
May 2026
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![]() | Constellation Software is an acquirer, manager, and developer of vertical market software, or VMS, businesses globally. VMS differentiates from horizontal software in that it provides mission critical solutions within a specific industry for customers in a particular market. Constellation operates through a decentralized model in which each business operates as its own independent entity. Managers of individual businesses are incentivized to optimize their business for returns on invested capital and revenue growth. Excess cash generated by the individual businesses is repatriated to portfolio managers who focus on allocating as much capital as possible on new acquisitions. As of 2025, Constellation consisted of over 1,000 individual businesses and 64,000 employees. | $1,801 | -50% | $38B | $41B | 3.5x | 12.4x | ||
![]() | SS&C Technologies provides software products and software-enabled services to a variety of customers primarily in financial services. Acquisitions are a large part of SS&C's history. SS&C GlobeOp provides fund administration services to alternative and traditional asset managers. In addition, SS&C provides portfolio accounting, portfolio management, trading, banking/lending, and other software to asset managers, banks, and financial advisors. SS&C’s purchase of Intralinks makes it a leading player in virtual deal room solutions. With its 2018 purchase of DST Systems, SS&C gained a foothold in the healthcare industry with pharmacy health management solutions and medical claim administration services. In 2022, SS&C acquired robotic process automation software firm Blue Prism. | $65 | -20% | $16B | $23B | 3.6x | 9.4x | ||
![]() | Topicus com Inc is engaged in the development, installation, and customization of vertical market software and the provision of related professional services and support for customers across several diverse markets, mainly in Europe. Its revenue consists mainly of software license fees, maintenance and other recurring fees, professional service fees, and hardware sales. Geographically, the company generates maximum revenue from its business in the Netherlands, and the rest from other markets. | $66 | -50% | $5B | $6B | 3.1x | 11.1x | ||
![]() | Intapp Inc is a provider of industry-specific, cloud-based software solutions for the professional and financial services industry. It empowers private capital,g, legal, accounting, and consulting firms with the technology needed to meet rapidly changing client, investor, and regulatory requirements. Geographically, it derives a majority of its revenue from the United States and also has a presence in the United Kingdom and the Rest of the world. | $21 | -61% | $2B | $2B | 3.0x | 17.2x | ||
-- | — | $18 | -- | $866M | $859M | — | — | ||
![]() | RWS Holdings plc is a United Kingdom-based company. The group is a world-wide AI solutions company empowering the world's trusted enterprise AI. Through its Generate, Transform, and Protect segments, it delivers intelligent content, enterprise knowledge, large-scale localization, and IP protection for world-wide growth. The company provides the confidence, governance, and expertise organisations need to deploy AI safely, responsibly, and at scale. | $1 | +18% | $467M | $531M | 0.6x | 3.9x | ||
![]() | CS Disco Inc provides a cloud-native, artificial intelligence-powered legal solution that simplifies discovery, legal document review, and case management for enterprises, law firms, legal services providers, and governments. Its revenue-generating activities directly relate to the sale and support of legal solutions. It has two primary types of contractual arrangements: usage-based and subscription solutions. The usage-based revenue is derived from contracts under which customers are billed monthly based on their usage. Subscription revenue is derived from contracts where customers are contractually committed to a minimum data volume over a period of time. | $4 | -11% | $226M | $129M | 0.8x | (12.6x) | ||
![]() | Hibino Corp is engaged in the sale and installation of audio-visual equipment. It offers products and services in the Audio-Visual field. Its business activities are divided into Hibino visual division is engaged in the planning of large screens and video systems used for concerts and events, equipment rental, and operation. Hibino sound division offers a sound system for the concert, equipment rental, recording of concerts and events, studio recording, track down, and mastering. The segments include: Sales and construction business; Building sound construction business; and Concerts and events service business. It derives maximum revenue from Concerts and events service business. | Events+1 | $22 | -- | $216M | $307M | 0.8x | 6.7x | |
![]() | Dye & Durham Ltd is engaged in providing cloud-based software and technology solutions designed to improve efficiency and increase productivity for legal and business professionals. The company provides practice management solutions, empowering legal professionals every day to effortlessly run their practice, also seamlessly delivers vital data insights to legal professionals to support risk management decision-making for corporate and property transactions, and operates digital infrastructure trusted by governments and financial institutions that enables essential payment transactions and supports the home-buying journey. The company has business operations in Canada, which is its key revenue-generating market, the United Kingdom and Ireland, and Australia. | $2 | -71% | $144M | $1B | 4.0x | 7.6x | ||
![]() | Xp Industrial Fundo Investimento Imobiliario is a closed-end fund with an indefinite term. The fund's investment objective is to generate income and capital gains through the operation of one or more real estate ventures, by acquiring industrial and/or logistics real estate assets, including properties for later construction, properties under construction, or completed properties, for subsequent sale, lease, or rental. | $14 | +2% | $98M | $98M | 11.7x | — | ||
![]() | Valtes Holdings Co Ltd offers testing services to products and processes. It provides Software testing, Content testing and Software Testing Consultationservices. | $3 | -- | $52M | $48M | 0.7x | 6.5x | ||
![]() | GetBusy PLC is a holding company for a group of software companies providing productivity software for professional and financial services. The company operates in three software products: SmartVault, Virtual Cabinet, and Workiro, and a corporate and central segment. The company's software suite includes various tools and end-to-end workflows such as digital asset and document management, tailored templates, quotes/proposal development, form-fill, authentication, e-signatures and approvals, workflow and task management, chat, and complex digital certification. Geographically, the company generates a majority of its revenue from the United States of America and the rest from the United Kingdom, Australia/New Zealand. | $1 | +37% | $48M | $49M | 1.6x | 27.2x | ||
![]() | Intellinetics Inc is a document service and solutions software company serving both the small-to-medium business and governmental sectors. The company's digital transformation products and services are provided through two reporting segments: Document Management and Document Conversion. The Document Management segment consists of solutions involving software platforms, which allow customers to capture and manage all documents across operations such as scanned hard-copy documents and all digital documents including those from Microsoft Office 365, digital images, audio, video, and emails. The company's Document Conversion offerings aid clients as a part of their overall document to convert documents from one medium to another. Majority of revenue is from Document Conversion Segment. | $8 | -40% | $35M | $34M | 2.0x | (72.0x) | ||
![]() | Scrypt Inc builds productivity tools that assist customers in regulated industries. The company assists in protecting sensitive and business-critical information. It caters mainly to the healthcare industry. The company offers Sfax that enables users to cloud fax without printing a physical document. Its Stak product lets users transform their workflow by storing, exchanging and collaborating on documents in a cloud-based. The XDOC product is an electronic document management platform utilized to simplify the mortgage lending process. Its FaxAgent provides enterprise fax technology for telecommunication carriers and DocbookMD offers secure mobile messaging services. | $0 | -- | $24M | $24M | — | — | ||
![]() | California Software Co Ltd is a software product development company. It is engaged in providing outsourcing enterprise software solutions, information technology solutions, and product engineering services. The products and services offered by the company include CRM, e-commerce, Food Delivery App, Pharmacy, ERP, Marketing, and other services. | $0 | -- | $16M | $16M | 28.7x | 99.4x | ||
![]() | Sharing Innovations Inc is engaged in the system development and cloud integration business. The company operates in two rportable segments which includes Digital Transformation Business and Platform Business as its reportable segments. The Digital Transformation Business is engaged in cloud integration, tool application development, and various other web system development. The Platform Business is mainly engaged in the planning, development, and operation of smartphone applications. | $3 | -- | $13M | $7M | 0.2x | 5.0x | ||
![]() | GVA Tech Inc is engaged in the Development and provision of legal tech services. It is the only legal tech company that proposes improving corporate competitiveness through legal digital transformation. | $2 | -27% | $11M | $13M | 1.3x | (23.7x) | ||
![]() | KLDiscovery Inc is a provider of technology-enabled services and software to help law firms, corporations, government agencies, and consumers solve complex data challenges. The company is engaged in providing technology-based litigation support solutions and services. | $0 | -- | $6M | $575M | — | — | ||
![]() | FiscalNote Holdings Inc is a provider of world-wide policy and market intelligence solutions. Leveraging AI and analytics, it delivers actionable legal and policy insights for businesses, government institutions, and nonprofits. Its suite of products includes FiscalNote Core, CQ Federal, and EU Issue Tracker, facilitating effective policy management and risk mitigation. With its analysis from FrontierView, Oxford Analytica, and Dragonfly Eye, it offers geopolitical and market intelligence services. Operating as one segment, it generates revenue by integrating policy intelligence into daily operations. Geographically the company generates the majority of its revenue from North America, Europe, Australia, and Asia, with the majority generated from North America. | $0 | -97% | $5M | $125M | — | — | ||
| Median | $3 | -34% | $98M | $129M | 2.0x | 7.1x |
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