Lumine Group (LMN) ran 21% on its Q4 results, which smoked estimates on 16% Y/Y revenue growth - 13% of which was driven by M&A (3% organic).

Free cash flow available to shareholders rose 48%, pointing to the operating leverage inherent in the “buy and improve” model employed by the Constellation entities…

… which has likely helped them rally off the lows. With AI taking a big bite out of SaaS valuations, software consolidator capital can now stretch a lot further.