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FiveSigma
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FiveSigma
@FiveSigmaCap
Private investor, generalist with a tech background. This account is a curated feed of public businesses I find interesting.
Bergabung Mayıs 2012
425 Mengikuti374 Pengikut
@zeroxpectation Vitec also capitalizes and amortizes R&D vs. expensing for $CSU.TO, so you need to adjust Vitec's EBITDA multiple up for the cost of R&D.
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$VIT vs $CSU
goodwill % assets: 58 > 11
intangible % assets: 38 < 41
EV/EBITDA '26 (x): 7.6 < 10.4
ne debt % mkt cap: 29 > 4
$VIT looks cheaper, but has higher leverage, paid higher M&A multiples, paid more dividends at the expense of reinvestment for better compounding vs $CSU.
L@zeroxpectation
$VIT (-64% from peak) Vitec Software's CEO presentation at Redeye Group’s Serial Acquirers Conference 2026 in Stockholm. player.vimeo.com/video/11748132… "shortlisted 300/yr; bid 60, bought 4 in 2025" main exposure: real estate, energy, healthcare, auto, finance & insurance $CSU peer
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Former Vela portfolio manager on why $CSU software is nearly impossible to rip out
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$CSU
Vesta Software Group Acquires SK Trend
SK Trend is a Hungarian insurtech company offering an end-to-end digital platform for insurance brokers, covering policy comparison, contracting, and portfolio and commission management.
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$CSU.TO $CSU
Spreading this to our Latin American VMS owners.
Volaris Group@volarisgroup
Did you know that Volaris Group acquires in Latin America? We maintain an active presence there, with many of our Portuguese-speaking leaders actively seeking acquisitions in the region. Since Volaris began acquiring software businesses in 1995, we have completed hundreds of transactions worldwide, including several in Latin America. Group Leader Henrique Barreto speaks about Volaris Group's interest in acquiring in Latin America. #ForeverInvested
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Former VP of Operations at $CSU hasn't seen any attrition because of AI
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$CSU.TO COO: Constellation has not yet seen a meaningful revenue impact from AI
“We haven’t really seen a lot of new revenues from [AI] so far, and on the converse we haven’t seen really much loss of revenues either.”
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$CSU.TO is embracing AI
Volaris Group@volarisgroup
As AI developments continue to move rapidly, so do the opportunities for our businesses. As a learning organization, Volaris Group aims to help our businesses maximize access to their full capabilities, enabled by the latest AI technologies, skills, and knowledge. That’s why Volaris introduced the AI Accelerator in 2026: a program designed to rapidly help our businesses upskill their teams and adapt their product visions for the fast-evolving capabilities of AI. Read more: volarisgroup.com/acquired-knowl… #ForeverInvested
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$CSU.TO $CSU <> #AI
Volaris Group@volarisgroup
Volaris Group is introducing the AI Accelerator in 2026—a program designed to rapidly help our businesses upskill their teams and adapt their product visions for the new realities of AI. Watch the recap of the in-person part of the program, and stay tuned for more from the event. #ForeverInvested
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$CSU.to
Some info on ML from Giverny.
"He therefore had to resign and undergo emergency surgery. The good news is that the surgery went well, and Mark is now out of danger. He will therefore remain on the company's board of directors."
givernycapital.com/wp-content/upl…
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$CSU $CSU.TO RBC
* Higher contingent consideration implies acquisitions are performing well and solid underlying profitability
* Constellation is making new AI investments, doesn't see AI changing the market structure of VMS
Vancouver Island Guy 🌊@VanIsleInvestor
$CSU Constellation Software
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Interesting comment from Constellation Software on AI:
“We haven’t really seen a lot of new revenues from it… but we also haven’t seen any loss of revenues from it.”
For now it’s mostly about getting teams familiar with the tools.
Minimal impact so far.
$CSU $TOI.V $LMN.V
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$CSU.TO Constellation Software COO says that cmpetition for private software acquisitions remains intense & valuations have not declined there
"There's just been a little bit of change in pricing for publicly traded companies...There might be some opportunities there."
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SaaS headcount is really showing the AI impact lately…
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