PC Soft, a Montpellier-based company that designs and develops high-tech software, has just become part of Volaris, a Canadian giant and subsidiary of Constellation Software Inc. (CSI). The experts at AURIS Finance, a consultancy specialising in mergers and acquisitions, take a closer look at this latest consolidation in the software sector.
Consolidation is underway in this sector. In this race for growth, Constellation Software Inc. is a standout company. Listed on the Stock Exchange and based in Toronto, the group specialises in acquiring, managing and developing software publishers, pursuing a strategy of sustained inorganic growth. In 2024, the group achieved sales of $8.4 billion, and employs 55,000 people worldwide.
An offensive strategy
CSI, the parent company of Volaris Group, has just made another acquisition in France by taking over PC Soft. The Montpellier-based company employs around sixty people and reported sales of €12.4 million and net income of €2.7 million in 2024. PC Soft is best known for its AGL (Ateliers de Génie Logiciel, or Software Engineering Workshops) products, including the WinDev and WebDev suites, which are designed for creating and developing multiplatform applications (Windows, Linux, .Net, Java, web and mobile).
A strategic shift
This operation marks a strategic turning point for the Montpellier-based software publisher. “CSI’s objective is to strengthen and develop PC SOFT on a long-term basis without ever selling it,” the group said in a press release to mark the takeover. The company intends to continue with its subscription-based marketing model, which was launched at the beginning of 2024. This model is similar to that used by most software publishers worldwide, who are increasingly focusing on building customer loyalty through subscriptions.
Target acquisitions
This acquisition of the entire share capital of PC Soft is part of an industrial optimisation strategy, following the takeover of the Paris-based software publisher 4D SAS in France. Volaris acquired 4D SAS in November 2024. It is an international company offering hybrid low-code development platforms (4D and Qodly). Volaris applies a similar strategy to each of its acquisitions: each acquired company is not fully consolidated. The entity remains autonomous while benefiting from the group’s resources to accelerate its development. Volaris currently serves over 125,000 customers worldwide across a range of sectors, including private companies, governments, local authorities, financial institutions, manufacturers and transport operators. Each acquisition enables Volaris to position itself in a niche market, in line with the specific needs of a particular sector and region.
Insights from AURIS Finance
The software publishing market is currently experiencing a period of consolidation. This trend is driven by the rise of the SaaS (Software as a Service) model, the need for substantial investment in R&D, and the capacity to target specific global or sector-specific markets. Alongside major players such as Volaris, Cisco, Salesforce, SAP, Microsoft and IBM, France boasts a highly dynamic network of SMEs. These highly specialised software publishers may be subject to takeover attempts in the coming months.
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At AURIS Finance, our experts specialise by sector and support managers and shareholders with their divestment, acquisition and fundraising operations. Our bespoke approach, which focuses on enhancing each company’s specific features and know-how, enables us to identify the best strategic options.
