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Constellation Software’s largest acquisition to date was in 2014, when it acquired Total Specific Solutions B.V. for $270M.Constellation Software has acquired in 16 different US states, and 7 countries. Tobias Carlisle: So he runs from 1995 until they list in 2006, and so, he lists to give them an exit, I think, basically, because they didn’t take any cash in the listing. I think that it works. Yeah, well, anyway…. I don’t think it’s easy to replicate, though. It is based in Toronto, Canada, is listed on the Toronto Stock Exchange, and is a constituent of the S&P/TSX 60.. So I think maybe you slow down the rate of acquisition, you only hit what you can, and you just wait for the market to come back a little bit. of Washington, Microsoft builds OpenAI’s ‘dream system,’ an Azure supercomputer that ranks among top 5 in the world, Entrepreneurs and corporate leaders unite in support of Black-owned businesses, Week in Review: Most popular stories on GeekWire for the week of Dec. 6, 2020, GeekWire Podcast: Facebook fallout; Seattle’s status as ‘Cloud City’; testing SpaceX Starlink, Washington health officials outline distribution plans as FDA approves first COVID vaccine, Nintendo Switch was the best selling console last month, despite PlayStation and Xbox launches, Emptied by pandemic and overtaken by cranes, Microsoft HQ is a symbol of the changing world, New venture capital firm looks to invest at intersection of 5G, edge networks and AI, Insect farming startup raises $9.3M, builds North America’s largest mealworm facility east of Seattle, 2020 Game Awards: Nintendo reveals new Smash character; ‘Among Us’ debuts a new map; and more, Airbnb valued at $100 billion following blockbuster IPO — equivalent of more than five Expedias, Koan raises $1M for ‘OKR’ collaboration software platform, acquires Portland design studio, Space Needle moves New Year’s party online as streaming digital effects show replaces fireworks, Inside the intense world of COVID-19 science, and unexpected findings from Seattle researchers, Wait, was that COVID?! Everybody’s figured out that’s a good business, so that stuff is expensive now. I’ve known about them for a long time; never bothered to read the letters until this last week. Toronto, Canada, August 2, 2012 — Constellation Software Inc. (“Constellation”) (TSX: CSU) announced today that it has completed, through its wholly-owned subsidiary Constellation Homebuilders Systems (“CHS”), the acquisition of the shares of Ibcos Holdings Ltd (“Ibcos”) from the principal shareholders (Ibcos Holdings Ltd is the parent company of Ibcos Computers Ltd). I don’t necessarily trust somebody who’s doing a whole lot of acquisitions just because they’re doing a whole lot of acquisitions, but I think it kind of makes sense if you think about… if you don’t pay very much, your payback period is shorter, you should be able to do more acquisitions… you can recycle the capital faster to do faster and faster acquisitions, and then you get some skill in it, naturally, you’re going to get better at it. How would you get all of these cultures? Call me Rick Fox of that type of company. TORONTO, Oct. 31, 2019 (GLOBE NEWSWIRE) -- Constellation Software Inc. (TSX:CSU) (“Constellation” or the “Company”) today announced its financial results for … The company reported earnings per share of $6.49, missing analyst expectations of $7.25 by 10.48%. I think it’s a much better way of managing than that sort of top-down type model, but I think Buffett has said this, too… it just means that every now and again, you’re going to have an absolute catastrophic era that you could have otherwise avoided if the head office had known about it. The acquisition builds on Constellation Software’s purchase last year of Cake Software, one of Tune’s top competitors. What I’m certain of is those guys are going to work every day thinking about the right things, and that when there is the chance to pounce, they’re going to do it in what I perceive to be a smart way. Constellation Software Inc is a Canada-based company that develops and customizes software for public- and private-sector markets. Bill Brewster: That’s right! The acquisitions are typically five to 10 million dollars. January 3, 2020. It’s a win-win situation. Something that I think is really awesome… I’m with you, Toby, right, where I start to see people quote Buffett, and I start to get real nervous. It’s a win-win situation. I think culture is a massively competitive advantage there, and it’s really, really… it’s not tangible. Tobias Carlisle: But that’s replicable, right? I think there’s been more… I don’t know if management moves it around-. Fuck the fame, I’m a simple man,” and here I am on a podcast making no money, so I don’t know what I’m doing! Do you guys know who that is? Constellation acquires, manages and builds vertical market software businesses that provide mission-critical software solutions. That allowed all of their outside investors, the venture funds, to exit. Jake Taylor: Do you guys ever want to be in that position of running a holding company like that? Let us know. After the acquisition, Constellation plugs the software into its wider portfolio of offerings and cuts redundant costs, boosting cashflow from day one. Tobias Carlisle: They do lots and lots of acquisitions. When I look back at some of the old articles that came about him not that long ago, five years ago… they’re looking at two to four million dollar acquisitions. by Taylor Soper on May 19, 2020 at 6:00 amMay 19, 2020 at 8:08 am. Tobias Carlisle: One of the interesting things that Leonard introduced me to is… this is Leonard’s term… high performance conglomerates, or HPCs, and then he lists out some HPCs that I will go into over the coming weeks. 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You’ve got to set your incentives up the same way, and I’m not sure how many people have the freedom to do that. To be the Buffett-style…. Tobias Carlisle: So, the background on the guy… there’s not much information, not many photographs of him on the internet. Constellation Software has acquired 47 companies, including 4 in the last 5 years. Constellation Software Inc. TO OUR SHAREHOLDERS Each quarter we try to study an admirable company and discuss it with our Operating Group managers ... but I have a feeling that acquisition multiples, acquisition size and acquisition profitability have all … Constellation Software has more than 16,000 employees across six operating segments. An independent analysis conducted by Corum Group found that Constellation Software completed far more acquisitions than the second placed acquirer. Tobias Carlisle: To put that in context, that company is a 30 billion dollar company. Salvia serves private … Your email address will not be published. Tobias Carlisle: But getting no fame, either, so don’t worry about it! Jake Taylor: Yeah, my understanding is that they’ve been… it seems like they’ve been doing more to try to cross-pollinate some of the… if someone has a good idea. Tobias Carlisle: And then I kept on reading, and I kind of… I’m kind of in love with Mark Leonard at the moment. But if they just do this sort of top-down analysis about the thing that they say separates good acquirers from bad acquirers… it’s just doing lots of acquisitions. Bill Brewster: I thought the same thing, can they continue to do it? He was married to Vanessa Williams. I think it certainly can be replicated. Constellation Software announced Q2 earnings on Friday for the quarter ended June 30. Tobias Carlisle: I think that they’re all on 50 times PE’s, and they’re probably getting closer to the mature end of their growth, rather than lots of runway. This site uses Akismet to reduce spam. Tobias Carlisle: It’s interesting. We acquire, manage and build industry specific software businesses which provide specialized, mission-critical software solutions that address the … At HEICO, everybody… all of these guys are just doing smaller acquisitions, small [inaudible 00:14:20] acquisitions all the time, rather than trying for some sort of monster game-changing acquisition. That’s a conscious strategy of theirs to target much, much smaller acquisitions, because as acquisitions get bigger, you pay a bigger and bigger premium. And I had told you, I don’t know that I really love the CSU letters as much as everybody else does; I think part of that is I got such a… I was prepared for nirvana, and maybe I had found out I was just reading normal things… so, a bit of, I think, maybe high expectations hurt my perception, but… he really does seem like the real deal, and his track record certainly supports it. Bill Brewster: Yeah, textbook, it might be easy to draft, but the execution of it and actually living it, and being patient enough to wait for the deal that makes sense, and then to execute it when the chance is on the table… I just think it’s a lot easier said than done. Learn how your comment data is processed. Bill Brewster: Rick Fox used to play for the Lakers. Entry into four new verticals through multiple acquisitions: Agri-Business, Asset Management and Logistics, Justice and Rental Management. The companies acquire, manage, and build software companies in a variety of vertical markets. Subscribe to GeekWire's free newsletters to catch every headline, presented by First Tech Federal Credit Union, Trump says he’s taking hydroxychloroquine, a drug being tested in two studies at Univ. They’re just shocking, face-ripping valuations, and my hat is off to anybody who can get comfortable with those sort of levels of valuation… and it’s been expensive for a long time. Bill Brewster: I’d be good being a sixth man on that team! 33 on the GeekWire 200 list of top Pacific Northwest startups. Tobias Carlisle: And here you are with your face on a podcast, Bill! Tobias Carlisle: And I think that’s a pretty good approach. FOG Software Group is a division of Vela Software and Constellation Software, Inc. The company was founded by Mark Leonard, a former venture capitalist, in 1996. Tobias Carlisle: I mean, that’s the dream, isn’t it? Constellation Software Inc. Acquires Charter Software Inc. Littleton, CO, January 3, 2020– Charter Software Inc., the maker of the ASPEN Dealer Management System, announced today it has been acquired by Constellation Software (TXS: CSU), based in Toronto, Canada.The new company will be called Charter Software Solutions Inc. and will operate under the … Tobias Carlisle: If you’re set up to do acquisitions rather than thinking about them as a sort of strategic think… you’re thinking about them, how can we just maximize the rate of return? Bill Brewster: I mean, he reminds me of those guys from Fastenal. What Constellation does… so Constellation, they target these VMS, vertical market software, and they make really small acquisitions. Twin brothers Lucas and Lee Brown originally launched Tune under the name HasOffers in 2009 before rebranding in 2014. Bill Brewster: You got your upline and your downline, and then you sign people up! Tune had raised $36.4 million to date. The new company will be called Charter Software Solutions Inc. and will operate under the Perseus division of Constellation. It went public in 2006, and now has 13,000 employees spread over 6 operating segments. Anyway…. Alibaba , Salesforce.com () and Uber () made it onto RBC's list of top 30 global stock ideas for 2020, as did Canadian software conglomerate Constellation Software , which is … Constellation Software filed for IPO of Topicus.com Inc. on TSX Ventures by of way of dividend-in-kind distribution spinout together with €217.4M acquisition of Topicus.com B.V. Constellation Software Inc. is delaying the spinout of its subsidiary Topicus.com Inc. but promised it is still eyeing the deal, which would be the first of its kind for the acquisition giant. It’s gone up a lot. And because of the negative earnings and EBITDA, another multiple that is widely used is price to sales (P/S) multiples, wh… Jake Taylor: Well, the culture of Constellation… the further you get down,.away from the mothership, away from Leonard… how could it be as tight? Here’s what you have to do to succeed. Is it just table stakes? On Thursday, Constellation announced the purchase of a French provider of software solutions, Salvia Développement SAS. Charter Software Inc., the maker of the ASPEN Dealer Management System, announced today it has been acquired by Constellation Software, based in Toronto, Canada. I don’t know what that is. Constellation Software is a Canadian diversified software company. The business model is asset-light and cash-rich. Bill Brewster: Well, I don’t think that everybody has the same incentive structures, and I don’t think that everybody-. It’s been a kind of monster run. is ‘not the city it was’, sold its attribution analytics business in 2018, left to Alaska to launch a startup studio, GeekWire Technology and Business Reporter. Bill Brewster: I don’t really know. Many software companies operate at a loss until they scale to a large enterprise. In this week’s episode of the VALUE: After Hours Podcast, Taylor, Brewster, and Carlisle discussed Constellation Software’s growth-through-acquisition-strategy. Here’s an excerpt from the episode: Tobias Carlisle: So I’ve got this ongoing theme where I’m looking at companies that basically are set up to do acquisitions, so we looked at Barry Diller and IAC first, and looked at HEICO with the Mendelsons… and then if you’re going to do that, naturally, Berkshire Hathaway is sort of the original gangster; maybe Singleton with Teledyne, maybe that’s the original… Buffett kind of perfected it. On January 16, 2020, Constellation Software Inc. (Volaris’ parent company) was named the top volume acquirer of software companies for 2019. After the acquisition, Constellation plugs the software into its wider portfolio of offerings and cuts redundant costs, boosting cashflow from day one. Closed first acquisition, allowing us to expand our offerings and enter the Demand Response Transportation market. You can also listen to the podcast on your favorite podcast platforms here: For more articles like this, check out our recent articles here. Tobias Carlisle: When it gets complicated like that, immediately you start getting nervous, but not in relation to Constellation, in relation to MLM. I’m just trying to think in terms of the things that unite HEICO, IAC, and Constellation. The really interesting thing, the one thing that I think that stands out more than anything else… and this was the title of the Forbes article for Diller and IAC… no moon shots. And he said some of them are going, so he says, we just leave the cultures alone at the level of the acquired company, and some of them are going to die out because they’re bad cultures, and some of them are going to be very good and they’re going to learn from each other, and they’re going to get better and better as they go along. Constellation Software is an international provider of market leading software and services to a number of industries across both the public and private sectors. Tune has more than 150 employees, according to LinkedIn. FOG helps their acquired companies improve operations, grow through organic initiatives, and seek additional acquisitions. The company acquires and manages “vertical market software” businesses. Stellar growth makes up for high multiples. Required fields are marked *. 2019 at a Glance That’s the way living things kind of make advances, and I think that that’s… if you want to keep the whole species moving, you can’t… if you have one rule for the whole group of them and that rule is wrong, you’re dead in the water. Notify me of follow-up comments by email. Bill Brewster: So, it’s a nice tension of alignment of interests, and I wonder… the Bain consulting thing that I sent you… I wonder if that’s why they find that consistent acquirers have better results. I’ve never encountered that before. Jake Taylor: I don’t think you’re missing anything. Tobias Carlisle: Getting dozens of downloads. Tobias Carlisle: Bill shared this with me this morning, this Bain Capital… Bain Capital has done some research, and they find exactly the same thing. I’m having this long distance love affair with him. But I could be wrong; I mean, I don’t know. Bill Brewster: Didn’t Diller pay like four billion for Match, though? Bill Brewster: Yeah, I think the other thing that was interesting about Constellation was… it appears as though their incentive structure is total revenue growth and return on invested capital. Jake Taylor: Enjoy that honeymoon period. I think that they’ve been quite… at the four billion level, it was quite mature. So, there’s a nice sort of… you can send capital back and maybe you can’t make as much acquisitions and grow your revenue, or you could spend a ton and drive your revenue, but your return on invested capital would go down if you get stupid with it. Don’t forget to check out our FREE Large Cap 1000 –. "Increased private equity competition and shareholder activism has driven up valuation multiples which makes it difficult for disciplined acquirers to deploy capital on mergers and acquisitions… Constellation acquires, manages and builds industry-specific software businesses which provide specialized, mission-critical software solutions that address the particular needs of its customers. But this is Mark Leonard talking about expensing his own stuff: he goes, “I’ve been President of CSU for its first 20 years. Bill Brewster: There are trade-offs to the acquisition strategy, and you’re bound to have some problems. I don’t know. Constellation Software Real Estate Group acquires and invests in real estate software brands that are committed to providing long-term solutions and partnerships with … The firm acquires, manages, and builds vertical-specific businesses. I think that’s really been the key to all of them. Tobias Carlisle: But, I mean, even Leonard says… a few years ago, he said, “I’m going to stop sharing so much detail because there are a lot of imitators out there.”, Bill Brewster: Yeah. Cutting my compensation will allow me to lead a more balanced life with a less oppressive sense of personal obligation. The company has evolved over the years and sold its attribution analytics business in 2018 to mobile marketing company Branch. That’s a sort of robust to life kind of approach. Some of these guys are just… they’re cut from the right cloth, I think. Tobias Carlisle: I’m not necessarily advocating investing in the stock. I had a look at… the valuations on any of these companies are just… make you bleed from the eyeballs. What Constellation does… so Constellation, they target these VMS, vertical market software, and they make really small acquisitions. Bill Brewster: Forget about running it! They stepped down in late 2018 and left to Alaska to launch a startup studio. Don’t forget to check out our FREE Large Cap 1000 – Stock Screener, here at The Acquirer’s Multiple: Your email address will not be published. So I read the letters, and I was kind of DM’ing you guys as I was going through them. The two most popular valuation multiples for software companies are Price to Sales (P/S) and EV/EBITDA. The company acquires and manages “vertical market software” businesses. It’s probably going to quadruple from here because I said that, but I think that-. Constellation Software has grown its profits over twelve-fold in ten years. I’d be totally happy with it. But on balance, it’s a better way of doing it. More recently, Raymond has taken the lead of building an M&A portfolio with Matt Otchet, with a focus more on specific verticals, such as Foodservice, Construction and POS. Tobias Carlisle: But Mark Leonard and Constellation is kind of… for me, they’re a little bit under the radar. An independent analysis conducted by Corum Group found that Constellation Software completed a record number of acquisitions through its subsidiaries. Littleton, CO, January 3, 2020 – Charter Software Inc., the maker of the ASPEN Dealer Management System, announced today it has been acquired by Constellation Software (TXS: CSU), based in Toronto, Canada.The new company will be called Charter Software Solutions Inc. and will operate under the Perseus division of Constellation. Tobias Carlisle: Or even don’t integrate them. Or how can it be as clean? Hamilton said there will be “some restructuring of teams” but did not provide specific details on how many employees will be affected. So, they’ve kind of figured out how to not grow the size of the acquisition, but to grow the whole organization. People ask me, “How many acquisitions do you think they’ll do in the future, and how would you underwrite that?”. Constellation Software General Information Description. Bill Brewster: I was just about to quote Tupac and say, “All I want is money. The median target acquisition price paid was 1.2 times revenues and 5.1 times EBITDA. Terms of the deal were not disclosed. I can’t put it into numbers. Tobias Carlisle: It’s not going to work as well. I’ve traditionally traveled on economy tickets and stayed at modest hotels because I wasn’t happy freeloading on the CSU shareholders, and I wanted to set an example for the thousands of CSU employees who travel every month. Tobias Carlisle: So there’s a couple of… so, Value Investors Club, there’s a couple of write-ups about Constellation in there, and that’s the question that gets asked every time. Constellation Software has more than 16,000 employees across six operating segments. “We have often considered what a merger or consolidation might look like with CAKE, and now we’ll be joining forces with the backing of a major acquirer behind us,” Tune CEO Peter Hamilton said in a blog post. Bill Brewster: I think it’s interesting. The company was ranked No. I mean, that’s fair. Charter Software’s offices will remain headquartered in Littleton, CO. Tobias Carlisle: And so, they basically take Buffett’s principles, targeting high return on invested capital companies, and then they sort of incentivize them to return that capital back to the mothership, and they keep on deploying it. The Fairlight Global Small & Mid Cap Fund first established a position in Constellation Software during the market sell-off in December last year. By all accounts, he’s a giant, he’s 6’5″; played rugby; might have come from South Africa or England; nobody really knows. And so, when I first started reading it, I was like, “Well, everybody likes this because he writes like Buffett, but so what?”. The Absurdly Simple, Ridiculously Powerful Deep Value Stock Screener, Johnny HopkinsFebruary 6, 2020PodcastsLeave a Comment. Tobias Carlisle: So tell me, what am I missing? It’s interesting. 2009-2010. The acquisitions are typically five to 10 million dollars. Constellation Software Inc. is a global provider of mission critical enterprise software solutions serving a broad range of distinct vertical markets. Bill Brewster: I don’t know, man. Got an MBA, was a gravedigger at one stage; worked in venture capital until 1995; took some funding, 25 million dollars in funding from O-M-E-R-S. And so, the way that he’s achieving these acquisitions is he has sort of distributed this acquisition. Simple, Ridiculously Powerful constellation software acquisition multiples VALUE stock Screener, Johnny HopkinsFebruary 6, a... A sixth man on that team Q2 earnings on Friday for the ended. Analytics business in 2018 to mobile marketing company Branch Software has grown its over!, manages and builds vertical-specific businesses brand under Constellation’s Perseus operating Group unit face on a Podcast,!... 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