Constellation Software : Topicus.com Inc. Preliminary Prospectus

A copy of this preliminary prospectus has been filed with the securities regulatory authorities in each of the provinces and territories of Canada but has not yet become final for the purpose of the sale of securities. Information contained in this preliminary prospectus may not be complete and may have to be amended. The securities may not be sold until a receipt for the prospectus is obtained from the securities regulatory authorities.

No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise. This prospectus constitutes a public offering of these securities only in those jurisdictions where they may be lawfully offered for sale and therein only by persons permitted to sell such securities. The securities to be distributed under this Canadian prospectus may not be offered or sold in the United States by holders thereof unless registered under the U.S. Securities Act of 1933, as amended, and applicable state securities laws or an exemption from such registration is available. This Canadian prospectus does not constitute an offer to sell or a solicitation of an offer to buy any securities within the United States.

Preliminary Prospectus

Initial Public Offering

September 21, 2020

Topicus.com Inc.

Distribution by Constellation Software Inc. as a Dividend-in-Kind

of 39,412,385 Subordinate Voting Shares of Topicus.com Inc.

Topicus.com Inc. (the "Company") is a newly-created corporation established under the Business Corporations Act (Ontario) and is a wholly-owned subsidiary of Constellation Software Inc. ("CSI") as of the date of this prospectus. The business of the Company (the "Business") will be comprised of (i) what is currently the Total Specific Solutions operating group of CSI, and (ii) the business carried on by Topicus.com B.V. (the "Target"), a Netherlands-based diversified vertical market software provider. Following the Spin-Out and the Acquisition (each as defined herein), the Company will indirectly own a 60.7% interest in the Business. The remaining 39.3% interest in the Business will be owned indirectly by Joday Investments II B.V. ("Joday") and certain individual investors affiliated therewith (the "Individual Joday Investors", and together with Joday the "Joday Group") (30.3%) and IJssel B.V. ("IJssel") (9.0%). The Company will operate as a separate publicly listed company from CSI. For more information see "Topicus.com Inc." and "Description of Capital Structure".

This prospectus qualifies the distribution of an aggregate of 39,412,385 subordinate voting shares of the Company (the "Spin-OutShares") to the holders of common shares of CSI (the "CSI Shareholders") on a pro-rata basis by way of a dividend-in-kind (the "Dividend") under applicable securities laws in each of the provinces and territories of Canada. The securities to be distributed under this Canadian prospectus may not be offered or sold in the United States by holders thereof unless registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") and applicable state securities laws or an exemption from such registration is available. This Canadian prospectus does not constitute an offer to sell or a solicitation of an offer to buy any securities within the United States. CSI will own preferred shares of the Company that will have a cumulative dividend entitlement of 5% and a redemption amount equal to the fair market value of the Company at the time of the Dividend. CSI will have the right to cause the redemption of those preferred shares at any time, subject to certain conditions. As a result, the Spin-Out Shares are expected to have a nominal fair market value at the time of the Dividend.

The Dividend will be paid at a ratio of 1.859817814 Spin-Out Shares for every one common share of CSI (the "CSI Common Shares") which is outstanding on the record date to be fixed by the board of directors of CSI (the "Record Date"). Fractional shares will not be issued. The number of Spin-Out Shares to be distributed to a CSI Shareholder will be rounded down to the nearest whole number of Spin-Out Shares. As of the date of this prospectus, there were 21,191,530 CSI Common Shares outstanding.

The Spin-Out Shares are not available for purchase pursuant to this prospectus, and no funds are to be received by the Company or CSI from the distribution of the Spin-Out Shares.

This prospectus also qualifies the grant by the Company of the Exchangeable Unit Provisions in respect of the Exchangeable Units (each as defined herein) and the subordinate voting shares of the Company issuable on the exercise thereof. For more information see "Description of Capital Structure - Exchangeable Units".

As at the date of this prospectus, the Company does not have any of its securities listed or quoted, has not applied to list or quote any of its securities, and does not intend to apply to list or quote any of its securities, on the Toronto Stock Exchange, Aequitas NEO Exchange Inc., a U.S. marketplace, or a marketplace outside Canada and the United States of America. There is currently no market through which the Spin-OutShares may be sold and holders may not be able to resell the Spin-OutShares distributed under this prospectus. This may affect the pricing of the Spin-OutShares in the secondary market, and the transparency and availability of trading price, the liquidity of the Spin-OutShares, and the extent of issuer regulation. See "Risk Factors". The closing of the Spin-Outis conditional on the Spin-OutShares being conditionally approved for listing on the TSX Venture Exchange (the "TSXV") (the "Listing"). The Listing is intended to occur shortly after the effective time of the distribution of the Spin-Out Shares, however, the Spin-Out Shares are not expected to begin trading on the TSXV until shortly after the effective time of the Acquisition (as defined herein) (the "Trading"). Neither the Listing nor the Trading, nor the intended timing of the Listing or Trading, can be guaranteed.

CSI Shareholders are advised to consult their own tax advisors regarding the application of Canadian federal income tax laws to their particular circumstances, as well as any other provincial, foreign and other tax consequences of acquiring, holding or disposing of the Spin-Out Shares.

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No underwriters or selling agents have been involved in the proposed distribution of the Spin-Out Shares, or the preparation of this prospectus, or performed a review or independent due diligence of the contents of this prospectus and no underwriters or selling agents have been, or will be compensated for the distribution of the Spin-Out Shares.

Robin van Poelje, Daan Dijkhuizen, Han Knooren and Paul Noordeman reside outside of Canada and have appointed Topicus.com Inc., 20 Adelaide Street East, Suite 1200, Toronto, Ontario, M5C 2T6 as their agent for service of process. Prospective investors are advised that it may not be possible for investors to enforce judgments obtained in Canada against any person who resides outside of Canada, even if the party has appointed an agent for service of process. See "Agent for Service of Process".

There are risks inherent in the Company's business that may adversely affect the value of the Spin-Out Shares. See "Risk Factors".

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TABLE OF CONTENTS
	Page
GENERAL MATTERS ...........................................................................................................................................................................	1
EXCHANGE RATE INFORMATION..................................................................................................................................................	1
ELIGIBILITY FOR INVESTMENT.....................................................................................................................................................	1
FORWARD-LOOKING STATEMENTS .............................................................................................................................................	2
PROSPECTUS SUMMARY...................................................................................................................................................................	3
SUMMARY FINANCIAL INFORMATION ........................................................................................................................................	6
TOPICUS.COM INC...............................................................................................................................................................................	9
BUSINESS OF THE COMPANY ........................................................................................................................................................	11
USE OF PROCEEDS ............................................................................................................................................................................	14
SELECTED CONSOLIDATED FINANCIAL INFORMATION .....................................................................................................	14
MANAGEMENT'S DISCUSSION AND ANALYSIS........................................................................................................................	17
DIVIDEND POLICY.............................................................................................................................................................................	38
DESCRIPTION OF CAPITAL STRUCTURE...................................................................................................................................	38
GOVERNANCE OF THE COMPANY AND THE COOP................................................................................................................	44
PRE-CLOSING REORGANIZATION ...............................................................................................................................................	48
THE SPIN-OUT .....................................................................................................................................................................................	48
ACQUISITION OF THE TARGET.....................................................................................................................................................	50
CONSOLIDATED CAPITALIZATION .............................................................................................................................................	51
OPTIONS TO PURCHASE SECURITIES.........................................................................................................................................	51
PRIOR SALES .......................................................................................................................................................................................	51
ESCROWED SECURITIES .................................................................................................................................................................	51
PRINCIPAL AND SELLING SHAREHOLDERS .............................................................................................................................	52
DIRECTORS AND EXECUTIVE OFFICERS ..................................................................................................................................	52
EXECUTIVE COMPENSATION ........................................................................................................................................................	56
INDEBTEDNESS OF DIRECTORS AND EXECUTIVE OFFICERS ............................................................................................	58
PLAN OF DISTRIBUTION..................................................................................................................................................................	58
RISK FACTORS....................................................................................................................................................................................	58
CERTAIN CANADIAN FEDERAL INCOME TAX CONSIDERATIONS ....................................................................................	68
MATERIAL CONTRACTS .................................................................................................................................................................	71
PROMOTERS........................................................................................................................................................................................	71
LEGAL PROCEEDINGS .....................................................................................................................................................................	71
INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS................................................................	71
AUDITORS, TRANSFER AGENT AND REGISTRAR....................................................................................................................	71
PURCHASERS' STATUTORY RIGHTS ...........................................................................................................................................	71
AGENT FOR SERVICE OF PROCESS .............................................................................................................................................	72
EXEMPTIONS.......................................................................................................................................................................................	72
GLOSSARY OF TERMS......................................................................................................................................................................	73
INDEX TO FINANCIAL STATEMENTS ........................................................................................................................................	F-1
APPENDIX A .......................................................................................................................................................................................	A-1
APPENDIX B .......................................................................................................................................................................................	B-1
CERTIFICATE OF THE COMPANY ..............................................................................................................................................	C-1
CERTIFICATE OF THE PROMOTER ...........................................................................................................................................	C-2

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GENERAL MATTERS

All references in this prospectus to the "Company", "we", "us", "our" and "our company" refer to Topicus.com Inc. and its subsidiaries, unless the context requires otherwise.

Unless otherwise indicated, all information in this prospectus assumes that the Pre-Closing Reorganization, the Spin-Out and the Acquisition have been completed. See "Description of Capital Structure", "Pre-ClosingReorganization", "The Spin-Out" and "Acquisition of the Target".

The Company prepares its financial statements in euros ("EUR") and in conformity with International Financial Reporting Standards ("IFRS").

All references to € are to EUR and all references to C$ are to Canadian dollars.

Certain trademarks used in this prospectus, such as Topicus.com, are trademarks we own. All other trademarks or service marks appearing in this prospectus are the trademarks or service marks of the company that owns them.

The terms and phrases used in this prospectus are defined in the "Glossary of Terms", and in some instances, also in the body of this prospectus.

EXCHANGE RATE INFORMATION

The following table sets out (i) the rate of exchange for one EUR in Canadian dollars in effect at the end of each of the periods indicated,

1. the high and low rate of exchange during those periods and (iii) the average rate of exchange for that period, each based on the closing buying rate of exchange published by the Bank of Canada.

	Six months ended		Year ended		Year ended
	June 30, 2020		December 31, 2019		December 31, 2018
High.....................................................................................................................	C$1.5772		C$1.6124		C$1.5441
Low .....................................................................................................................	C$1.4282		C$1.4791		C$1.4438
End of Period.......................................................................................................	C$1.5305		C$1.5613		C$1.4583
Average ...............................................................................................................	C$1.5041		C$1.5302		C$1.4856

On September 18, 2020 the closing buying rate for one EUR in Canadian dollars published by the Bank of Canada was €1.00 = C$1.5628.

ELIGIBILITY FOR INVESTMENT

Based on the current provisions of the Income Tax Act (Canada) and the regulations promulgated thereunder (the "Tax Act"), provided that at the time of the Dividend the Spin-Out Shares are listed on a "designated stock exchange" as defined in the Tax Act (which currently includes the TSXV), or the Company is, or is deemed to be, a "public corporation" as defined in the Tax Act, the Spin-Out Shares will be qualified investments under the Tax Act for a trust governed by a registered retirement savings plan ("RRSP"), deferred profit sharing plan ("DPSP"), registered retirement income fund ("RRIF"), registered education savings plan (''RESP"), registered disability savings plan ("RDSP"), and a tax free savings account ("TFSA" and, together with RRSPs, DPSPs, RRIFs, RESPs and RDSPs, the "Registered Plans"). If the Spin-Out Shares are not listed on a "designated stock exchange" at the time of the Dividend, the Company intends to file an election, in its tax return for its first taxation year, to be deemed to have been a public corporation from the beginning of that year.

Notwithstanding that the Spin-Out Shares may be qualified investments for a trust governed by a TFSA, RDSP, RRSP, RRIF or RESP, the holder of a TFSA or RDSP, the annuitant under an RRSP or RRIF or the subscriber of an RESP will be subject to a penalty tax in respect of the Spin-Out Shares held by such TFSA, RDSP, RRSP, RRIF or RESP, as the case may be, if such Spin-Out Shares are a "prohibited investment" for such Registered Plan for the purposes of the Tax Act. The Spin-Out Shares will not be a prohibited