José Duarte

Network Performance Orchestration solutions for IT-intensive enterprises and communication service providers.


Sector: TMT Investment date: 2016 Apax position: Majority Activity: MidMarket
Why did we invest?

InfoVista is one of the sector’s world leaders and has among its clients the top 10 telecom operators.

The company addresses a growing market. Telecom operators are spending increasing amounts on network planning and optimisation and on service assurance, due to the increasing demand in bandwith. Meanwhile, given the complex networks and multitude of applications used by IT-intensive enterprises, there is a growing need for more efficient enterprise application performance management.

InfoVista’s business model is resilient, with (i) a diverse and sticky client portfolio of 1,200 customers, (ii) more than 50% of revenues generated by recurring maintenance, (iii) 70-80% penetration among Tier 1 telecom operators, and (iv) an asset-light business model with strong cash generation.
In addition, the company is very international, with direct presence in 13 countries and products distributed in more than 120 countries. It has a strong buy-and-build track record and numerous opportunities to acquire new technologies and/or enter adjacent markets by pursuing its build-up strategy.

How do we intend to create value?

Our investment thesis consists in driving growth in historical businesses, through larger contracts, notably with OEMs; benefiting from cross-selling synergies from the recent acquisition of Ipanema; executing an accretive build-up strategy by acquiring new technologies and/or entering adjacent markets.

More than 90% of revenues were generated outside of France with clients in more than 120 countries.

The acquisition of TEMS in 2016 has strongly improved the group’s global presence, particularly in the USA and in Asia.

Acquisition of Ascom’s TEMS business. With the TEMS portfolio, InfoVista nearly doubled in size and is creating the most scalable, powerful and flexible platform for network performance orchestration to CSPs, mobile operators and enterprises.

Digitalisation of its operations by providing fully digitalised performance and compensation management to all employees.