Altamir - 2018 Registration document

Business description and activities

Presentation of the Company

1

www.infovista.com

1) Business description InfoVista is a leading software provider of network/application performance solutions to over 1,200 customers in more than 120 countries. Since the purchase of TEMS in September 2016, the company has become truly global with balanced geographical exposure between the Americas (ca. 30%), Europe (ca. 40%, of which less than 10% in France), Asia, Middle-East and Africa (ca. 30%). InfoVista focuses on 4 main solutions: n TEMS : Business acquired in September 2016 which is the worldwide software leader innetwork testingandmeasurement for mobile operators; n Service Assurance (SA) : InfoVista’s legacy business providing network performance visibility, monitoring and control solutions, mainly to Communication Service Providers (CSPs); n Network Planning & Optimisation (NPO): Business acquired fromMentum in 2012, solutions for network design & planning, and optimisation, mainly to mobile operators; and n Application Performance Guarantee (APG): Product acquired from Ipanema in 2015, solutions for application performance visibility, monitoring and control, mainly to Enterprises and Communication Service Providers. 2) Investment rationale InfoVista is a leadingworldwide software provider in network and application performance solutions with premium positioning 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 optimisation as well as on service assurance due to the continued 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 business model is resilient, with (i) a diverse and stable client portfolio of over 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 has an extensive international footprint, with direct presence in 20 countries and products distributed in more than 120countries. It has a strongbuy-and-build track record and numerous opportunities to acquire new technologies and/or enter adjacent markets by pursuing its build-up strategy. 3) Sources of value creation Our investment thesis is to(i) help InfoVista further harness revenue synergieswith the Ipanemabusiness (acquired in2015), (ii) pursue abuy-and-build strategy, and (iii) turn InfoVista intoa clearmarket leader in mobile and fixed network performance optimisation. 4) Achievements 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 grew significantly in size. In 2017, the company successfully implemented a restructuring plan to (i) fully integrate TEMS’s activities, (ii) generate significant cost synergies in the new organisation, and (iii) strengthen its management and sales &marketing teams, notably by appointing a new chief global sales officer. In 2018, the company continued to focus on revamping the Sales & Marketing organization to drive the businesses back to organic growth. 5) Performance Over the first six months of 2018/19 (FYE 30 June), InfoVista was back to topline organic growth. In January 2019, JoséDuartewas appointedas thenewCEOof the company toaccelerate InfoVista’sgrowthandprofitability through a new strategic plan over the next few years. 6) Exit The combination of a resilient business model, strong growth, excellent operational performance, and high cash flowconversion should be highly attractive at exit for both financial and trade buyers.

DATE OF INVESTMENT

PORTFOLIO AT FAIR VALUE

SECTOR

COUNTRY

RESIDUAL COST

FAIR VALUE

2016

39.2 m

31.4 m

3.2 %

€

€

F R A N C E

35

ALTAMIR 2018

Registration document