Michael Norbrega, CEO of OMERS.Tim Fraser
The OMERS pension fund manager is reducing its stake in Constellation Software Inc. through an $89.5-million transaction with another institutional investor.
OMERS says it will continue to own more than 4.3 million common shares of Constellation, or 20.4 per cent of the Toronto-based company's equity, after selling 994,800 shares to an unidentified buyer.
Constellation develops, installs and customizes software for select industries.
On Thursday, the company announced the acquisition of California-based Wynne Systems Inc., which provides software to manage rentals. Wynne will become part of Constellation's Volaris Group.
OMERS is one of Canada's largest pension funds, serving current and retired employees of Ontario municipalities.