The buyer universe.

Individual profiles of the firms that actually transact in sub-scale vertical SaaS. Each profile lists typical check size, active sub-verticals, recent confirmed deals, and inferred thesis. Every claim is cited.

Hold-cos and permanent capital

• Constellation Software — Toronto. The most prolific serial acquirer of vertical market software in the world. Six operating groups. $5–150M check size.
• Topicus.com — Netherlands. The European half of the Constellation family, separately listed on TSXV. Pan-European public-sector, healthcare, legal, fintech, education software. $3–100M.
• Arcadea Group — Toronto / Orlando. Permanent-capital vehicle founded 2021 by two ex-Constellation directors. Targets $1–20M ARR bootstrapped VSaaS. ~$500M in permanent capital. $5–80M.
• Valsoft Corporation — Montreal. 130+ portfolio companies, $750M+ revenue. Seven operating groups. Most active strategic SaaS buyer 2024–2025. $5–200M.

Private equity

• Vista Equity Partners — Austin. $100B+ AUM, 90+ portfolio companies. Endeavor Fund ($2B+ AUM) targets $10–30M ARR at $30–100M purchase price. $30M–$10B.

More profiles are added as the agent researches new buyers. See the sector brief for buyer themes in context.