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IP Fieldwork Podcast
Published August 11, 2023

Constellation Software: Altera Acquisition Analysis

CSUConstellation SoftwareVITVitec Software

Why is this interview interesting?

We discuss the year-1 performance of Altera, CSI's largest acquisition to day, and share our learnings from 6+ hours of interviews with Former Altera / Allscripts executives and CSI M&A execs who worked on the deal. We explore:

  • Why Altera's customer churn could be higher than expected
  • Challenges meeting meaningful use regulations and new product development on Altera's R&D budget
  • Impact on CSI's potential levered and unlevered IRR
  • Comparison with Acceo, CSI's first LBO in 2018

Interview Transcript

Disclaimer: This interview is for informational purposes only and should not be relied upon as a basis for investment decisions. In Practise is an independent publisher and all opinions expressed by guests are solely their own opinions and do not reflect the opinion of In Practise.

This is a new podcast we're launching which is a more relaxed format discussing what we've learned from our internal primary research over the last week.

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Other CSI Resources

  3. Constellation Software, Allscripts, & CSI 2.0 | In Practise - Analysis of the Allscripts acquisition and what it means for CSI’s FCF deployment.
  4. Valuing Constellation Software & Lumine Spin | In Practise - Investors discuss the Lumine spin, CSI’s terminal value and talent retention.
  5. Halma, Danaher, CSU & Serial Acquirer Org Structures | In Practise - Analysis of different organizational structures for serial acquirers and what it means for scalability of M&A.
  6. Constellation Software Competitive Risks with Former CSI M&A Executive

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