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Seek the Kingdom first, everything will be added to u/ Wealth gained hastily will dwindle, but whoever gathers little by little will increase it—Proverbs 13:11

[L @zeroxpectation]

@Alpha_Fox11 Exactly... They have a bunch of ex-CSU folks.

[L @zeroxpectation]

Valsoft's Lighthouse Software Group buys Vertex Systems, an integrated platform for billing, electronic visit verification, payroll & case management that intellectual and developmental disabilities agencies and rehabilitation providers rely on.

$CSU peer

[L @zeroxpectation]

@FiveSigmaCap For spy detection?

[L @zeroxpectation]

@FiveSigmaCap LOL

[L @zeroxpectation]

US PE exits +7% in 2026
average holding period 4-5 yrs

[L @zeroxpectation]

$CSU -7%

Perhaps some newer or short-term $CSU investors mistake a shrinking business for a weakness. This isn't the first time I'm saying this. Buying low-, no-, or even negative-growth biz is part of the M&A strategy. Ultimately, it's about making the IRR work in their favour!

[L @zeroxpectation]

$CSU Q3 call

AI spend immaterial to results
not seeing major AI disintermediation risk
M&A valuations didnt fall much (competition; PE buyers)
built expertise for larger, complex deals
M&A outside VMS: Brazilian managed services biz
M&A Q1 cohorts margin: -16%>27%, Q2: 12%>21%

[L @zeroxpectation]

$CSU pace of M&A has been accelerating, measured by cash spent on acquisitions relative to sales. Based on my estimate, its M&A valuation remained disciplined at 1.2x sales. Q4-to-date M&A intensity has already surpassed Q3, with more than half the quarter to go. Well done CSU!

[L @zeroxpectation]

I picked up a 2012 book: @chriswmayer field trips finding hidden opportunities focusing on agriculture, commodities, infrastructure, & financial systems—as ways to capture structural growth in EM. Interesting to read it in 2006, reflecting on which theses played out & which didnt

[L @zeroxpectation]

$CSU \ Vencora \ SSP UK & Ireland buys IS2, a specialist in commercial lines policy administration & product distribution technology for insurance providers, insurtechs, MGAs & scheme brokers.

$CSU shopping buying spree accelerates!

[L @zeroxpectation]

$CSU CORA Group buys Spider Strategies, a leading strategy execution platform, trusted by biz, govt agencies, & nonprofits worldwide. It is moving quickly on AI. Users can ask abt their strategy in plain language & get answers drawn from their own data.

40+ employees
~$5 rev

[L @zeroxpectation]

Valsoft's TAG Software Group buys Chalco, a software platform for managing the full lifecycle of product content & information for luxury & retail brands in Italy and Switzerland.

$CSU peer

[L @zeroxpectation]

@Alpha_Fox11 Awesome!

[L @zeroxpectation]

Private SaaS EV/rev finally dropped after 2Y+ at~4x, Horizontal SaaS hit harder than VMS. Buyer is appreciating hardware/service rev more. Public SaaS rebounded 3.3x → 4.1x, putting private back at a discount to public (6-9m lag)—strong strategic assets still get top $.
$CSU 4x

[L @zeroxpectation]

Past 10-year returns
US top 30: +173%
US top 100: +460%
US top 500: +240%

Some 31st-100th companies drove outsized returns!?

[L @zeroxpectation]

https://t.co/XZ2XreWmiN

[L @zeroxpectation]

$TOI.V M&A Director Shawn Pantophlet is speaking at raiaCON!

Discover how TSS built Skynet, an AI assistant giving deal specialists institutional knowledge to accelerate M&A. He’ll cover AI agents for deal qualification & diligence.

🗓 Nov 18 | Virtual & free for $CSU companies

[L @zeroxpectation]

@lifelonghacker @CJ0pp3l I’m glad my AI caught this. Keeping track of deals 3 levels deep or further from $CSU is becoming increasingly tricky.

[L @zeroxpectation]

Insight from $CSU CT InsureTech CEO

2x ARR & total rev, predominantly organically, while maintaining a flat headcount of ~450 employees

Delivered a significant turnaround in profitability & cash generation, while reducing capex

Improved customer NPS from -36 to +81 over 6 yrs

[L @zeroxpectation]

$CSU Vencora buys CT InsureTech, formerly Charles Taylor InsureTech, a leader of insurance technology, software, & services to global insurers & brokers.

40 yr old
Offices in London, Buenos Aires, & Mexico City
343 employees (declining trend: efficiency gains?)

Busy M&A Q4!!!

[L @zeroxpectation]

@TidefallCapital It came before CSU's acquisition