Constellation Software: Altera Acquisition Analysis

We discuss the year-1 performance of Altera, CSI's largest acquisition to day, and share our learnings from 6+ hours of interviews with Former Altera / Allscripts executives and CSI M&A execs who worked on the deal. We explore: Why Altera's customer churn could be higher than expected Challenges meeting meaningful use regulations and new product development on Altera's R&D budget Impact on CSI's potential levered and unlevered IRR Comparison with Acceo, CSI's first LBO in 2018