Why this buyer exists
Most software buyers want growth. This group wants something duller: software an industry can't run without. A pharmacy dispensing system. A salon booking tool. Mining data software.
Constellation Software, listed on the Toronto Stock Exchange, owns a family of operating groups that buy exactly that, and keep it. Jonas Software ANZ says it has never sold a business (Jonas Software ANZ).
In Australia and New Zealand that family shows up under several names: Jonas, Vela APX, Ara, Vela Industries Group, Volaris. Worth knowing before you count bidders. They share one listed parent.
The Constellation groups buying here
| Buyer | Part of | What it says it buys | Examples it holds |
|---|---|---|---|
| Jonas Software ANZ | Jonas Software | Vertical software across ANZ: healthcare, pharmacy, hospitality, fleet, hair and beauty, vet practices | Kestral, Kitomba, Impos, finPOWER |
| Vela APX | Vela Software Group | Mission-critical software for automotive, distribution, agribusiness, fashion and retail, manufacturing, insurance | Apparel21, Elcom, BusinessCraft |
| Ara Software Group | Vela Software Group | Vertical software; its holdings cluster in mining and resources | acQuire, Spatial Dimension |
| Vela Industries Group | Vela Software Group | B2B or government software for capital-intensive industries | Snowden Optiro, GreatSoft |
| Volaris Group | Constellation Software | Mission-critical vertical software, no fixed revenue limit | In Australia since 2005 (Austrics) |
Jonas Software ANZ
Jonas ANZ's site lists 900+ staff, 30 companies and 17 software verticals (Jonas Software ANZ). It says it doesn't take over day-to-day operations.
Its 2025 deals show the pattern. It bought RxOne, a New Zealand pharmacy software company, and founder Margie Peat and the team stayed (Jonas). It bought MedAdvisor's Australian and New Zealand business, which kept CEO Wayne Marinoff (Jonas).
Vela APX
Vela APX, an Australia-based operating group of Vela Software Group, says it owns 44 companies (Vela APX) and buys and holds them forever (Vela APX).
One seller's account is worth reading. The founder of newsagency software company Tower Systems says the sale to Vela APX was finalised on 1 November and announced later, after a list of tasks the listed buyer required (Tower Systems). A listed buyer runs its own process. Expect it.
Ara, Vela Industries Group and Volaris
Ara Software Group is Perth-based and says it pays with cash on hand and never sells (Ara). Vela Industries Group wants at least 50% recurring revenue and a business that is cash-flow positive or close to it (Vela Industries Group). Volaris entered Australia in 2005 by buying transit software company Austrics (Volaris), and says it doesn't limit itself to a revenue number (Volaris).
The local consolidators
Software Combined made its first four deals together: Streamtime, Scope Systems, Energy Inspection and MacroView, with combined EBITDA over $11 million (ARN). In 2022, private equity firm Navis Capital acquired Software Combined (Business Today). It now lists 13 companies across Australia, New Zealand and the Benelux (Software Combined), and says founders can stay at the helm or step away (Software Combined).
Continua Software buys businesses headquartered in Australia or New Zealand with A$2m to A$10m revenue, using its own capital. It pitches itself to owners who are ready to hand over and want a simple exit (Continua).
Leading Technology Group is a Melbourne family-owned company, founded in 1991, that holds health, research and software businesses without debt (LTG).
What they say they want
| Buyer | Size it publishes | Profit it wants | Also |
|---|---|---|---|
| Continua Software | A$2m–A$10m revenue | Not publicly stated | Headquartered in Australia or New Zealand |
| Azlin Software | $2m–$5m ARR | Profitable or close to breakeven | Care and family-services software; founder-owned |
| Vela Industries Group | Roughly $1m to $20m+ net revenue (its own wording is unclear) | Cash-flow positive or close | At least 50% recurring revenue |
| CORA Group | Up to US$250m revenue | Breakeven or profitable | A Jonas Software group |
| Volaris Group | No fixed limit | Not publicly stated | Most income recurring |
| Jonas ANZ, Vela APX, Ara, Software Combined | Not publicly stated | Software Combined: profitable | All say they hold for the long term |
Sources: Continua, Azlin, Vela Industries Group, CORA, Volaris, Software Combined. None of them publish what they pay.
What "we never sell" doesn't tell you
It tells you how they'll hold your company. No fund clock. No flip in five years. They say your brand and team stay. For a lot of founders, that's the whole point.
It doesn't tell you the price. Or the structure. Or how much you get on completion day and how much comes later. Those come from the offer, not the website.
A buyer that never sells has had a lot of practice at buying. You'll do this once. Go in knowing what the company is worth to them, not just what they offer.
Before you reply to one
- Find the parent. Jonas, Vela APX, Ara and Volaris all roll up to Constellation Software. Our pages for Jonas Software ANZ and Vela APX list what each holds.
- Ask how the price is paid. The headline is usually enterprise value. Ask what lands at completion, what's held back, and on what conditions.
- Get the promises in writing. Your team, your brand, your own role. They say it publicly. Put it in the offer.
- Talk to more than one buyer. Map the independents too. One buyer alone sets its own price.
- Read the playbook. A firm approached me: what do I do? walks through the first reply.
Both are operating groups of Constellation Software, which is listed on the Toronto Stock Exchange. Jonas Software ANZ sits under Jonas Software. Vela APX, Ara Software Group and Vela Industries Group sit under Vela Software Group.
Some publish bands that start small: Continua from A$2m revenue, Azlin from $2m ARR. Jonas ANZ, Vela APX and Ara don't publish a minimum.
The buyer plans to keep your company indefinitely, instead of selling it on after a few years as a private equity fund usually does. It says nothing about the price.
None of them publish a rule. Jonas ANZ's 2025 deals kept the founder or CEO in place, and Software Combined says founders can stay or step away. Your deal terms decide it.