The big picture: Constellation Software, a prolific acquirer of niche vertical market software companies, is grappling with its own success as its cash flow outpaces its ability to find small, high-return acquisitions.

Why it matters: This shift could impact the M&A landscape for specialized tech firms and influence talent strategies within acquired entities as the company seeks larger deals.

Between the lines:

• Constellation owns over 900 small software businesses, generating substantial recurring revenue from maintenance fees.
• The company's strategy of acquiring small,