ALTAMIR_REGISTRATION_DOCUMENT_2017

Presentation of the Company PRESENTATION OF THE COMPANY AND ITS ACTIVITIES

1

www.infovista.com

1) Business description InfoVista is one of the world’s leading providers of network performance software solutions for communications service providers, mobile operators, IT-intensive enterprises and government organizations. Headquartered in Paris, this international company delivers software and services to over 1,200 customers in more than 120 countries. 2) Why did we invest? InfoVista is a leadingworldwide software provider in network and application performance solutions with premiumpositioning and real value-added to clients (the top 10 world telecom operators are all clients of InfoVista). The company addresses a growing market. Telecom operators are spending increasing amounts on network planning and optimisationandon serviceassurance, due to thecontinued rollout of new technologies. 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 businessmodel is resilient, with (i) a diverse and stable 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 newtechnologies and/or enter adjacent markets by pursuing its build-up strategy. 3) How do we intend to create value? Our investment thesis consists in driving growth in historical businesses, through larger contracts, notably with OEMs;

harnessing cross-selling synergies from the recent acquisition of Ipanema; executing an accretive build-up strategy by acquiring new technologies and/or entering into adjacent markets; and exiting with potential multiple expansion, thanks to a business profile appealing to another round of LBO and strong potential appetite from trade buyers. 4) What has been achieved? In September 2016, InfoVista acquired the U.S. company TEMS, worldwide software leader in mobile testing and measurement for mobile operators. As a result, the company significantly grew in size. In2017,thecompanywassuccessfulinimplementingarestructuring plan to (i) fully integrate TEMS’s activities, (ii) generate significant cost synergies in the new organisation, and (iii) strengthen its management team and its sales and marketing teams, notably by appointing a new chief global sales officer in July. 5) How is it performing? Over the first six months of 2017/18 (FYE 30 June), TEMS was successfully integrated and generated significant cost synergies, boosting the EBITDA margin by three percentage points. In addition, the product mix continued to evolve towards more recurrentmaintenance and service activities, withan improvement in the contract renewal rate. Maintenance and services now represent more than 50% of total revenue. The objective for 2018 is to increase margins, while setting up a brand-new sales organisation. The valuation of the investment in InfoVista grewby€3.4mduring the financial year 2017, despite a decline in valuation multiples. 6) How will we crystallise value? The combination of a resilient business model, strong growth, excellent operational performance, and high cash flow conversion should be highly attractive at exit for both financial and trade buyers.

SECTOR

COUNTRY

DATE OF INVESTMENT RESIDUAL COST IN €M

FAIR VALUE IN €M

% OF THE PORTFOLIO AT FAIR VALUE

2016

38.9

42.3

4.7

France

33

• ALTAMIR 2017

REGISTRATION DOCUMENT