Constellation Software: M&A Best Practices
Former M&A and Strategy at Constellation Software
inpractise.com/articles/constellation-software-manda-best-practices
Constellation Software
Why is this company interesting?
Constellation Software is a vertical market software (VMS) serial acquirer. Founded by Mark Leonard, the company has several notable attributes: its 21 million shares outstanding have not changed since inception. It has compounded free cash flow at a 29% clip since its IPO in 2006. It has no debt, high returns on capital and maintains a rational, return-based corporate culture.
Leonard and his team are widely regarded as among the best corporate capital allocators in the world. The business itself consists of hundreds of software companies, dominant in their niches with pricing power and sticky customers.
Constellation Software: M&A Best Practices(February 17, 2022)
Former M&A and Strategy at Constellation Software
This executive is SaaS and tech investor with a background in financial services and engineering. He worked for an operating group of Constellation Software as a practitioner of M&A. His deep expertise is in the art and science of capital allocation.
Interview Transcript
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