What Aquila Software does

Aquila Software is a vertical-market software consolidation platform operating as an operating group within Vela Software, which itself sits under Constellation Software Inc. (TSX:CSU), a $10B+ revenue permanent-capital acquirer. Founded in 1995 and headquartered in Miami with primary operational presence in Toronto, Aquila acquires and operates category-leading software businesses serving financial services, lending, media and publishing, government, and education verticals across 10+ countries and 13+ office locations. Its 20+ portfolio acquisitions since 2017 include Atex (media platforms, 2017), iuvity (cloud-native digital banking, 2023), and a cluster of 2025 additions spanning ITC (government), Exelis (compliance), Enterprise SpA (Italian banking), Neurona (LATAM core banking), Plurilogic (education), and Media Carrier Solutions (DACH digital media).

The portfolio products are predominantly mission-critical enterprise SaaS offerings deployed at scale-anchored customers: regulatory reporting and compliance software for major Latin American banks, lending origination and servicing platforms, digital banking systems, airline media planning tools serving Lufthansa, LOT Polish Airlines, and American Airlines, and publishing platforms reaching 400+ publications via Jaicom and 7,000+ professionals via Comosoft LAGO. Technical architectures span legacy on-premise deployments alongside cloud-native stacks (iuvity's micro-frontend digital banking platform being the most modern reference architecture). Business model is recurring-revenue SaaS with long-tenured enterprise contracts, supplemented by services and license revenue from legacy products.

Revenue mechanics follow Constellation's permanent-capital roll-up playbook: Aquila acquires founder-owned or carve-out vertical software businesses, installs operational management, and retains earnings to fund further acquisitions rather than distributing to public shareholders. CEO Daniel Lee has led the platform since 2021, supported by recent C-suite additions including CFO Jennifer Reidel (2025) and CRO Geoff Gray (2023). The model prioritizes capital deployment velocity, vertical depth, and operational autonomy at the portfolio-company level over centralized technology unification.

Name

Aquila Software

Legal name

Aquila

Website

https://aquilasw.com

Company type

Private

Founded year

1995

Operating status

Operating

Headcount range

251–500 employees

Short description

Aquila Software is a vertical-market software consolidation platform under Constellation Software's Vela Software umbrella, acquiring and operating category-leading SaaS businesses across financial services, lending, media/publishing, government, and education verticals in 10+ countries for enterprise and government customers.

Ownership category

akta.pro rank

Product category

Vertical Market Software

NAICS

Software Publishers (5132), Custom Computer Programming Services (541511)

SIC

Services-Computer Programming, Data Processing, Etc. (7370), Services-Prepackaged Software (7372), Services-Computer Integrated Systems Design (7373), Services-Computer Programming Services (7371)

akta.pro primary industry

IT Asset Discovery, Inventory & CMDB Services (BPAEAOAE)

akta.pro secondary industries

IT Program/Project Management (PMO) & Delivery Assurance (BPAEAAAO), IT Asset Lifecycle Services (Procure-to-Retire) (BPAEAOAF), Endpoint & Mobile Asset Management (UEM/MDM Asset Controls) (BPAEAOAI)

Keywords

• Vertical market software
• Software holding company
• Banking software solutions
• Consumer lending software
• Media publishing software

Headquarters

HQ city

Miami

HQ country

United States

HQ region

North America

Offices13 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Investment Returns from Software Portfolio: Aquila generates revenue through its portfolio of acquired software companies. As a division of Constellation Software Inc., Aquila operates on a permanent capital model, acquiring and holding software businesses long-term. Revenue is derived from the operating performance of its subsidiaries across fintech, banking, lending, media, and education verticals.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Aquila Software is a permanent capital holding company that acquires and operates category-leading software businesses across verticals including finance and banking, lending, media and publishing, government, real estate, and education. As a division within Vela Software and a wholly owned subsidiary of Constellation Software Inc., Aquila provides acquired companies with operational support, capital, and strategic autonomy to continue operating as independent business units serving enterprise customers globally.

Product overview

Aquila Software is a division of Constellation Software that operates as a permanent investment partner for category-leading software companies. Rather than a single unified product, Aquila's portfolio consists of multiple independent software businesses organized into vertical-specific ecosystems: Finance & Banking (Cibar, Enterprise SpA, Giftsoft, InfoCorp, iuvity, Neosoft, Neurona), Lending (EPIC Loan Systems, Infinity Software, Tekambi), Media & Publishing (Atex, Comosoft, Exelis, Jaicom, Laidback, Media Carrier Solutions), Government & Public Sector (Emphasys Software, Sympro), and Education (FAME, Plurilogic). Each acquired company operates as an autonomous business unit within Aquila while benefiting from shared operational resources and capital. The portfolio also includes LendSuite Software as a parent company grouping three leading lending technology companies (Infinity Software, EPIC Loan Systems, and Tekambi).

Differentiator

Problem solved

Functional benefit

Brands

• LendSuite Software: Consumer lending software umbrella company combining Infinity Software, EPIC Loan Systems, and Tekambi to offer comprehensive solutions for the lending industry.

Products and services

• Atex
• Cibar Trade Finance Suite (GTSnet, ICCnet, CASHnet)
• Comosoft LAGO
• Emphasys Software

Named customers6 records

Segments5 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

20 partnerships are on record, tiered flagship and core.

• Media Carrier SolutionsflagshipStrategic or Co-development Partner · 28 October 2025Media Carrier Solutions, acquired October 2025, is a digital media and content distribution company with its flagship Media Box platform serving airlines including Lufthansa, LOT Polish Airlines, American Airlines, hotels, airports, and companies in mobility, health and fitness sectors across DACH, EMEA and North America in over 60 countries.
• PlurilogiccoreStrategic or Co-development Partner · 22 July 2025Plurilogic, acquired July 2025, is a best-in-class school and student information management system provider for education institutions across Quebec and Canada. With 40 years of history, Plurilogic provides comprehensive pedagogical solutions to the K-12 education industry.
• Neurona Financial TechnologyflagshipStrategic or Co-development Partner · 27 June 2025Neurona, acquired June 2025, is a payment processing technology provider to banks, financial institutions and cooperatives across Colombia and Latin America. Founded in 1998, Neurona powers the electronic payments and collection process of major banks and financial institutions with its payment engine and complementary modules.
• Enterprise SpAflagshipStrategic or Co-development Partner · 26 May 2025Enterprise SpA, acquired May 2025, is a critical front and back-office banking platform powering Italy and other EMEA regions. With origins dating back to 1995 and headquartered in Rome, Enterprise is a category-leader in the banking software industry offering trade and supply chain finance, payments, digital and mobile software solutions.
• ExeliscoreStrategic or Co-development Partner · 20 March 2025Exelis, acquired March 2025 through Atex subsidiary, offers critical advertising technology solutions to media houses and publishers in Italy across production, page planning and CRM automation. Founded in 2010, Exelis' advertisement solution is used across print, web, radio, television and digital signage.
• ITC Soluciones TecnológicasflagshipStrategic or Co-development Partner · 17 February 2025ITC, acquired February 2025, is a specialized financial asset management software provider servicing investment funds, trusts, insurance companies, cooperatives and other financial securities companies across Latin America. Founded in 1998 with headquarters in Colombia, ITC operates in Colombia, Central America, Uruguay and Paraguay.
• GiftsoftflagshipStrategic or Co-development Partner · 23 September 2024Giftsoft, acquired September 2024, is a best-of-breed payment automation, compliance, anti-fraud and AML platform provider for the global banking and financial services industry. Clients span major financial hubs globally including some of the world's largest financial institutions.
• Financial Systems Company (FSC)flagshipStrategic or Co-development Partner · 5 December 2023FSC, acquired December 2023, is an omni-channel debt and credit collection technology provider powering major banks, financial institutions, multinational corporations and contact centers across Latin America. Founded in 1994 with headquarters in Colombia and offices in Chile and Peru.
• iuvity (TODO1 Services)flagshipStrategic or Co-development Partner · 25 August 2023iuvity, acquired August 2023, is a leading front-end digital banking, cybersecurity and payment software provider servicing major banks, financial institutions and fintechs across The Americas. Founded in 2000 and headquartered in Miami, iuvity offers cloud-first, digital-native solutions.
• Laidback Solutions ABcoreStrategic or Co-development Partner · 22 August 2023Laidback, acquired August 2023 through Atex, specializes in flexible advertising production and file management solutions for media and corporate publishers. Founded in 2002, Laidback's products are used in 20 different countries by media groups and corporate publishers.
• Neosoft (Asesorias Computacionales Neosoft SpA)flagshipStrategic or Co-development Partner · 26 September 2022Neosoft, acquired September 2022, is a market-leading regulatory reporting and compliance management system provider for banks and financial institutions across Latin America. Founded in 1993 by Erwin Piwonka and headquartered in Santiago, Chile, Neosoft offers GRC solutions through its flagship products SIGIR and SGN.
• CibarflagshipStrategic or Co-development Partner · 6 September 2022Cibar, acquired September 2022, is a pioneer in back-office banking solution for the international trade finance industry. Founded in 1969 and headquartered in Colorado Springs, Cibar provides trade finance applications including Imports/Exports, Standby Letter of Credit, Guarantees, Cash Letters, Wire Transfers through GTSnet, ICCnet and CASHnet.
• ComosoftcoreStrategic or Co-development Partner · 3 May 2022Comosoft, acquired May 2022 through Atex, is a global provider of marketing production workflow solutions and Product Information Management (PIM) systems for retail, catalogue, e-commerce and manufacturing markets. Creator of LAGO, an internationally acclaimed multichannel marketing solution used by over 7,000 professionals.
• TekambicoreStrategic or Co-development Partner · 1 March 2022Tekambi, acquired March 2022, is a fintech provider specializing in underwriting and decisioning software for the consumer lending industry. Operating under the LendSuite Software parent company, Tekambi provides credit risk underwriting solutions that enable lending portfolios to control lead purchasing processes.
• Jaicom OycoreStrategic or Co-development Partner · 2 November 2021Jaicom, acquired November 2021 through Atex, is a customer management system provider for newspapers and magazine publishers across Northern and Western Europe. Founded in 1999 with over 400 publications relying on Jaicom's products for subscription and distribution operations.
• Infinity Enterprise Lending SystemscoreStrategic or Co-development Partner · 9 September 2021Infinity, acquired September 2021, is a provider of loan management systems for alternative credit lenders. Founded in 2000, Infinity provides an all-in-one platform for short-term lenders to process loans, grow customer base and scale business.
• InfoCorp (ICORP S.A.)flagshipStrategic or Co-development Partner · 21 May 2020InfoCorp, acquired May 2020, is a leading omni-channel digital banking platform provider supporting major banks and financial institutions across Latin America and the Caribbean. Founded in 1994 with headquarters in Uruguay and presence in Uruguay, Chile, Dominican Republic, Colombia and Puerto Rico.
• EPIC Loan SystemscoreStrategic or Co-development Partner · 10 September 2018EPIC, acquired September 2018, is an end-to-end loan management solution serving North American online loan providers. Operating under LendSuite Software, EPIC provides premier loan servicing solutions helping lenders contain customer acquisition and operating costs.
• FAME (Financial Aid Management for Education)coreStrategic or Co-development Partner · 28 November 2017FAME, acquired November 2017, is a trusted provider of Financial Aid Solutions (FAS) and Student Information Systems (SIS) to higher education clients. Headquartered in Fort Lauderdale, FL, FAME has been committed to the higher education space for nearly 40 years.
• Atex GroupflagshipStrategic or Co-development Partner · 6 September 2017Atex, acquired by Aquila in September 2017, is an iconic provider of content management, advertising and commercial software for the global media industry. Operating as a subsidiary within Aquila's portfolio, Atex powers solutions for prestigious media companies in 55 countries worldwide, managing print, web, tablet and mobile channels for media-rich enterprises.

Scale indicators5 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• Permira: Global private equity firm with a dedicated technology team and significant portfolio of vertical software and SaaS businesses. Operates traditional fund vintages but overlaps with Aquila in mid-market vertical software acquisitions.
• Roper Technologies: US-listed diversified technology company that acquires and operates vertical market software and engineered products businesses for the long term. Closely analogous public-market comp to Constellation Software and Aquila's permanent capital, software-compounding model.
• Vista Equity Partners: Major US private equity firm exclusively focused on enterprise software, data, and technology-enabled businesses. Comparable in targeting vertical software assets but operates larger take-private deals with active operational improvement programs.
• Hg (Hg Capital): UK-based private equity firm focused on software and services investments in Europe. Frequently competes with Constellation divisions for European vertical SaaS assets, particularly in DACH and Northern Europe where Aquila has presence.
• Thoma Bravo: Large US-based private equity firm specializing in software and technology buyouts. Competes with Aquila for vertical SaaS assets but operates at much larger deal sizes and with defined fund vintages rather than permanent capital.

Direct peers

• Jonas Software: Constellation Software division that acquires and operates vertical market software businesses across fitness, hospitality, foodservice, and other niche verticals. Same acquisition engine and permanent capital structure as Aquila.
• Volaris Group: Sister operating division within Constellation Software that acquires, builds, and operates vertical market software businesses globally under a permanent capital model. Most direct functional peer to Aquila with the same acquisition philosophy and decentralized operating model.
• Total Specific Solutions: Constellation Software division based in the Netherlands that acquires and operates vertical market software businesses primarily in EMEA. Highly comparable model with focus on European small-cap vertical SaaS tuck-ins.
• Harris Computer Systems: Constellation Software division focused on acquiring and operating vertical market software, particularly in public sector, healthcare, education, and utilities. Closely comparable vertical-SaaS acquisition and operating model with similar permanent capital philosophy.
• Vela Software: Parent operating group of Aquila within Constellation Software; acquires and operates vertical market software companies with full operating autonomy. Directly comparable in deal sourcing, capital allocation, and portfolio management approach.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries23 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A11 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Aquila Software