2023 Mid-Year Acquisition Update

July 10, 2023

During the first half of 2023, Volaris Group has completed 15 new acquisitions from seven countries, and we're just getting started. This year we’ve celebrated the spin-out of Lumine Group, expanded our presence in Latin America, and entered new vertical markets.

Acquisition remains at the heart of our business, and we look forward to welcoming more businesses to Volaris in the second half of the year.

Overview of 2023 Acquisitions Year-to-Date

As an active acquirer of software globally, we’re proud to have businesses in more than 50 countries worldwide. Given our expansive acquisition criteria, the companies who choose to join us vary widely in terms of market focus, geography, and technological offering.

Click on the logos in the chart below for more information on each company we've acquired this year.

Highlights From the First Half of 2023

Constellation Software Inc. and Lumine Group Inc. Complete Purchase of WideOrbit Inc. and Lumine Group Spin-Out

In February, Lumine Group, the communications and media portfolio that was founded within Volaris Group, completed their spin-out from Volaris parent company Constellation Software to become a separate publicly traded company. As part of the spin-out, Volaris Group’s CEO Mark Miller was named Chairman of the Board at Lumine Group. In his remarks on the company’s new chapter, Miller praised Lumine Group CEO David Nyland’s leadership and called the business "a compelling force in media and communications technology."

"We have consistently created opportunities for leading software businesses and teams to do their best work at Lumine Group and I know that David and his team will continue with this legacy of growth, learning, talent development, and operational excellence," Miller said.

The spin-out coincided with Lumine's purchase of WideOrbit, which serves as the system of record for more than 5,000 stations and cable networks worldwide, processing more than $35 billion in advertising revenue annually. After the deal was announced, Nyland said he was "inspired and motivated by the opportunities our combined organization will bring to current and future Lumine Group companies, customers, and employees."

"For years, Lumine has been building a global network of communications and media software companies who are continuously learning, innovating, and enhancing their value to customers," Nyland said. "We celebrate the presence we have established in the communications space, and now, with WideOrbit, we will accelerate our presence and domain expertise in the media space."

Volaris Expands Its Presence in Latin America

In May, Volaris Group welcomed GOVERNANÇABRASIL to our growing group of Latin American software companies. GOVERNANÇABRASIL is a provider of public administration and management software in Brazil. “[This was] a sizeable acquisition that confirms our commitment to the country and increases our presence in the Government Administration vertical," said Henrique Barreto, Group Leader within Volaris. "We will continue to focus on providing software solutions that help public entities to improve the quality and efficiency of services."

Vencora, Volaris Group's Financial Services group, further strengthened its position in the banking technology industry with its acquisition of Quarzo Tecnología in January. Headquartered in San Jose, Costa Rica, Quarzo is a leading provider of software solutions for employee associations, savings funds, mutual funds and cooperatives in Central America. "Quarzo's robust and integrated solutions are well positioned for success under Vencora's banking portfolio," said Mirela Verrelli, CEO of Quarzo. "We remain focused on serving our customers' needs, while looking forward to learning from Vencora leaders, as well as collaborating and becoming stronger together with other banking companies within the portfolio."

Modaxo, Volaris Group's Transit group, has also deepened their presence in Latin America with the acquisition of SS Telemática in May. Founded in 2013, SS Telemática provides driver monitoring solutions to more than 100 customers in Brazil. "Our decision to join Modaxo was strategic," said Christiano Lino, General Manager of SS Telemática. "We wish to expand our market reach and bring our telemetry solutions to more regions within Brazil and beyond. Modaxo provides us with the knowledge and resources to do that."

Building Strong Partnerships in Technology and M&A

In June, Mark Miller joined other tech industry innovators and luminaries from across the globe at Collision in Toronto. In his second appearance at Collision, Miller challenged some conventional wisdom around how to grow a business through mergers and acquisitions. After making 200+ acquisitions, Volaris has learned that, for our businesses, decentralization beats scale and the best companies are built through a deep commitment to peer learning and talent development. Click here to watch the full talk.

In March, Volaris Group Leader Christina Wheless and Tibersoft Co-founder and President Mary Wilson were featured speakers at the "Growth & Exit Strategies: Women in Tech" conference hosted by World Financial Symposiums. During the Buyer's Panel, Wheless emphasized how a buy-and-hold-forever strategy requires Volaris leaders to play key roles in both acquiring and growing software companies. During the Seller's Panel, Wilson explained the importance of ensuring that a buyer's goals align with your vision for your company when entertaining prospective offers, especially for sellers looking to stay with the business post-acquisition. Click here for a recording of the event.

In May, Volaris Group Leader Jay Hoffman was a featured speaker at WFS’ "Growth & Exit Strategies: Building for Scale, Build for Sale" conference. Hoffman participated in the Buyer's Panel to share his insights into M&A as someone who's been on both sides of the negotiating table. Click here for a recording of the event.