✨ Constellation Hathaway Capital

🌌 Gazing at the $CSU Constellation Software universe one insight at a time 🇨🇦 $TOI.V Topicus $LMN.V Lumine Group

[✨ Constellation Hathaway Capital @NotMarkLeonard]

@Z22Holding English translation $TVK.TO

[✨ Constellation Hathaway Capital @NotMarkLeonard]

@Z22Holding 👀

[✨ Constellation Hathaway Capital @NotMarkLeonard]

@Arthur_vdb @Speedwell_LLC Sent

[✨ Constellation Hathaway Capital @NotMarkLeonard]

As @Speedwell_LLC mentions in the podcast on $CSU.TO Leonard 🧙‍♂️ wrote a quarterly newsletter 📰 it was called Opportunity Above All - Tracking the Vertical Market Software Industry.
👀Here is the first edition - 4th Quarter 1998 - “To Sell or Not to Sell - Valuing VMS Companies

[Speedwell Research @Speedwell_LLC]

*New Company Podcast Episode Released*

In this 90 minute discussion we cover everything Constellation Software,

From Mark Leonard’s key insight he learned at Venture West

To an in-depth discussion on capital deployment

And much, much more!

Links in Next Tweet! 👇

[C.J. @CJ0pp3l]

Lumine LTM revenues = $795.3 million

Synchronoss acquisition (closed in Feb) and Synamedia carve-out (closing soon) adds approximately $274 million in LTM revenues

$LMN.V $CSU.TO

[C.J. @CJ0pp3l]

CSI businesses family photo
$CSU.TO $TOI.V $LMN.V $SGN.WA

[Adrián, Head of the arena  @adrivalue]

$LMN.V announced a significant carve-out from Synamedia

They are acquiring the "Video Platform" segment, a declining asset, with Synamedia's management forecasting a -1.4% EBITDA CAGR over the next years

Synamedia is - probably - a forced seller. Is a company with an overleveraged balance and losing money year after year, and paying SOFR + 6.5% on its senior debt ☠️

Hopefully, LMN will be able to stabilize and optimize the business, a classic $CSU.TO turnaround story

[Adrián, Head of the arena  @adrivalue]

Cora Group carves-out banking assets from Finastra (a company owned by Vista EP)

Seems like a significant acquisition for $CSU.TO.
Claude 🤖 estimates $130-230MM in annual revenue, a ~30% EBITDA margin and between 500-900 employees

Finastra is - probaby - another forced seller, with 5x+ Net Debt / EBITDA and a B3 credit rating (almost at the bottom of the HY)

Keep'em coming!

[Lumine Group @Lumine_Group]

Press Release: Lumine Group Enters into an Agreement to Acquire the Video Network Business from Synamedia.

Headquartered in the UK, Synamedia is a global provider of video software solutions helping operators, broadcasters and media companies transform how video is delivered, experienced and monetised. With more than 30 years of industry expertise, Synamedia combines cloud and AI technologies, operational scale, managed services, and deep domain knowledge to support customers through the evolution of video.

Consistent with Lumine’s decentralization strategy, the business will operate independently under its primary product name, ‘Quortex.’ Upon completion, this will mark Lumine Group’s 16th corporate carve-out transaction.

Read the release here: https://t.co/HOTTEJWOJG

[✨ Constellation Hathaway Capital @NotMarkLeonard]

@KairosPraxis It hurt watching haha and a bunch up 35 percent in a week feels like 2021.

[✨ Constellation Hathaway Capital @NotMarkLeonard]

February discussion with chatgpt after some deep research. Did I buy then. No. Reviewed week ago and got onboard with a few FOMO hitting hard. Top is here 🤣 but as a massive AI user and bull I have missed so many opportunities waiting for a good time. Still love me some $CSU.TO

[✨ Constellation Hathaway Capital @NotMarkLeonard]

@Arthur_vdb @Speedwell_LLC Dug deep into the wayback machine. What's your email I can send them

[Michael Gielkens @MichaelGielkens]

They weren't kidding about looking at more international deals. Topicus looking to spend 130 to 150 million euros on this Australian listed company.

$TOI.V
https://t.co/ZWh1rzs9Ci

[✨ Constellation Hathaway Capital @NotMarkLeonard]

@Blue_1Trades @MarioNawfal So easy to tell

[✨ Constellation Hathaway Capital @NotMarkLeonard]

@KairosPraxis @Vmaxpax @BlackScholesMan Bought a basket of Canadian defense companies a few months ago after waiting on the sidelines and it's been a good move for now $mda included which has been ridiculous. It tends to have big swings though. But a lot to like!

[✨ Constellation Hathaway Capital @NotMarkLeonard]

@BlackScholesMan Goldman did project as many as 70,000 LEO satellites over five years, but didn't their own discussion suggest over 50,000 could be Chinese satellites so that doesn't benefit them does it?

[✨ Constellation Hathaway Capital @NotMarkLeonard]

@KairosPraxis @Vmaxpax @BlackScholesMan Haha well I did... at $19.32 first buy November 25. But I sold once it ran up in Feb. Regret of course and now back in at $40.

[✨ Constellation Hathaway Capital @NotMarkLeonard]

@Vmaxpax @BlackScholesMan Yes do $VNP.TO

[✨ Constellation Hathaway Capital @NotMarkLeonard]

@hicasamadim 72

[Adrián, Head of the arena  @adrivalue]

$CSU.TO carves-out transportation assets - again - from $CNDT for $164M

They might be buying the "Transit Solutions" segment that generated $371M in revenue in 2025, implying a ~0,4x Sales multiple

CNDT is a forced seller due to an total disaster in the implementation of $1 billion transport contract in Melbourne 🇦🇺

Victoria Auditor-General's Office issued an embarrasing audit in March 2026, basically blaming CNDT (overly optimistic delivery schedule; lack of colaboration; performance issues... you name it)

Now the adults will take charge

[Jerry Capital @JerryCap]

$CSU Feasting