Opinion
Want a roll-up play that actually works? Try software, for now
Two billionaires and their companies – Canada’s Constellation and ASX-listed WiseTech – have soared in the past decade. Others worry things are about to turn.
Jonathan ShapiroSenior reporterMark Leonard is hardly a household name. He’s not even particularly well known in the world of finance. But the long-bearded reclusive founder of Toronto-listed Constellation Software – known to his admirers as Software Santa – is arguably one of the greatest capital allocators of this generation.
A dollar invested in Constellation Software’s initial public offering in 2006 is worth 25 times more today as the firm’s earnings have expanded by gobbling up smaller firms.
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