Software Circle: Mini-Constellation in the Making?
🔄 Software Circle, a UK micro-cap, pivoted from digital printing to become a serial acquirer of vertical market software (VMS), aiming to replicate the Constellation Software model on a smaller scale.
🤝 Led by an experienced board including individuals from PNR Real Value, Chapters Group, and Judges Scientific, the company benefits from significant expertise in the serial acquirer space.
📈 Despite the drag from its legacy printing business (Netel), the company shows high growth potential through acquisitions bought at attractive multiples (4-6x EBITDA), though it carries higher risk due to its small size and strategy execution dependency.
