14 published case studies
SS&C grew revenue ~16x to $5.28B by consolidating 50+ financial services software companies onto shared infrastructure.
SS&C Technologies: Building the Dominant Back-Office Platform Through 50+ Acquisitions
Jack Henry grew revenue 5x to $2.1B by migrating ~7,500 financial institutions to private cloud core processing.
Jack Henry grew revenue 5x to $2.1 billion by migrating approximately 7,500 financial institutions to private cloud core processing
Enghouse Systems grew revenue to C$454M via 60+ acquisitions, averaging 30%+ EBITDA margins from FY2019–FY2022.
Enghouse Systems compounds through 60+ acquisitions at 3–5x EBITDA, sustaining 30%+ margins with zero integration overhead
Topicus grew revenue from €743M to €1.3B in four years by applying Constellation’s VMS playbook across Europe.
Topicus replicates the Constellation Software model in Europe, growing revenue from €743M to €1.3B in four years
Vitec grew revenue 4x to SEK 3.3B by acquiring and autonomously operating 45 niche Nordic vertical software businesses.
Vitec Software Group: 4x Revenue Growth Through Autonomous Nordic Vertical Software Acquisitions
Tyler Technologies grew to $1.95B by converting 15,000+ local governments from perpetual licenses to cloud SaaS.
Tyler Technologies doubles revenue to $1.95B by migrating 15,000 local governments to cloud SaaS
Q2 Holdings grew subscription ARR 36% to $682M by expanding into commercial treasury and embedded fintech services.
Q2 Holdings grew subscription ARR 36% to $682M through digital banking platform expansion
Bentley Systems grew revenue from $804M to $1.23B by converting perpetual licenses to pool-based ELS subscriptions.
Bentley Systems Grew Revenues from $804M to $1.23B by Converting Engineering Software Perpetual Licenses to Subscription
PTC grew ARR from $1.3B to $2.2B by replacing perpetual CAD and PLM licenses with subscriptions over seven years.
PTC Grew ARR to $2.2B at 15% CAGR by Completing CAD and PLM Perpetual-to-Subscription Migration
AppFolio grew revenue per managed unit 41% to $91 in two years with AI pricing tools in its property platform.
AppFolio Grew Revenue Per Managed Unit 41% from $65 to $91 Through AI-Powered Automation and Tiered Pricing in Property Management SaaS
Instructure cut GAAP losses from -33% to -12% in 15 months under Thoma Bravo, growing Canvas LMS revenue to $530M.
Instructure Holdings Narrowed GAAP Operating Margin from -33% to -12% in 15 Months and Grew Revenue to $530M Through PE-Driven Operational Restructuring of Canvas LMS
Guidewire doubled ARR to $1.03B via perpetual-to-cloud conversion of 570 P&C carriers over five years.
Guidewire Software Doubled ARR to $1.03 Billion Through Perpetual-to-Cloud Migration for P&C Insurers
Trimble nearly doubled ARR to $2.26B by migrating to cloud via its Connect and Scale program.
Trimble doubled ARR to $2.26B and expanded gross margins 1,000 bps through Connect and Scale SaaS model shift
Constellation Software grew revenue 360% to $8.41B over 8 years by compounding serial M&A with strict ROIC discipline.
Serial M&A with ROIC Discipline in Vertical Market Software