails to differentiate its offerings. Additionally, rapid technological advancements require ongoing product enhancements; delays or inadequacies in could diminish competitiveness and revenue streams. Currency fluctuations pose significant market risks due to the company's international operations across multiple geographies. Variations in rates can adversely affect reported profitability, product competitiveness, and overall financial condition, with potential losses from unhedged exposures. Market volatility in the company's common shares may also arise from factors such as analyst revisions, industry trends, or general , impacting confidence and capital access. On the operational front, the company's acquisition-driven growth strategy introduces integration challenges that could disrupt business continuity. Failures to effectively merge acquired entities' personnel, systems, and operations may strain relationships, increase expenses, and lead to goodwill impairments or lost opportunities. Retention of key personnel, including and technical experts, is critical; their departure could hinder operations given the specialized skills and industry networks required in and sales. attrition, particularly in recurring and service contracts, represents another operational , as even modest losses could materially harm financial results. Operational risks extend to cybersecurity threats and geopolitical disruptions, which have historically affected the company. A 2023 cybersecurity incident highlighted vulnerabilities that could lead to service interruptions, reputational damage, regulatory penalties, and elevated legal costs if breaches occur. Events such as pandemics, natural disasters, or restrictions may prolong sales cycles, disrupt supply chains, or increase operational costs, particularly in global markets with extended terms and local regulatory hurdles. Furthermore, delays in or outages could result in product release setbacks, customer dissatisfaction, and revenue declines, underscoring the need for robust and protections to maintain operational resilience.

References

  1. https://www.csisoftware.com/overview
  2. https://www.forbes.com/companies/constellation-software/
  3. https://www.bloomberg.com/profile/company/CSU:CN
  4. https://www.csisoftware.com/our-companies
  5. https://www.csisoftware.com/docs/default-source/press-releases/q4-2024-shareholder-report.pdf?sfvrsn=2b888200_3
  6. https://www.csisoftware.com/about-us/management-team
  7. https://pitchbook.com/profiles/company/11821-24
  8. https://www.volarisgroup.com/acquired-knowledge/why-the-economist-considers-volaris-group-parent-company-constellation-software-tech-s-berkshire-hathaway/
  9. https://www.csisoftware.com/docs/default-source/press-releases/csi---press-release-q4-2024---final.pdf?sfvrsn=a6da3ec_3
  10. https://www.csisoftware.com/category/press-releases/2025/09/25/constellation-software-inc.-announces-the-resignation-of-mark-leonard-and-appointment-of-mark-miller-as-president-of-constellation-software
  11. https://www.forbes.com/profile/mark-leonard/
  12. https://www.csisoftware.com/docs/default-source/press-releases/2024-annual-information-form---final.pdf?sfvrsn=6901482f_3
  13. https://www.theglobeandmail.com/report-on-business/rob-magazine/the-most-successful-canadian-dealmaker-youve-never-heard-of-and-will-never-see/article18134950/
  14. https://speedwellresearch.com/2022/10/14/constellation-software-business-history/
  15. https://www.fool.ca/2020/11/09/this-stock-could-have-made-you-a-millionaire/
  16. https://seekingalpha.com/article/4773377-constellation-software-stock-head-for-stars-with-stellar-compounder
  17. https://www.globenewswire.com/news-release/2012/08/21/1474811/0/en/Constellation-Software-s-Volaris-Group-Acquires-SpecTec-Group-Holdings-Limited.html
  18. https://www.volarisgroup.com/acquired-knowledge/30-years-at-volaris-being-part-of-trapeze-groups-ascent/
  19. https://www.globenewswire.com/news-release/2021/01/05/2153464/0/en/Constellation-Software-Inc-Completes-Spin-Out-of-Topicus-com-Inc.html
  20. https://www.5iresearch.ca/blog/constellation-software-update-on-artificial-intelligence-ai-and-what-investors-should-know
  21. https://www.csisoftware.com/about-us/being-acquired
  22. https://www.morningstar.com/company-reports/1269536-constellation-software-is-an-acquisition-machine
  23. https://quartr.com/insights/company-research/constellation-software-acquiring-and-empowering
  24. https://hatedmoats.substack.com/p/constellation-software-deep-dive
  25. https://quartr.com/insights/business-philosophy/collection-mark-leonards-shareholder-letters#q3-2008-doubling-down-when-everyone-else-falls-apart
  26. https://www.csisoftware.com/docs/default-source/investor-relations/presidents-letter/presidents-letter-april-2018-final.pdf
  27. https://www.csisoftware.com/docs/default-source/press-releases/letter-to-shareholders---february-15-2021.pdf
  28. https://www.sec.gov/Archives/edgar/data/1113678/000119312515138334/d906182dex26.htm
  29. https://seekingalpha.com/article/4824855-constellation-software-inc-csuca-discusses-on-ais-impact-on-software-businesses-call-transcript
  30. https://www.volarisgroup.com/about/
  31. https://www.volarisgroup.com/acquired-knowledge/constellation-software-named-top-strategic-acquirer-for-2018/
  32. https://www.harriscomputer.com/constellation-software
  33. https://pitchbook.com/profiles/company/11732-95
  34. https://www.harriscomputer.com/
  35. https://jonassoftware.com/20-years-of-jonas
  36. https://jonassoftware.com/about-us
  37. https://velasoftwaregroup.com/
  38. https://csiperseus.com/
  39. https://ca.linkedin.com/company/perseus-group-constellation-software-inc
  40. https://www.csisoftware.com/category/press-releases/2021/01/05/constellation-software-inc.-completes-spin-out-of-topicus.com-inc
  41. https://topicus.com/
  42. https://www.csisoftware.com/about-us/contact-us
  43. https://www.csisoftware.com/
  44. https://www.linkedin.com/company/harris-computer.
  45. https://craft.co/constellation-software/locations
  46. https://topicus.com/about-us
  47. https://www.globaldata.com/company-profile/constellation-software-inc/
  48. https://companiesmarketcap.com/constellation-software/revenue/
  49. https://www.ainvest.com/news/constellation-software-profitability-challenges-strong-revenue-growth-2508/
  50. https://ca.finance.yahoo.com/news/outlook-constellation-software-stock-2025-201000258.html
  51. https://www.morningstar.com/stocks/xtse/csu/key-metrics
  52. https://expansestocks.substack.com/p/constellation-software-q2-2025
  53. https://www.csisoftware.com/docs/default-source/press-releases/csi---mda-q3-2025---final.pdf?sfvrsn=unknown
  54. https://www.globenewswire.com/news-release/2025/11/07/3183999/0/en/Constellation-Software-Inc-Announces-Results-for-the-Third-Quarter-Ended-September-30-2025-and-Declares-Quarterly-Dividend.html
  55. https://www.csisoftware.com/category/press-releases/2025/09/16/constellation-software-inc.-announces-conference-call-to-discuss-ai-s-impact-on-software-businesses
  56. https://stockunlock.com/stockDetails/CSU.TO/general
  57. https://www.compoundingquality.net/p/constellation-software-deep-dive-3f2
  58. https://companiesmarketcap.com/constellation-software/stock-price-history/
  59. https://finance.yahoo.com/quote/CSU.TO/
  60. https://betakit.com/constellation-software-shares-close-week-down-17-percent-after-founder-and-ceo-steps-down/
  61. https://www.globenewswire.com/news-release/2025/09/25/3156334/0/en/Constellation-Software-Inc-Announces-the-Resignation-of-Mark-Leonard-and-Appointment-of-Mark-Miller-as-President-of-Constellation-Software.html
  62. https://finance.yahoo.com/quote/CSU.TO/history
  63. https://finance.yahoo.com/news/look-constellation-software-tsx-csu-211353224.html
  64. https://seekingalpha.com/article/4863648-constellation-software-one-of-the-last-places-ai-entrepreneurs-will-target
  65. https://www.csisoftware.com/category/pres-letters
  66. https://www.csisoftware.com/investor-relations
  67. https://www.csisoftware.com/investor-relations/board-of-directors
  68. https://csiesg.com/governance
  69. https://www.csisoftware.com/docs/default-source/press-releases/september-25-2025-press-release-final.pdf?sfvrsn=cb651616_3
  70. https://www.globenewswire.com/news-release/2025/09/26/3157269/0/en/Constellation-Software-Inc-Announces-Conference-Call.html
  71. https://www.theglobeandmail.com/business/article-new-constellation-software-boss-promises-business-as-usual-in-first/
  72. https://seekingalpha.com/article/4827313-constellation-software-inc-csu-ca-leadership-transition-and-insights-on-capital-deployment-conference-call
  73. https://www.colinkeeley.com/blog/mark-leonard-constellation-software-operating-manual
  74. https://seekingalpha.com/article/4826822-constellation-softwares-dual-challenge-navigating-leadership-change-age-of-ai
  75. https://www.theglobeandmail.com/globe-investor/investment-ideas/has-constellation-softwares-run-of-rapid-growth-come-to-an-end/article33824856/
  76. https://www.globenewswire.com/news-release/2015/06/08/1237986/0/en/Innoprise-Software-Files-Suit-Against-N-Harris-Computer-Corporation-and-Harris-Systems-USA-Inc.html
  77. https://www.so-co-it.com/post/466568/innoprise-software-s-lawsuit-against-harris-computer-systems-csu-to-proceed-to-jury-trial-on-june-13-2016.html
  78. https://www.csisoftware.com/category/press-releases/2025/02/05/constellation-software-inc.-and-topicus.com-inc.-announce-execution-of-treasury-shares-purchase-agreement
  79. https://finance.yahoo.com/news/acquisition-engine-vs-valuation-ceiling-092323938.html
Add your contribution
Related Hubs
User Avatar
No comments yet.