Though Constellation Software was founded in 1995, it remained privately owned until its initial public offering in 2006. This was when Mawer established our initial investment in the company. During our research process we gained confidence in the ability to generate shareholder wealth with this business model, and we specifically came away impressed with the quality of the Constellation management team. They appeared highly skilled in the way that they evaluated opportunities, allocated capital, and executed their business plan. Their ability to identify accretive acquisitions and successfully integrate them into the business model was especially noteworthy. In time, they would become our own internal benchmark for managerial excellence, not just in Canada, but on a global stage.
From the Mawer New Canada Fund third quarter 2013 newsletter.