The Synopsis Interview. Constellation Software Head of M&A in the Volaris Group on Copy Cats, Style Drift, and Organic Growth.
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Sep 25, 2025 Rohan Noronha, the Head of M&A at Constellation Software's Volaris Group, shares insights from his extensive experience in vertical market software acquisitions. He discusses the challenge of copycats and highlights the importance of founder retention in small software firms. Rohan elaborates on Constellation's preference for acquisitions over organic growth and the operational advantages that allow for successful integration. He also touches on the impact of AI in the sector and warns against style drift, emphasizing the need for discipline in their acquisition strategy.
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First-Mover Moat From Proprietary Target Data
- Constellation's lead comes from first-mover advantage and a proprietary database of targets built over decades.
- That depth of institutional knowledge and network creates a durable acquisition moat other entrants struggle to match.
Carve A Focused Niche To Compete
- If you want to replicate Constellation, carve a focused niche and build deep expertise rather than copying broadly.
- Avoid competing head-on on price; win niches where you can access targets before larger acquirers arrive.
Founders Become Internal Operators
- Constellation retains founders and converts many into internal operators, creating a bench of domain experts.
- That in-house operator network and recurring leadership summits transmit best practices across acquisitions.