Who is Carina Software Group?

Carina Software Group is a serial acquirer based in Canada.

Firm facts

Carina Software Group

Type

serial acquirer

Headquarters

Canada

Website

carinasw.com

Owned by

Vela Software Group

Industries

• Software & IT services

Last verified 2026-07-27

How they work

Carina Software Group acquires and supports vertical-market software companies serving the energy and resources sector. Backed by Vela and Constellation Software, it uses permanent capital, preserves management autonomy and culture, and supplies capital, coaching and operating support for long-term growth.

Carina publishes two deal paths. Platforms can be larger, have any profitability profile and operate in any vertical or geography; tuck-ins are smaller and need stronger recurring revenue, a path to cash generation and alignment with an existing company. The process starts with a fit discussion and NDA, then moves through an in-house review. After closing, Carina says management keeps real operating autonomy and the business is held permanently.

Geography

Any vertical and geography.

Ownership

Permanent buy-and-hold ownership with continued management autonomy and preservation of team and culture.

Platform or bolt-on

Must align with an existing portfolio business by vertical, geography or both.

Target revenue

Official raw wording: size of $4 million to $75 million; the footnote says Vela and Constellation head office will consider larger opportunities with hundreds of millions in revenue. Less than $4 million revenue.

Target ARR

More than 30% of revenue should be recurring. More than 50% of revenue should be recurring.

Target EBITDA

Any profitability profile. Cash-flow positive, or capable of becoming cash-flow positive through an existing portfolio business.

Hold period

Permanent buy-and-hold ownership with continued management autonomy and preservation of team and culture.

Their portfolio

Sources

• carinasw.com · research
• carinasw.com · research
• carinasw.com · research
• carinasw.com · research
• carinasw.com · research
• carinasw.com · website