Thoughts on Constellation Software?

Been going through their shareholder letters after a friend turned me on to them saying Mark Leonard is one of the top must-reads for software investing. There was mention of Vista Equity and other shops as competitors, but I'm guessing that being value buyers means they can't bid as high and judging by their BS they don't use leverage. What's the general sentiment from anyone who's been across the table from them?

 

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