Lumine Group acquires, strengthens, and grows communications and media software businesses. With a buy and hold forever philosophy, our focus is on long-term growth. We empower our portfolio companies to thrive within our ecosystem of industry expertise, innovation, and collaboration.

Explore Our Story.

Lumine Group was founded in 2014 as a portfolio within an operating group of Constellation Software (CSI) (TSX:CSU). Lumine Group was spun out of Constellation Software, with shares that commenced trading on the TSX Venture Exchange under the ticker LMN on March 24, 2023.

Across all of its businesses, Lumine Group employs 5000+ people, with an approximate distribution of 27% in North America, 31% in EMEA, and 42% in Asia Pacific.

Lumine Group serves customers globally, spanning 165 countries worldwide. Over half of our revenue is within North America, followed by EMEA and other regions.

Lumine Group’s registered corporate office is in Mississauga, Ontario, Canada.

Lumine Group’s fiscal year end is December 31. As a TSX.V listed entity, Lumine Group does not disclose its quarterly results release date in advance.

Lumine Group’s financial statements and regulatory filings can be found on SEDAR+ as well as on our Investor Relations Statutory Filings page.

Visit Statutory Filings.

KPMG LLP
100 New Park Place, Suite 1400
Vaughan, Ontario L4K 0J3
Canada
Tel: +1 905 265 5900

Lumine Group shares trade on the TSX Venture Exchange (TSX-V) under the symbol LMN.

Lumine Group commenced trading on the TSX Venture Exchange under the ticker LMN on March 24, 2023.

Lumine Group has 256.62M shares outstanding.

Constellation Software (TSX:CSU) is Lumine Group’s majority shareholder, owning approximately 61% of outstanding shares. Lumine Group operates independently, as its own public company listed on the TSX Venture Exchange.

While both Constellation Software and Lumine Group acquire vertical market software companies to hold forever, Lumine Group focuses on communications and media vertical. Guided by leaders with 30+ years of industry experience, Lumine Group has established deep domain expertise across its organization.

With this focus, Lumine Group has been able to develop:

• Strong strategic relationships with large telco operators and media broadcasters at the most senior levels from which to validate strategy, navigate headwinds, exploit tailwinds, and jointly invest for the future.
• A strong corporate carve-out focus, as a reliable, efficient specialist in completing these complex acquisitions and executing customer, employee, and infrastructure transitions.
• A communications and media performance-optimized playbook that drives high levels of speed and efficiency in all aspects of operating a global portfolio of businesses from acquiring to strengthening to investing for sustained relevance and growth in perpetuity.

These qualities have established Lumine Group as a more frequent acquirer of sizable transactions and carve-outs as a percentage of all acquisitions, compared to Constellation Software.

Lumine Group’s executive compensation program is designed to align executive performance with long-term shareholder value creation. The program includes an annual incentive-based cash bonus tied to individual and corporate performance objectives. A substantial portion of each executive’s bonus is required to be reinvested in Lumine Group shares, reinforcing executive ownership and alignment with shareholders. These shares are subject to an escrow or holding period, encouraging a long-term focus on sustainable growth, disciplined capital allocation, and shareholder returns.

Lumine Group has acquired 38 operating business units. As of 2026, these operate as 36 standalone businesses of which 28 are communications and 8 are media.

View Our Companies.

With our latest acquisitions, Lumine Group’s revenue mix is approximately 60% communications and 40% media.

Yes – Lumine Group acquires companies of all sizes. Whilst Lumine Group has been able to identify and close larger transactions in the past 2-3 years, we still cover, assess, and bid on smaller transactions. Recent examples include OpenWave, SpatialNetworkX and Razorflow in 2023, and Vidispine and Datafusion transactions in 2025. Since 2023, our median deal size is $68M.

Lumine Group has a proven ability to successfully acquire companies from a variety of sources. Just less than half have been corporate carve outs, while others are founder-led organizations, private equity transactions, and in early 2026, Lumine Group acquired its first public company (Synchronoss).

Lumine Group provides software solutions that are mission-critical for its communications and media customers. Engineered to carrier-grade reliability, software must deliver 99.999% uptime. Software solutions can be highly customized and embedded within core enterprise systems. Our businesses have long-standing relationships with customers.

Lumine Group targets low single digit organic growth (OG) across all of its businesses.

In the first-year post-acquisition, there is often variability in our OG results due to the accounting of pre-acquisition comparison revenues, the inevitable short-term impact of large-scale restructuring, and the delay of growth investments that take effect after strengthening is completed.  When many of these larger projects run concurrently, Lumine Group’s OG results will be temporarily adversely impacted in the short-term.

Lumine Group’s organizational structure was created for scale, with capacity to handle 2-3 acquisitions per quarter, with plans to continuously scale proactively.

We achieve this with geographical business development teams (sourcing, nurturing, and attending industry events) and currently operate three concurrent centralized M&A teams. This allows us to source and close deals simultaneously and continue to scale-up within this structure as part of our ongoing journey.

Within our operations, we also proactively create capacity for new businesses to be placed well in advance of deals closing. This is achieved through a global talent management process and the hiring and training of expert domain resources, thereby creating organisational ‘slack’ ahead of requirements. This systematic scaling process has been active throughout Lumine Group’s journey.

Given these investments, our goal is to be 12+ months ahead on M&A and operational capacity based on the assumption of 100% free cashflow will be deployed in each subsequent year.

Communications and media is a large industry vertical, similar to financial services, government, education, manufacturing, or healthcare.

We track and maintain high coverage of 3000+ acquisition prospects, while developing strong relationships with industry brokers in our core markets and adjacencies, which aims to ensure a high-volume of M&A opportunity.  We expect our adjacency opportunities to naturally expand over time where communications and media software is used in key adjacent verticals, such as the use of communications and media infrastructure in high connectivity and high security use cases.

As a consequence, we have more than enough runway to deploy capital for at least the next 5-10 years.

Within the communications and media vertical, there are a variety of potential buyers for vertical market software (VMS) businesses, though only a select few are permanent, “buy and hold forever” owners, such as Lumine Group. The rest are transient, such as PE firms, typically investing on a 5-8 year cycle and industry owners, who may flip a non-core asset with change in strategic direction. Of the permanent owners, Lumine operates in a decentralized manner, whereas the others integrate businesses into the corporate structure.

Lumine Group operates a decentralized business model, which means each business operates autonomously, fully functioning in all aspects, and has its own continuously measured investment thesis and KPIs.

Having said this, we do have synergy where companies can leverage each other’s customer relationships and physical presence (in key geographies to facilitate hiring, team mobilization, and attendance at key marketing events).

Lumine Group leverages AI across the organization both internally for productivity and speed, and also for external use cases for customers. On the external side, our focus is accelerating development using AI, enabling agentic AI use cases, and augmentation of our solutions to increase usage and reduce the total cost of ownership.

Please refer to “AI Across the Portfolio” for highlights of use of AI in our businesses.