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.
• Lumine Group — Toronto. The Constellation vehicle focused exclusively on communications and media vertical software. Must be #1 or #2 in its niche. $5–250M.
• 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.
• Quadshift — Toronto. BDC-backed acquirer of regulated-industry B2B SaaS between $500K and $10M revenue. 16 acquisitions across five platforms. Permanent hold, all-cash. $0.5–7M.

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.
• Thoma Bravo — Chicago. $181B+ AUM, the world's largest software-focused sponsor. Three buyout platforms; the Discover fund is the only one plausibly in the room below $100M EV. $100M–$12B.
• Main Capital Partners — The Hague. European enterprise-software specialist. ~€7B AUM across 45+ portfolio companies; public trajectory to €15B. Govtech, healthtech, proptech, regtech. $5–150M.
• Oakley Capital — London. Pan-European founder-partnership model. ~€16B AUM. Reports 3.9x gross multiple / 52% gross IRR on realised investments. Tech, consumer, education. $30–500M.
• Thompson Street Capital Partners — St. Louis. Middle-market sponsor. $4.5B+ AUM. Fund VI writes $50–250M into $5–50M EBITDA targets. Software is one of three declared sectors. $50–250M.

Strategics

• Tribute Technology — Waunakee, WI. Carlyle + Vista-backed funeral-tech roll-up. ~70% share of US funeral homes. Absorbed Frazer, Frontrunner, SRS, CFS, FuneralTech, Funeral Innovations. $5–100M.

More profiles are added as new buyers come into focus. See the sector brief for buyer themes in context.