- Constellation Software (CSU) and its subsidiary, Lumine Group Inc., have agreed to a merger with WideOrbit Inc.
- Constellation will remain the majority shareholder of Lumine Group and will distribute nominal value subordinate voting shares of Lumine Group to shareholders
- WideOrbit is the system of record for more than $37 billion in advertising spend annually and the company helps media companies do more business by making it easier to buy and sell advertising
- Constellation Software was up 3.28 per cent, trading at $2,157.50 at 4:10 pm ET
Constellation Software (CSU) and its subsidiary, Lumine Group, have agreed to a merger with WideOrbit Inc.
Constellation will remain the majority shareholder of Lumine Group and will distribute nominal value subordinate voting shares of Lumine Group to shareholders.
The company’s president, Mark Leonard, commented that the WideOrbit team has built an extraordinary business over the last 23 years.
“I hope their knowledge will benefit all of Constellation’s operating groups. WideOrbit will continue to operate as an autonomous company within Lumine Group, building on its history as a market leader and partner to leading broadcast and media companies. I look forward to having CSI’s long-term shareholders become long-term shareholders of Lumine Group. I hope my grandkids are still holding Lumine shares fifty years from now.”
The Founder and CEO of WideOrbit, Eric Mathewson, called Lumine Group the ideal partner to support his company’s continued growth ambitions.
“Our partnership with Lumine will build on our 23-year legacy and contribute to a stronger future for the company, our employees, and our valued clients. At a time when the media advertising landscape is evolving and generating more demand, the timing could not be more optimal. I look forward to what the future holds for WideOrbit and Lumine Group.”
Lumine Group’s CEO, David Nyland, added that this news marks the next step in his team’s journey toward building the world’s leading network of communications and media software companies.
“Since our inception, our focus has been on building a strong market share within the telecommunications industry, and today we proudly count industry-leading companies within our portfolio of companies. WideOrbit will accelerate Lumine Group’s expansion into the media space, bringing a wealth of domain knowledge, an experienced leadership team, and a customer ecosystem we look forward to continuing to serve. We are excited to dive deeper into the media space during this period of rapid innovation and partner with WideOrbit to assist us in navigating the ecosystem and pursuing further acquisitions.”
The Chairman of Lumine Group, CEO of Volaris Group, and COO of Constellation, Mark Miller, praised the Lumine Group team for building a vibrant community of media and communications companies, of which this latest acquisition brings new scale and reach to the group.
“Lumine Group has a powerful combination of impressive leaders, innovative products, and a skilled group of telecom and media professionals who are constantly learning and improving. I am truly excited for this next chapter of the Lumine Group story.”
The spin-out and listing are subject to the approval of the TSX Venture Exchange and Canadian securities regulatory authorities.
WideOrbit is the system of record for more than $37 billion in advertising spend annually, and the company helps media companies do more business by making it easier to buy and sell advertising.
Toronto-based Constellation Software (CSU) is a provider of software and services to a select group of public and private sector markets.
Constellation Software (CSU) was up 3.28 per cent, trading at $2,157.50 at 4:10 pm ET.
