What Constellation Software paid

What it deploys and what it owes — from filed accounts. No single acquisition price is disclosed.

Constellation Software reports in USD and is one of the 13 buyers on file. Not one of its acquisitions on file states a price against the revenue of a single company, so it appears in the register for what it deploys and owes rather than what it pays. In 2025 it deployed 1’429.6 EUR m (cumulative). Net debt stood at 0.13x its revenue at 2025, and interest took 1.8% of revenue.

0acquisitions on file with a disclosed price

1’429.6EUR m deployed in 2025 (cumulative)

1.8%of revenue goes out as interest (2025)

No single acquisition price on file. Constellation Software is in the register for capital deployed and debt, but its filings do not state a price against the revenue of an individual acquisition — so the prices table has no row for it.

What it deploys

A price is only half the picture; the other half is how much Constellation Software actually puts to work. In 2025 that was 1’429.6 EUR m, on a cumulative basis.

Capital deployed EUR m	as filed		Acquisitions	Average cheque EUR m	Year	Basis
1’429.6	1’615.5	USD	—	—	2025	cumulative

“Cumulative” is the step between two disclosed running totals — the buyer publishes what it has deployed since inception but not what it spent in the year, so the year is our subtraction rather than its statement. Converted to euro at the ECB annual reference rate for the buyer’s own reporting year; the figure as filed stands beside it. Full table: how much they deploy.

What it owes, and what it costs

Constellation Software carried 1’465 USD m of net debt against 11’623 USD m of revenue at 2025 — 0.13x its revenue, interest-bearing borrowings less cash. Interest actually paid in 2025 was 212 USD m, 1.8% of revenue; unadjusted EBITDA covered it 15.55x over, and net debt stood at 0.44x EBITDA.

Instrument	Lender or venue	Amount		Rate	Matures
Debenture 2040 bond	Toronto Stock Exchange	361	USD m	Canadian CPI + 6.50 per cent, currently 8.90	31 March 2040
Vendor note (Optimal Blue) term loan	Intercontinental Exchange, Inc.	500	USD m	7.00 per cent fixed, compounded annually	31 December 2063
Topicus revolving facility revolving facility	—	393 committed 393 drawn	USD m	variable, not quantified in the accounts	—
Subsidiary facilities term loan	—	1’770	USD m	variable, not quantified in the accounts	2032

Every instrument on file for Constellation Software, in its own currency, not converted; a facility marked committed is a line that may be drawn, not money owed. Covenant: leverage (not quantified) interest cover (not quantified) — tested quarterly. The comparison across buyers is on the debt page.

What this does not support

No price on file means no price, not a low one. Constellation Software discloses capital deployed and debt without pricing single acquisitions; the gap is the finding.
These are revenue multiples, not earnings multiples. Most acquisition notes give no usable profit figure for the company bought.

Sources

Every figure on this page is read from a filed account or the buyer’s own published report; the register keeps the source, retrieval date and parser version for each one. Method and limits.

Other acquirers

Bending Spoons S.p.A. (deployed 1’733.7 EUR m) · Visma (deployed 967.2 EUR m) · The Access Group (deployed 696.6 EUR m) · all acquirers

The rest of the register

Guess what serial acquirers paid →What European software serial acquirers actually pay, from filed accounts. Guess the price, then see the source.

What was paid, per unit of revenue →Every disclosed acquisition price in the register, one row per observation, coloured by how well it is evidenced.

The acquirers, one by one →Every tracked buyer with its prices, capital deployed, debt and what its capital costs.

Every deal on file →One page per disclosed acquisition, with the filed source and where its price sits in the register.

How much they deploy →How much capital each European software serial acquirer actually puts to work, and across how many acquisitions.

What they owe, and what it costs →Net debt against revenue, the interest each buyer actually pays, and every credit facility on file with its terms.

What their own capital costs →An estimate of what each buyer pays for capital, set against the 20-30% return they demand of the companies they buy.

Method, limits and imprint →How every figure in this register is sourced, what the sample does not support, and the legal notices.

Figures as at 2026-09-08. Every number on this page comes from a filed account or a company’s own published report — how, and what it does not support.