The genesis: Constellation Software and the vision of Mark Leonard

To every Vertical Market Software (VMS) CEO and founder: building mission-critical software for niche industries requires long-term stability, not short-term speculation.

Three decades ago, Mark Leonard recognized this reality and founded Constellation Software Inc. (CSI). He pioneered a distinctive approach to growth through disciplined, programmatic mergers and acquisitions, harnessing the power of compounding over time. Leonard understood that a Permanent Capital model was uniquely suited to Vertical Market Software businesses, offering a superior alternative to traditional investment structures.

By treating specialized software companies as highly predictable cash-flow generators, supported by recurring revenue that often exceeds 95%, CSI developed a framework that allows niche software businesses to thrive for generations. Today, with annual revenue of $11.6 billion and a 36% annualized stock appreciation since its IPO, CSI stands as one of the clearest examples of sustainable long-term value creation in the software industry.

The Vela Software ecosystem: Vertical Market Software and the "forever" philosophy

As CSI’s primary operating platform, Vela Software brings this same DNA to Southeast Asia. Our investment philosophy is built around a simple principle rooted in Permanent Capital: "We buy, and we hold forever."

A business that improves its bottom-line efficiency by just 5.5% annually can expand its footprint fivefold over three decades. The software you build is often the lifeblood of the industries you serve - the culmination of years of expertise, innovation, and dedication.

Within the Vela ecosystem, we operate through a highly decentralized model that preserves entrepreneurial freedom. Founders retain operational autonomy and maintain the unique culture that made their companies successful in the first place.

At the same time, we help insulate businesses from market volatility, remove capital constraints, and provide access to proprietary operational benchmarks drawn from more than 1,500 business units worldwide. With Vela, founders gain the resources and insights to scale without sacrificing their identity.

You no longer have to grow alone.

The "Glocal Blueprint": Global strength, local expertise

Our regional strategy, known as the "Glocal Blueprint," is designed specifically for Southeast Asia's highly fragmented market of more than 600 million consumers, where many founders eventually encounter a cross-border growth ceiling.

Our acquisitions across the region - including DMSpro, ASC, Estuary Solutions, and Can Innovation - demonstrate our commitment to empowering local talent rather than imposing a one-size-fits-all global model.

By connecting businesses across markets, we create a powerful network effect. A software founder in Vietnam, Thailand, or elsewhere in Southeast Asia can instantly benchmark SaaS performance, cost-of-delivery metrics, and R&D investment against a global peer group.

The result is a win-win-win ecosystem.

Founders gain permanent liquidity and long-term continuity. Employees benefit from international mobility and career opportunities. Customers receive the assurance that the software they depend on every day will continue to evolve and improve for years to come.

As the proverb says: "If you want to go far, go together."

If you are a Vertical Market Software founder in Southeast Asia looking to expand your vision through a Permanent Capital model, the opportunity is here.

We invite you to watch the full podcast episode below, featuring insights from My Le, CSI Representative and CEO of Vela Software Southeast Asia. We hope it serves as the beginning of a meaningful conversation, and we look forward to exploring how we can build your company's long-term future together.

Let's build your forever legacy.

Together.

PV