The Globe and Mail reports in its Tuesday edition that Canada does not have a Magnificent Seven, but the Toronto Stock Exchange still boasts some decent technology players. Globe columnist Gordon Pape writes that one of these is Constellation Software. It was up 55 per cent in 2023 and has added another 13.6 per cent so far this year. Constellation is a large tech company by Canadian standards with a market cap of $79-billion. It was founded in 1995 and has grown rapidly through a combination of acquisitions and organic growth and continues to apply the same formula. Mr. Pape says that year-end results will not be released until early March, but third-quarter figures showed growth is not slowing. The Toronto company reported revenue of $2.1-billion (U.S.), up 23 per cent from $1.7-billion (U.S.) in the third quarter of 2022. Net income attributable to common shareholders increased 30 per cent to $177-million (U.S.) from $136-million (U.S.) in 2022. The company completed several acquisitions in the quarter for a total cost of $187-million (U.S.). For the first nine months of 2023, total revenue was $6.1-billion (U.S.), an increase of 27 per cent compared with $4.8-billion (U.S.) for the comparable period in 2022.
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