• The biggest dollar gainer in Friday trading on the Toronto Stock Exchange has been Constellation Software (CSU)
  • The company has been making notable business moves recently, the latest was an agreement signed by its subsidiary, Lumine Group, to acquire WideOrbit Inc.
  • Year-to-date, CSU stock is up 10.7 per cent and is up 11.7 per cent since this time last year
  • As of 10:30 am ET, Constellation Software Inc. (CSU) was up 0.37 per cent, trading at C$2,282.52

The biggest dollar gainer in Friday trading on the Toronto Stock Exchange has been Constellation Software (CSU).

The company has been making notable business moves recently, the latest was an agreement signed by its subsidiary, Lumine Group, to acquire WideOrbit Inc.

WideOrbit is a US-based media vertical market software provider that is now a wholly owned subsidiary of Lumine Group and will operate as an autonomous business unit within Lumine Group’s portfolio of companies.

Lumine Group acquires software businesses in the communications and media industries.

The company’s CEO, David Nyland, commented that his team has been building a global network of communications and media software companies for years.

“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. We look forward to working closely with the WideOrbit team to continue to execute the best practices that have built an impressive business over the last two decades. I am inspired and motivated by the opportunities our combined organization will bring to current and future Lumine Group companies, customers, and employees. As well, I look forward to connecting with media software companies who are interested in learning about a future with Lumine Group.”

At the same time, the company announced that Lumine Group will be spun out of Constellation and will operate as a separate public company.

As of February 23, 2023, all of Constellation’s common shareholders will receive, by way of a dividend-in-kind, 3.0003833 subordinate voting shares of Lumine Group for each common share of Constellation held.

The Lumine Shares have been conditionally approved for listing on the TSX Venture Exchange, subject to Lumine Group’s fulfillment of final listing requirements. Trading of the Lumine Shares on the TSX Venture Exchange is expected to begin on or about March 24, 2023, under the symbol LMN.

Constellation Software Inc. (CSU) is a Canadian company that develops and customizes software for public- and private-sector markets. The firm acquires, manages, and builds vertical-specific businesses. Its operations are organized into two segments: Public Sector and Private Sector. The portfolio companies serve various markets, including communications, credit unions, beverage distribution, tour operators, auto clubs, textiles and apparel, hospitality, and community care.

Year-to-date, CSU stock is up 10.7 per cent and is up 11.7 per cent since this time last year.

As of 10:30 am ET, Constellation Software Inc. (CSU) was up 0.37 per cent, trading at C$2,282.52.


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