Constellation Software (otcpk: CNSWF) is a Canadian-listed software company that has delivered one of the best compound shareholder returns on the TSX and among global technology peers. The secret to CSU's success over the last decade is centered around its focus on the fragmented vertical market software and its ROIC-based acquisition strategy. The company completes a few dozens of very small deals buying up software designed for a wide range of public and private sectors. We think the company will be challenged to continue its 30-40% ROIC over the next decade as capital