Announcement: Expert Insight Interview (No Paywall)
Interviewing a former head of M&A at Constellation Software
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If you could ask a head of M&A at Constellation Software anything, what would it be?
Well, I had the chance to do just that.
I recently sat down with Rohan Noronha, the former Head of M&A at Volaris (Vencora), for an inside look at how Constellation Software executes its M&A strategy.
In our talk, we covered 4 key ideas:
Why Constellation’s business model is so hard to replicate.
How decentralized deal execution actually works.
Scaling beyond VMS, and the risk of style drift.
How organic growth factors in post-acquisition.
These are all key topics for investors as Constellation Software’s cash flow continues to grow—inviting more competition and making it harder to redeploy excess capital into attractive opportunities.
Over the last twelve months Constellation Software has generated about $1.7bn in free cash flow (after adding back the IRGA liability). This figure up from ~$600mn in 2019, a 19% CAGR.
With a single share of Constellation Software sitting at $3,550 or about 44x FCF, these are critical topics an investor needs to understand in order to gauge the risk/ reward of an investment.
Register now for free if you want to better understand Constellation Software’s M&A strategy— the key driver of their returns.
Register Here
The Webinar will be up on Thursday, July 31st at 12pm EST.
“It is pretty cutthroat, and many times that involves competing with other divisions. It keeps people on their toes, and always engaged when it comes to pursuing M&A.” -Rohan Noronha, Former CSU Head of M&A
Volaris is one of Constellation Software’s six operating groups, along with Topicus, Perseus, and others. In late 2022, Volaris launched Vencora to manage its financial services technology portfolio. Vencora has acquired 18 names across payments, banking, and insurance.
At Vencora, Rohan Noronha led the acquisition process from origination to execution. Before Volaris’s launch of Vencora, Rohan was an M&A director at Volaris.
“Patience is key. And if you monitor these conversations, and how they've progressed over the next few years. You're able to be opportunistic when the opportunity presents itself.” -Rohan Noronha, Former CSU Head of M&A
Make sure you register below so you don’t miss this event!
Register Here
And for more on Constellation Software, check out our last recap on them here.
*At the time of this writing, one or more contributors has a position in Constellation Software. Furthermore, accounts one or more contributors advise on may also have a position in Constellation Software. This may change without notice.