FOG Software Group

FOG Software Group

FOG Software Group operates as a division of publicly traded Constellation Software Inc., acquiring and then permanently holding vertical market software businesses. Based in Chicago, the firm does not disclose its founding date separately from its parent's history. Cameron Fortier is an identifiable principal, hosting The Vertical Software Podcast and serving as a primary contact for prospective sellers on the firm's website. The strategy centers exclusively on vertical-market software — ERP systems for tire retailers, glass manufacturers, textile designers, and construction-material-testing labs. FOG acquires through a standardized, templated M&A process it has repeated more than 600 times. It never sells any business, instead providing operators with capital, shared best practices, and access to Constellation's 125,000-customer base. Publicly named positions include TireMaster (tire retail and wholesale ERP), Marlin Software (automotive), FeneVision and a suite of brands across the glass and fenestration vertical, along with Aquario for textile and fashion design. The portfolio spans businesses operating in over 100 countries. The firm does not disclose AUM or total deployment, but its parent Constellation Software reported significant scale as a public company with over 600 acquired businesses. The FOG team includes in-house legal, finance, tax, and M&A staff who manage the entire acquisition lifecycle — from initial non-disclosure agreements through due diligence to close. No separate philanthropic or club vehicles are identified in available sources. The firm explicitly promotes closing certainty and speed-to-close as hallmarks of its process, using standard legal templates developed across hundreds of transactions. FOG's permanent-hold mandate is its structural differentiator — unlike traditional private equity firms that buy, optimize, and exit within a fund life, FOG acquires software companies with no intention of ever selling. This indefinite-hold model aligns with Constellation Software's broader corporate philosophy and creates a unique proposition for owner-operators seeking a legacy-preservation exit rather than a flip. The firm's M&A-led growth engine — 600 transactions and counting — is core to its identity, not an ancillary function.