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Mentioned

Mark Leonard

anonymous SaaS roll-up king

10 transcript mentions
Mentions over time
10 total · by year · from the transcripts
’19’20’211’22’233’24’25’2624
3
receipts
0
numbers
2
episodes
0
guest
By type
3
  • Billy2 · 67%
  • Story1 · 33%
By speaker
3
  • Shaan2 · 67%
  • Guest1 · 33%
By topic
6
  • Acquisitions / M&A3 · 50%
  • SaaS / Software2 · 33%
  • Investing1 · 17%
Most quoted in
#74The $72B Chinese startup you’ve never heard of, a mysterious billionaire and the guide to post-corona opportunities2×#141The 2020 MFM Award Show (with Andrew Wilkinson)1×

Comes up with

most-shared episodes
Billy of the WeekConcept2×Constellation SoftwareCompany2×ShopifyCompany2×The HoldCo playbookConcept2×AfterpayCompany1×AmazonCompany1×Andrew WilkinsonPerson1×Boy Scouts of AmericaCompany1×

In the moments

3 linked receipts
Billy

Mark Leonard: the anonymous $2B SaaS roll-up king

Andrew names Constellation Software founder Mark Leonard his Billy of the Year: worth ~$1.9B from acquiring boring vertical-market software businesses with high switching costs since 1995, while remaining almost completely anonymous online.

“He founded Constellation Software, which is like the OG SaaS acquirer. So over the last 5 years, I think every single person in the world has realized software businesses are good businesses. Everyone's trying to buy them, paying crazy prices. This guy's been doing it since 1995 from up here in Canada. He's been focusing on super boring verticals with low competition.”
EP 141 · 3:24 · ANDREW WILKINSON
Read at 3:24
mfmindex.com№ 0141-204
Billy

Mark Leonard: the mysterious $31B software roll-up king

Billy of the Week is Mark Leonard of Constellation Software, a company worth $31 billion that buys software companies and holds them forever for the cash flows rather than flipping them like private equity. Shaan calls him a 'Satoshi Nakamoto of boring businesses.'

“His company's worth $31 billion. What they do is they buy software companies and they roll them up and they try to be a perpetual owner. So they're not private equity where they're doing the leveraged buyout and trying to flip, cut it, skin it, and flip it or whatever. They try to just own the thing for a long period of time and have the cash flows. And so what I like about this guy, what I thought was cool was this guy's like a Satya Toshi Nakamoto of boring businesses. So nobody knows shit about this guy.”
EP 74 · 28:04 · SHAAN
Read at 28:04
mfmindex.com№ 0074-1684
Story

Mark Leonard's gravedigger-to-bouncer mystery bio

Shaan reads Mark Leonard's self-written bio listing past jobs as banker, valuator, mason, gravedigger, dog handler, bouncer, sapper, and wind energy researcher, with no public photos and uncertainty over whether he was born in South Africa or England.

“he was a VC, but before that he said, I was a banker, a valuator, a mason, a gravedigger, a dog handler, a bouncer, a sapper, and a wind energy researcher. I particularly enjoyed the bouncing, but an early retirement was necessary.”
EP 74 · 29:02 · SHAAN
Read at 29:02
mfmindex.com№ 0074-1742