compensation must invest in shares with at least four-years vesting period. According to Leonard, the average holding period for employees is much longer. The visualization we have created below shows the structure of Constellation Software. CSI is basically a collection of 434 niche software companies spread across six divisions and dozens of different verticals. A “vertical” might be software for “Library Management” or “People Transportation”. The software companies that CSI owns are mission critical software systems for customers and very sticky products. As can be seen from the figure CSI is highly diversified across divisions and verticals. Software products offered by the individual companies varies from software that test and debug chips and circuit boards (Asset InterTech) to software technology solutions for public libraries (EnvisionWare). A rare Norwegian example is also found in the CSI portfolio. The software company DataGrafikk is one of 15 companies under the "People Transportation" vertical in Volaris. DataGrafikk is a company that delivers software for bus and public transport companies across Norway.
The six divisions could each easily be independent, publicly traded companies. One of them became a publicly traded company earlier this year when Topicus.com was spun off and taken public. CSI is still the main shareholder in this division, with a 50.1% stake. Of the other businesses, Volaris is known for transportation, financial services, and communications and media. Harris is primarily in utilities and healthcare. Jonas is known mostly for hospitality, clubs and resorts and Vela is more into manufacturing. Perseus Group operates in a variety of industries, including housing, real estate, pharmaceutical manufacturing, and pulp and paper.
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