Jonas Software, based in Markham, Ontario, is an operating group of Constellation Software and the family’s main buyer of hospitality software, with 17 of its 37 deals there. It made 125 software acquisitions from 2015 to 2025, 77 of them since 2021, in 13 countries, and says it runs more than 200 independently managed software companies in more than 40 vertical markets. We cover the parent in our Constellation Software profile.
It buys through five portfolios, each for its own markets and regions, either directly or through a company inside one. The portfolio that buys your company is the one you join.
The counts cover the 125 software acquisitions announced from 2015 to 2025 and since completed that we hold in our records, drawn from Mergermarket and from the acquisitions announced by Jonas and its portfolios, checked release by release; criteria, process and the metrics Jonas explains to owners come from its own pages.
In our view Jonas is a patient owner and an experienced buyer at once. It publishes a glossary of the metrics it reads, a checklist for sellers and, most years since 2019, a review of the deals that reached it through M&A advisors, so an owner who meets it should arrive as well prepared as the team across the table.
Jonas Software Portfolios and Operating Structure
Jonas is one of nine operating groups inside Constellation; the full list of groups is in the operating groups section of our Constellation Software profile. Jonas organizes its companies in five portfolios, each with its own leadership and its own M&A contact, listed in Jonas’s reviews for advisors. A sixth, Jonas Europe, bought in the UK and Finland in 2025 and became part of Vesta Software Group in January 2026.
| Portfolio | What its releases show it buying |
|---|---|
| CORA Group | Collections and recovery, loyalty, financial health and corporate mobility expense software; US mid-market banking since June 2026 |
| Vertus Group | Club management and hospitality software, extended into dispute management, developer tools, media, live entertainment and education |
| Vesta Software Group | Mission-critical and industry-specific software in the UK, Hungary and Latin America, and since January 2026 the former Jonas Europe |
| PYXiS Software Group | Fitness and camp management software |
| Jonas Software ANZ | Healthcare, pharmacy, veterinary and disability-care software, plus meat processing and car rental, in Australia and New Zealand |
The portfolios divide the map between them. Australia and New Zealand account for all 23 of Jonas’s Asia-Pacific deals, the territory of Jonas Software ANZ, and all 9 Latin American deals carry Vesta as the acquirer on Jonas’s own release pages.
Inside a portfolio, a company can be the buyer. Ineo Global Mobility, a CORA company, was named in CORA’s 2023 purchase of The Hessel Group, a global mobility expense management business. C&R Software, also in CORA, bought SpringFour, a financial health fintech, in 2024; C&R itself came to Jonas in 2021, when FICO completed the sale of its Collection and Recovery business to Constellation’s Jonas Software operating group, as the joint release put it. CampSite, a PYXiS company, bought myCAMPapp, a parent engagement app for summer camps, in 2025. So ask first which portfolio and which company the approach comes from, and which businesses in your vertical that portfolio already owns.
If you are unsure which group has approached you, several groups own businesses in the same verticals. Each has a page in this series: Volaris, Vela, TSS and Topicus, Harris, Perseus, Lumine Group and Modaxo, with Andromeda the ninth. Jonas’s 125 deals are the fourth-largest count among Constellation’s 797, after Volaris with 164, Vela with 157 and TSS with 152, and the remits overlap at the edges: Jonas made 10 of Constellation’s 79 healthcare software acquisitions, and Harris made 38.
How Many Acquisitions Jonas Makes
Jonas bought 24 companies in the four years to 2018 and 63 in the four years to 2025, from 6 a year to about 16, with 2024 its busiest year at 19. Across its portfolios Jonas now closes more than one deal a month, and the owner across the table is selling once.
Almost all of Jonas’s growth has come outside the United States, where it bought 12 companies in the four years to 2018 and 13 in the four years to 2025. In 2022 to 2025 the UK overtook it as Jonas’s busiest country, with 14 purchases, and Australia and New Zealand, Canada and Latin America have each grown fast. Healthcare and industrial software, one deal each before 2019, reached nine each from 2022 to 2025, so each now outnumbers hospitality. For an owner, the newest Jonas purchases point to the UK, Australia, New Zealand, Latin America, healthcare and industrial software as the places its portfolios have bought most recently.
What Size of Company Jonas Buys
Jonas’s page for sellers says businesses with a handful of employees and businesses with hundreds have both found a home with it. Its deals reach the small end: NCG, a Dallas field service software company trading as Automated Integration, had fewer than 50 employees when Jonas bought it in 2019.
At the other end sit businesses carved out of larger companies: FICO’s Collection and Recovery business in 2021, and AMT-SYBEX, a UK and Irish utilities software business that Capita agreed to sell to Jonas at the end of 2021. Few Jonas deals carry a published price, so the deal-size bands sit in the What Size of Company Constellation Buys section of our Constellation Software profile.
What Jonas Buys
Hospitality leads Jonas’s named verticals with about one deal in seven, and the rest spread across a long list of niches.
| Vertical | Acquisitions |
|---|---|
| Travel and hospitality | 17 |
| Industrial, energy and manufacturing | 13 |
| Healthcare and life sciences | 10 |
| Retail and e-commerce | 9 |
| Education | 7 |
| Supply chain, logistics and transport | 6 |
| Media, entertainment and gaming | 6 |
| Sales, marketing and customer experience | 6 |
| Finance, accounting and ERP | 5 |
| Financial services and insurance | 5 |
| HR and workforce | 5 |
| Other industry-specific software | 17 |
Eight smaller categories, among them legal and compliance, collaboration, data, government and real estate software, hold the remaining 19 deals.
Jonas’s own pages describe the same focus. Its portfolio page features fitness, leisure and sports, club management, food and beverage, and hotels and resorts, and lists the rest of its more than 40 markets, from auctions and cinema ticketing to pharmacy, marinas and mining. Its acquisition page asks for software companies that sell a proprietary solution tailored to one or more vertical markets, and welcomes new verticals as well as more of its existing ones.
The new-vertical route shows in the records. FICO’s collections business took Jonas into debt collection and recovery software in 2021, Jonas says. Béker-Soft, a Hungarian provider of patient management and radiology software for hospitals, gave Vesta its first investment in Central Europe in 2024, and it is one of the nine healthcare deals Jonas made from 2022 to 2025.
Where Jonas Buys
Jonas has bought in 13 countries, most often in the United States, with 38 deals, and the UK, with 30. Europe as a whole holds 39 of its 125 purchases, almost a third.
Jonas says it has offices in more than 30 countries and will buy across borders, and its portfolios carry the regional work. Jonas Software ANZ buys in Australia and New Zealand, where its deals run from veterinary clinic software, VetlinkPRO in New Zealand in 2022, to the pharmacy software businesses of two companies listed in Australia, Corum in 2023 and MedAdvisor in 2025.
Vesta buys in the UK, in Hungary and in Latin America. In Hungary, Béker-Soft was followed by ArenimTel, a communications software firm, in 2025. In Latin America, Vesta bought Uruware and GSoft, two Uruguayan e-invoicing businesses, in 2023, and Apesa Software, a Mexican provider of software for recording financial market transactions, in 2025. Its UK purchases include MachineMax, operational efficiency software for mining and construction, which it bought from Shell in 2024, and Kobas, hospitality software, in 2025.
In North America the buyer can be CORA, Vertus, PYXiS or Jonas itself; in 2025 Vertus bought CAST Group, a Canadian developer of lighting design and pre-visualization software for live entertainment and events. Beyond Hungary, continental Europe appears in smaller numbers, with one deal each in Sweden, Germany and Finland, the last of them Jonas Europe’s 2025 purchase of Aava Ohjelmistot, a Finnish provider of ERP and manufacturing execution software.
What Jonas Pays: Acquisition Multiples
Jonas prices like the rest of Constellation, against an after-tax hurdle rate set at head office. Across Constellation the median is 1.0x revenue on 22 priced deals, with the breakdown in the What Constellation Pays section of our Constellation Software profile. Four Jonas deals carry both a published price and the revenue behind it, too few for a Jonas figure, all carve-outs from listed sellers that had to report it: Springer-Miller Systems from PAR Technology in 2015, AMT-SYBEX from Capita, Corum’s pharmacy software business and MedAdvisor’s Australian and New Zealand business.
Has a buyer approached you?
The buyer’s team has done this dozens of times. You may be doing it once. You even that out by hiring an advisor with experience in this. We run a competitive process among the buyers with a real reason to want your company, so you choose between the best offers. Book a confidential consultation.
How Jonas Structures a Deal
Jonas describes its process as transparent and collaborative. You organize financials, operations and documentation, and Jonas’s team reviews the business. It handles most of its due diligence in-house, bringing in outside specialists only for specialized work, and says this lets it move quickly and keep the process confidential. Its own guide to the process says buyers make ongoing requests for financial, legal and HR documents, and suggests owners bring in professional advisors for the legal, financial and tax work so they can keep running the business. Jonas says an owner can stay on as an advisor, remain in a leadership role or step away entirely.
The four deals from listed sellers show how the price is paid. On each, part of the headline price was left to be paid after closing, as a deferred payment, a holdback or an earn-out tied to future revenue or earnings. The sellers’ filings give the mechanics: on MedAdvisor’s business, part of the price was held back at completion, subject to a post-completion adjustment, and an uncapped three-year earn-out ran beside it. The other deferred term is covered in our guide to earn-outs in M&A, and the pattern across Constellation, from the group’s own filings, is in the How Constellation Structures a Deal section of our Constellation Software profile.
Jonas buys the whole company: every deal whose announcement gave the stake, 16 in all, was a 100 percent purchase. Keeping a stake for a second sale is a private equity structure; our guide to selling your business to a software roll-up explains it.
What Happens After Closing
A former co-owner of Kobas, the hospitality software business Vesta bought in 2025, describes the sale in Jonas’s checklist for sellers: the senior staff saw a fair amount of change and one former co-owner moved on straight away, while the daily routine of the wider team stayed largely as it was.
Jonas says it has kept every business it acquired, a commitment it calls Software for Life, and sums up its model in three parts it calls the Jonas ABCs: autonomy, buy-and-hold forever, and a culture of sharing know-how between its companies. It says each acquired business stays a standalone entity with its brand identity, leadership and operations intact, and that day-to-day operations stay with the people who run it. SpringFour stayed a standalone brand inside C&R Software, with its chief executive in place, according to the 2024 release.
Before you sign, ask which portfolio would own you, who leads it, which businesses in your vertical it already holds, and how those businesses share customers, products and people. Ask to speak with two owners who sold to the same portfolio, one still running the business and one who has moved on.
Is This a Good Time to Sell to Jonas?
Jonas is buying at its fastest pace, and its portfolios kept buying through the early-2026 repricing of software: CORA bought Finastra’s US mid-market banking business in June 2026, and in September Vesta made its first deal in Belgium, Aucxis, a provider of auction software and RFID tracking. Jonas’s criteria describe the businesses that held their value best through that repricing (our March 2026 webinar on SaaS valuations).
In an October 2025 post on vertical market software, Jonas set out its view of AI. It sees adoption in stages: first efficiency inside the company, through AI-assisted support and automated data processing, then growth, through AI built into the product and the customer experience, and it presents buy-and-hold ownership as room to invest in AI for the next decade. That hands you the diligence question in advance. Show where AI already saves time in your support and operations, and where it could go into your product.
An owner whose business is growing, and who can carry the risk of one business alone, has a good case for keeping it; Jonas carries its risk across more than 200 companies. Sector prices are in our software valuation multiples research.
About Aventis Advisors
Aventis Advisors is an M&A advisor for technology and IT companies with an enterprise value of €5M to €100M. We run global competitive sale processes, drawing on a database of 300,000 financial and strategic investors, so you choose between the best offers for your company. We take on a limited number of mandates each year.
Contact us for a confidential conversation about your company.
