Deep Dives

Deep Dive – Constellation Software gets serious about AI integration

A report on our one-on-one conversation with CFO Jamal Baksh about the recent results, the strategy around AI, and the recent major acquisition.

Photo by Jo Lin / Unsplash

Last week, the Canadian investment holding company Constellation Software (Toronto: CSU) published its results for the fourth quarter of 2025. Under new CEO Mark Miller, the company also organised a conference call to discuss the figures for the first time in years. A day later, we had a one-on-one conversation with CFO Jamal Baksh to go into a bit more depth. Topicus.com (Toronto: TOI) and Asseco Poland (Warsaw: ACP) also came up for discussion. We share the highlights with you in this Deep Dive.

This article was originally written in Dutch and automatically translated into English with the help of AI. In case of any difference, the Dutch original prevails.

Michael Gielkens · Tresor Capital

I'm Michael Gielkens, partner and co-owner of Tresor Capital. Investing has been my great passion for years: from analysing holding companies and serial acquirers to building long-term strategies. What was once a hobby is now my job. More from Michael Gielkens

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Deep Dive – Constellation Software gets serious about AI integration

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