Three decades of vertical-market software operating companies, organized by operating group — every material Volaris, Harris, Jonas, Perseus, Vela, and TSS subsidiary across the ~900+ VMS portfolio, plus the 2021 Topicus and 2023 Lumine spinoffs.
This is the portfolio-company ledger companion to the Institute's Constellation Software acquisition record. Where that page catalogs Constellation's acquisition transactions chronologically — the material named deals across three decades — this page catalogs the operating companies Mark Leonard's compounder owns and operates, organized primarily by operating group (Volaris Group, Harris Computer Systems, Jonas Software, Perseus Operating Group, Vela Software, Total Specific Solutions) and secondarily by subsidiary within each group. Constellation Software Inc. (TSX: CSU) owns approximately 900+ vertical-market software (VMS) businesses across dozens of verticals from public transit to private clubs to funeral homes to municipal water utilities — the largest known VMS operating-company book in public markets. This ledger documents approximately 130+ material named portfolio companies: Volaris Group anchors (Wynne Systems, Volaris Rail, Volaris Retail, aviation and broadcast subsidiaries), Harris Computer Systems (Cayenta, Harris Local Government, Harris Utilities, Harris Healthcare, iNET, SmartWorks), Jonas Software (Jonas Club Software, Jonas Construction, Jonas Fitness, Jonas Chorum hospitality), Perseus (SMB accounting and professional-services businesses), Vela Software (Trapeze Group public transit, Trapeze Rail, engineering and manufacturing VMS), and Total Specific Solutions (the Dutch European enterprise-software platform acquired 2013 for ~$362M — Constellation's largest single deal). The 2021 Topicus.com spinoff carried the majority of European TSS subsidiaries out into a separately-listed public entity (TSXV: TOI, Euronext: TOI) in which Constellation retains an approximately 30% economic interest. The 2023 Lumine Group spinoff carried the media, communications, and telecom VMS platform out to TSXV: LMN. This ledger is a living reference: as Constellation closes new bolt-ons at a pace of ~100-200 per year, material additions are added here. Nothing here is investment advice. Everything here is a fact-checkable practitioner reference for a specific question — what does three decades of decentralized vertical-market software compounding actually look like, portfolio-company by portfolio-company?
This is the portfolio-company ledger, distinct from the acquisitions record. The Constellation Software acquisitions record catalogs Constellation's individual transaction history — the material named deals across three decades from Mark Leonard's 1995 founding through today, ordered chronologically. This ledger catalogs the operating companies inside Constellation (and inside the 2021 Topicus.com and 2023 Lumine Group spinoff cohorts) organized primarily by operating group. The two records are complementary: read together they show both the deal history and the operating book. This ledger is the reference format practitioners use when they need to ask, "Which operating group owns Wynne Systems," "What does Harris Computer own," "Is Trapeze Group still Constellation," or "Which subsidiaries went to Topicus in 2021."
Organized by operating group, not by year. Unlike the acquisitions record, which is chronological, this ledger is sorted primarily by operating group (Volaris, Harris, Jonas, Perseus, Vela, TSS, Topicus, Lumine) and secondarily alphabetically by subsidiary within each group. Each row tracks the operating group at time of ownership, the vertical or industry served, the approximate year Constellation (or an operating-group predecessor) acquired the business, the country of origin, the current status (Current Constellation / Spun to Topicus / Spun to Lumine / Merged into another business unit / Divested), and a one-line practitioner note on the operating company's role and disposition. Consideration is intentionally omitted — Constellation famously does not disclose individual deal terms, and this ledger flags the exceptions (TSS 2013 ~$362M, select carve-outs) in the practitioner notes rather than presenting a false consideration column.
Covers ~900+ VMS companies but catalogs the material named subset. Constellation Software has cumulatively acquired approximately 900+ vertical-market software operating companies from 1995 through today — the highest lifetime deal count of any public serial acquirer in modern capital-markets history. This ledger surfaces the ~130+ material named portfolio companies that show up in Constellation, Topicus, and Lumine investor filings and that are named at the operating-group level — a representative subset of the underlying 900+ operating book. Complete enumeration of every acquired VMS entity is impossible: the vast majority of Constellation's sub-$10M tuck-in deals are disclosed only in aggregate through quarterly filings.
The Topicus 2021 spinoff is a structural feature of this ledger. On February 1, 2021 Constellation Software spun off approximately 30 European VMS operating companies — mostly the Dutch, Belgian, German, and Nordic Total Specific Solutions (TSS) subsidiaries acquired since 2013 — into a separately-listed public entity, Topicus.com Inc. (TSXV: TOI, Euronext Amsterdam: TOI). Constellation retains an approximately 30% economic interest through a dual-class structure. Each subsidiary that moved to Topicus in the 2021 spin is flagged with a "Spun to Topicus" status. The 2023 spinoff of Lumine Group (TSXV: LMN) — media, communications, and telecom VMS — is the second such structural event and is flagged with "Spun to Lumine" status on affected rows.
Framed for professional research audiences. This ledger is written for practitioners in M&A, private equity (particularly the VMS-focused PE funds), vertical-software analysis, CFOs of VMS companies wondering whether they might be a Constellation target, and capital-allocation study who need a fact-checkable reference for the Constellation operating-company book. Every row is a one-line answer to a specific query. This is the reference set for the study of decentralized vertical-market software compounding — the Mark Leonard model applied across three decades and six operating groups — that sits at the center of the modern software-M&A tradition.
Five structural observations across three decades of Constellation operating-company assembly — the how-Constellation-owns pattern that the ledger below documents portfolio-company by portfolio-company.
(a) The Mark Leonard operating model — decentralized, hurdle-rate disciplined, permanent capital. Constellation Software runs on three defining discipline features. First, every acquisition target must clear an internal hurdle rate (mid-20s IRR) before capital is deployed — the hurdle rate is not aspirational, it is the gating criterion. Second, capital-allocation authority is delegated as far down the operating structure as possible: operating-group presidents authorize deals below their thresholds, portfolio-company CEOs make hiring and pricing decisions, corporate rarely intervenes. Third, acquired VMS businesses are held permanently — divestitures are rare exceptions, not portfolio-rebalancing events. Leonard's annual shareholder letters (published sporadically since the 2006 IPO) codified these disciplines. Constellation is best understood not as a software conglomerate but as a permanent-capital vehicle for compounding VMS returns at the hurdle rate. The portfolio ledger reads as the operating output of that discipline.
(b) The six operating groups — the actual unit of Constellation's decentralization. Constellation is not a single M&A pipeline. It is six functionally independent VMS acquirers, each with its own CEO, deal team, portfolio, and internal hurdle rate. Volaris Group (the largest and most diversified) covers dozens of verticals — aviation, broadcast, sports, insurance, agriculture, marine, emergency services, real estate, legal practice, education, retail. Harris Computer Systems is the public-sector, utilities, healthcare, and financial-services specialist — the closest analog to a traditional government-IT roll-up. Jonas Software covers clubs (Jonas Club Software), construction (Jonas Construction), fitness (Jonas Fitness), hospitality (Jonas Chorum), and adjacent trade-service verticals. Perseus Operating Group focuses on SMB ERP and professional-services automation. Vela Software (grown from the Trapeze Group public-transit roots) covers engineering, manufacturing, distribution, and wholesale-industrial trading. Total Specific Solutions (TSS) is the European enterprise-software platform (Dutch base, expanded into Belgium, Germany, Nordic). Each group runs its own pipeline; group-level capital allocation is where Constellation's decentralization actually operates.
(c) The TSS 2013 acquisition as European template. In 2013 Constellation acquired Total Specific Solutions (TSS), the Dutch European enterprise-software group, for approximately $362M — by a substantial margin the largest single acquisition in company history. Prior to TSS, no Constellation deal had exceeded roughly $100M in disclosed consideration; the company had built itself from ~200 tuck-in deals per year in the $5-30M range. TSS was a step-change transaction. It gave Constellation a European VMS platform with immediate scale (Dutch government software, Belgian enterprise software, healthcare, finance verticals). Structurally, TSS became a sixth operating group alongside Volaris, Harris, Jonas, Perseus, and Vela — running its own decentralized VMS deal pipeline in Europe. The TSS platform ran inside Constellation from 2013-2020 accumulating additional European bolt-ons, then became the seed for the February 2021 Topicus.com spinoff.
(d) The Topicus 2021 spinoff — mini-Constellation replication for Europe. On February 1, 2021 Constellation spun off approximately 30 European VMS operating companies (mostly TSS heritage) into Topicus.com Inc., a separately-listed public entity trading on both the TSX Venture Exchange (TSXV: TOI) and Euronext Amsterdam (TOI). Constellation retained an approximately 30% economic interest through a dual-class structure that vests continuing influence over Topicus capital allocation while allowing the European entity to pursue acquisitions on its own equity currency. The strategic rationale was to create a "mini-Constellation" for Europe — a public vehicle with its own hurdle rate, its own portfolio-CEO discipline, and its own decentralized operating structure, capable of accelerating European VMS acquisitions at a pace TSS could not sustain from inside the larger corporate wrapper. The 2023 Lumine Group spinoff (TSXV: LMN — media, communications, and telecom VMS carved out from multiple operating groups) applied the same "mini-Constellation" template a second time. The pattern is now visible: Constellation appears willing to spin out coherent vertical clusters into their own public vehicles once they reach a scale where independent capital allocation becomes more efficient than group-level allocation inside CSU.
(e) The vertical-market-software "moat by boring" thesis. Constellation acquires exclusively at the boring end of the software market — small vertical businesses that Silicon Valley venture capital and horizontal-software incumbents structurally ignore. The four defining VMS traits Leonard targets are: mission-critical embedment in customer workflows (private clubs cannot function without Jonas Club Software; transit agencies cannot function without Trapeze; municipal water utilities cannot function without Harris Utilities), small market size (so the entire vertical is too small to attract hyperscale competition), long customer relationships (recurring maintenance revenue for decades), and skilled but non-scale-hunting management (founders who want a permanent home, not a growth-stage buyer looking to flip). VMS is the moat-by-boring category. The ledger below reads as three decades of that thesis applied at industrial scale — every subsidiary is a small mission-critical vertical business somewhere on the boring spectrum, permanently held by an operating group inside a permanent-capital wrapper.
Every material Constellation Software operating company from Mark Leonard's 1995 founding through today, sorted by operating group and then alphabetically by subsidiary — the reference format practitioners use when researching a specific portfolio company. Anchored by the six operating groups — Volaris Group (Wynne Systems, Volaris Rail, Volaris Retail, aviation, broadcast, sports, agriculture, insurance, marine, emergency services), Harris Computer Systems (Cayenta, Harris Local Government, Harris Utilities, Harris Healthcare, Harris Public Sector, iNET, SmartWorks), Jonas Software (Jonas Club, Jonas Construction, Jonas Fitness, Jonas Chorum), Perseus (SMB accounting, professional services), Vela Software (Trapeze Group, Trapeze Rail, engineering & manufacturing), and Total Specific Solutions (the Dutch European platform acquired 2013 for ~$362M) — plus the Topicus.com spinoff cohort (2021) and Lumine Group spinoff cohort (2023). Sortable by operating group, subsidiary, acquisition year, and status. Search by portfolio-company name or by vertical served. Every row is a fact-checkable reference. This is a living dataset — updated as Constellation closes new material bolt-ons or announces further separations.
| Operating Group | Subsidiary / Business Unit | Vertical / Industry | Acquired | Country of Origin | Status | Practitioner Note |
|---|
Constellation Software is not a single acquisition pipeline. It is six operating groups, each with its own CEO, its own deal team, its own hurdle rate, and its own portfolio — running their VMS acquisition pipelines in parallel under a permanent-capital corporate wrapper. Each group is functionally an independent Mark-Leonard-model compounder inside CSU. The 2021 Topicus.com spinoff (from the TSS European heritage) and 2023 Lumine Group spinoff (media & communications) demonstrated that once a group reaches a scale where independent capital allocation becomes more efficient, Constellation is willing to spin it into its own public vehicle.
Practitioner reading: If you are a VMS CFO or a founder considering exit to a Constellation entity, the operating group you approach matters enormously — different groups run different hurdle rates, different portfolio-CEO cultures, and different post-close operating expectations. Volaris is the diversified generalist and the largest inbound acquirer. Harris runs public-sector deals. Jonas runs services-vertical deals. Vela runs engineering / manufacturing / distribution deals. TSS runs European deals (post-2021, most of those flow to Topicus). Perseus runs the SMB tail. The right first phone call is often to the specific operating group, not to CSU corporate.
Effective February 1, 2021 Constellation Software spun off approximately 30 European vertical-market software operating companies — mostly heritage Total Specific Solutions (TSS) subsidiaries with substantial Dutch, Belgian, German, and Nordic operations — into a separately-listed public entity, Topicus.com Inc. Topicus trades on both the TSX Venture Exchange (TSXV: TOI) and Euronext Amsterdam (TOI), the first dual-listed spin in Constellation history. Constellation retains an approximately 30% economic interest through a dual-class share structure that vests continuing influence over Topicus capital allocation while allowing the European entity to pursue acquisitions on its own equity currency.
Why the spinoff structure. The rationale was to create a "mini-Constellation" for Europe — a public vehicle with its own hurdle rate, its own portfolio-CEO discipline, its own decentralized operating structure, and its own acquisition currency (Topicus equity). Post-spin Topicus has completed dozens of tuck-in acquisitions across European VMS verticals. The template was applied again in 2023 with the Lumine Group spinoff (TSXV: LMN) covering media, communications, and telecom VMS. The pattern is now visible: Constellation appears willing to spin coherent vertical clusters into their own public vehicles once they reach a scale where independent capital allocation is more efficient than group-level allocation inside CSU.
Practitioner reading. If you are researching a European VMS business today — a Dutch enterprise-software company, a Belgian healthcare-software vendor, a German government-software supplier — you are most likely researching a Topicus.com operating company, not a Constellation Software subsidiary. This ledger flags every spun subsidiary with "Spun to Topicus (2021)" status so the current corporate parent is unambiguous.
Mark Leonard founded Constellation Software Inc. in Toronto in 1995 with backing from OMERS and other Canadian institutional investors, and took the company public on the TSX in 2006 (symbol CSU). Leonard's annual shareholder letters — published sporadically from 2006 through the late 2010s — are among the most-studied corporate-finance texts of the modern era, frequently compared to Warren Buffett's Berkshire annual letters as source documents for compounder-model study. Leonard codified three operating disciplines: hurdle-rate discipline (a mid-20s IRR gating criterion, not aspirational), decentralization (capital-allocation authority delegated as far down the operating structure as possible), and permanent-hold posture (acquired VMS businesses are held permanently; divestitures are rare exceptions).
The disclosure posture. Leonard notably discontinued Constellation earnings conference calls in 2018, discontinued forward guidance, and largely stopped sell-side engagement, arguing that the discipline required to compound at the hurdle rate was incompatible with quarterly-cadence market attention. Individual acquisition consideration figures are almost never disclosed at the line-item level — the vast majority of Constellation's ~100-200 annual deals are disclosed only in aggregate through quarterly filings. This is a deliberate practice: Leonard has argued that disclosing individual deal terms compresses future negotiation leverage with sellers by benchmarking the market.
The comparison compounders. Practitioners frequently study Constellation alongside Berkshire Hathaway (the permanent-hold subsidiary compounder), Danaher (the DBS-installed acquisition compounder), and Roper Technologies (the closest structural analog — a diversified US software compounder with a similar operating-group structure). Read this ledger alongside those companion records for a full picture of the modern permanent-hold operating-compounder tradition.
Post the February 2021 Topicus spinoff and the 2023 Lumine spinoff, Constellation Software Inc. operates through six operating groups. Approximate subsidiary counts reflect named material portfolio companies; the underlying ~900+ VMS book includes hundreds of undisclosed sub-$10M tuck-ins that are not individually named at the operating-group level.
The largest and most diversified operating group. Covers dozens of verticals: aviation software, broadcast software, sports & leisure (LeagueApps and others), insurance broker software, agriculture, marine & fisheries, emergency services, real estate, legal practice, education, retail, rail (Volaris Rail), equipment rental (Wynne Systems), Ohana / non-profit, and more. The generalist VMS acquirer.
The public-sector, utilities, healthcare, and financial-services specialist. Anchor businesses include Harris Local Government, Harris Utilities (energy and water metering), Harris Public Sector, Harris Healthcare, Cayenta (public-sector ERP), iNET Utilities, Harris SmartWorks, and Harris Reliability (public safety). The closest structural analog to a traditional government-IT roll-up inside CSU.
The services-vertical specialist. Anchor businesses: Jonas Club Software (private clubs), Jonas Construction Software, Jonas Fitness (fitness club management), Jonas Chorum (hospitality), Jonas Contractor Solutions, plus salon and spa management, automotive dealer software, trades & service business software, and church management software. The vertical services roll-up.
The SMB ERP and professional-services automation specialist. Covers small-business ERP, SMB accounting software, professional services automation, consulting-firm software, training management, and small-manufacturer software. Positioned at the small-deal end of the VMS market with heavy tuck-in cadence.
The engineering, manufacturing, and distribution specialist. Grown from the Trapeze Group public-transit roots (Trapeze Rail, Trapeze Fleet). Covers public transit software, Vela Public Safety, manufacturing engineering software, distribution software, and wholesale & industrial trading platforms. Historically the second-oldest operating group after Volaris.
The European enterprise-software platform, acquired 2013 for approximately $362M (Constellation's largest ever single deal). Anchor Dutch, Belgian, German, and Nordic enterprise-software businesses. Approximately 30 heritage TSS subsidiaries were spun into Topicus.com in February 2021; the residual TSS entity continues to operate inside Constellation with remaining European operating companies.
The six operating groups collectively contain approximately 900+ VMS operating companies. Historic subsidiaries that moved to Topicus.com (2021) or Lumine Group (2023) appear in this ledger for reference but are flagged with their new corporate parent. Portfolio-company counts above are illustrative; Constellation does not publish exact per-group operating-company counts.
The most common practitioner questions about the Constellation Software portfolio ledger.
Constellation Software Inc. (TSX: CSU) owns approximately 900+ vertical-market software (VMS) operating companies organized across six operating groups — Volaris Group (the largest and most diversified, spanning aviation, transit, sports, agriculture, insurance, and dozens of other verticals), Harris Computer Systems (public sector, utilities, healthcare, financial services), Jonas Software (private clubs, construction, fitness, hospitality, salons, church management), Perseus Operating Group (small-business ERP and professional services), Vela Software (engineering, manufacturing, distribution — grown from the Trapeze public-transit roots), and Total Specific Solutions or TSS (European enterprise software, acquired 2013). In addition, Constellation retains an approximately 30% economic interest in Topicus.com Inc. (TSXV: TOI, Euronext: TOI), the European-VMS entity spun off in 2021, and majority ownership of Lumine Group (TSXV: LMN), the media-and-communications VMS entity spun off in 2023.
Mark Leonard is the founder and President of Constellation Software Inc., which he founded in Toronto in 1995 with backing from OMERS and other Canadian institutional investors. The Constellation model has three defining features. First, permanent-hold vertical-market software acquisitions — small, mission-critical VMS businesses ($5-30M average deal size) bought at target hurdle-rate returns and never sold. Second, extreme decentralization — each operating group (and often each portfolio company) sets its own strategy, capital allocation, and hiring decisions under a portfolio-CEO discipline. Third, an internal hurdle rate (mid-20s IRR) that governs whether an acquisition is approved. Leonard's annual shareholder letters — published sporadically since the 2006 TSX IPO — are among the most-studied corporate-finance texts of the modern era. Leonard notably discontinued conference calls, guidance, and most sell-side engagement in the mid-2010s.
Constellation is organized under six operating groups, each a functionally independent VMS acquirer with its own CEO, M&A team, and hurdle rate. Volaris Group (the largest, dozens of verticals from aviation to agriculture to sports), Harris Computer Systems (public-sector, utilities, healthcare, financial services), Jonas Software (private clubs, construction, fitness, hospitality, salons), Perseus Operating Group (SMB ERP and professional services), Vela Software (engineering, manufacturing, distribution — grown from Trapeze public transit), and Total Specific Solutions or TSS (European enterprise software, acquired 2013). Each group runs its own deal pipeline and reports capital allocation up to Constellation corporate. TSS-heritage European businesses (roughly 30) were transferred into the Topicus 2021 spinoff, and media-and-communications businesses from multiple groups were transferred into the Lumine 2023 spinoff.
Constellation Software's largest single acquisition is the 2013 purchase of Total Specific Solutions (TSS), the Dutch European enterprise-software group, for approximately $362M. Prior to TSS, no Constellation acquisition had exceeded roughly $100M in disclosed consideration — the company had built itself from ~200 deals per year in the $5-30M average range. TSS was a step-change transaction that gave Constellation a European VMS platform with immediate scale, and it became the seed for the 2021 Topicus.com spinoff (TSXV: TOI, Euronext: TOI) — the European entity in which Constellation retains an approximately 30% economic interest. TSS remains distinctive because most Constellation acquisitions are undisclosed at the individual line-item level; the company famously does not disclose deal terms even for material transactions.
Topicus.com Inc. (TSXV: TOI, Euronext Amsterdam: TOI) is the European vertical-market-software entity Constellation Software spun off on February 1, 2021 as a separately-listed public company. Approximately 30 European VMS businesses — mostly heritage Total Specific Solutions (TSS) subsidiaries with substantial Dutch, Belgian, German, and Nordic operations — were transferred into Topicus at the spinoff. Constellation retained an approximately 30% economic interest through a dual-class structure. The strategic rationale was to create a "mini-Constellation" for Europe — a public vehicle that could pursue European VMS acquisitions on its own currency (Topicus shares), with its own capital allocation, its own hurdle rate, and its own decentralized operating discipline. Topicus was seeded with cash to accelerate European VMS deal flow and has completed dozens of tuck-in acquisitions since the spin.
A vertical-market software (VMS) company sells purpose-built software to a specific narrow vertical — private ski resorts, public transit agencies, private clubs, funeral homes, veterinary clinics, dental offices, orthodontist practices, rural water utilities, mid-sized law firms, small-town local governments, agriculture producers, marine and fisheries operators, community banks, K-12 school districts — rather than general-purpose horizontal software that any industry can use. VMS businesses share four structural traits Constellation values: mission-critical embedment in customer workflows (very high switching costs and low churn), small market size (so hyperscale software competitors ignore the vertical), long customer relationships (recurring maintenance revenue for decades), and skilled but non-scale-hunting management. VMS is the moat-by-boring category Mark Leonard identified as the target for permanent-hold compounding.
Constellation Software famously does not disclose individual acquisition consideration at the line-item level. The company completes approximately 100-200 vertical-market-software acquisitions per year (average size ~$5-30M), and the vast majority are disclosed only in aggregate through quarterly filings — total capital deployed, average multiple paid, aggregate acquired revenue. Individual portfolio-company acquisition prices are almost never released. This is a deliberate practice: Mark Leonard has argued that disclosing individual deal terms would compress future negotiation leverage with sellers by benchmarking the market. Only the largest transactions — TSS (2013, ~$362M), Aptean partial (2016, disputed and later reversed), and select carve-outs — have had publicly reported consideration figures. This ledger flags "n/d" (not disclosed) rather than fabricating precision for undisclosed deals.
Constellation Software has completed approximately 900+ vertical-market-software acquisitions cumulatively since Mark Leonard founded the company in 1995 — the highest lifetime deal count of any public serial acquirer in modern capital-markets history. Average deal size is approximately $5-30M, and annual acquisition pace has been roughly 100-200 deals per year since the mid-2010s (representing approximately $1B+ in annual capital deployment). The pace accelerated after the 2013 TSS acquisition gave Constellation a European platform, and again after the 2021 Topicus and 2023 Lumine spinoffs added two additional public-market acquisition vehicles. This ledger documents approximately 130+ material named portfolio companies across the six operating groups — a representative subset of the underlying 900+ operating book. Complete enumeration of every acquired VMS entity is impossible because most sub-$10M deals are disclosed only in aggregate.
The Constellation Software portfolio ledger is the operating-company companion to the Institute's Constellation acquisitions record. Read alongside the following pages.
Educational reference. Not investment advice. Not a solicitation. Not affiliated with Constellation Software Inc., Topicus.com Inc., Lumine Group Inc., or any of their subsidiaries or affiliates, nor with Mark Leonard, John Billowits, Bernard Anzarouth, Robin Van Poelje, or any past or present Constellation-family executive. The Baratelli Institute publishes under the Lowe v. SEC publisher exception; neutral positioning maintained throughout. Portfolio-company identifications cited in this ledger are sourced primarily to Constellation Software Inc. annual reports and quarterly filings (SEDAR filings), Topicus.com Inc. and Lumine Group Inc. filings and prospectuses, operating-group public disclosures (Volaris Group, Harris Computer Systems, Jonas Software, Vela Software, Perseus Operating Group public websites and press releases), and contemporaneous coverage. Constellation famously does not disclose individual acquisition consideration at the line-item level; deal-year approximations reflect the best available public record. Several subsidiaries in this ledger are labeled at the operating-group-brand level (for example "Harris Local Government," "Volaris Retail") because that is the level at which Constellation discloses them; hundreds of underlying sub-brand VMS operating companies are aggregated inside those brand-level entries. Corrections welcome via the link in the footer.
“We buy small, high-quality, vertical-market-software businesses. We hold them forever. We measure our operating groups on capital deployed and the returns on that capital. Everything else is noise.”