Deep Intelligence Across Industries

Company Headquarters: US Founded: 1985 Workforce: ~ 9,000 Company Overview: Discovery Communication Inc. is a media company that offers content across distribution platforms and digital distribution arrangements. The company operates through three segments including International Networks, US Networks, and Education. The International Networks offers websites and international television networks including food network, TLC, Investigation Discovery, Cooking Channel and others. The US Networks segment covers pay-tv networks based in the US including Discovery Channel, DIY Network, Cooking Channel, Discovery Family, American Heroes Channel, Destination America, Discovery Life, Discovery en Español, Discovery Familia, HGTV, Food Network, TLC, Investigation Discovery, OWN, Travel Channel, Velocity, Animal Planet, Science Channel, and Great American Country. Additionally, the education segment offers curriculum-based products and other services.

Company Headquarters: US Founded: 1977 Workforce: ~10,800 Company Working: iHeartMedia, Inc. is an audio media company. The Company operates through two sectors: the music collection sector and the companionship sector. The Company operates through three segments: the Multiplatform Group, the Digital Audio Group and the Audio & Media Services Group. The Multiplatform Group segment provides media and entertainment services through broadcast delivery and also includes the Company’s events and national syndication businesses. The Digital Audio Group segment provides media and entertainment services through digital delivery. The Audio & Media Services Group segment provides other audio and media services, including the Company’s media representation business (Katz Media) and its provider of scheduling and broadcast software (RCS). Its iHeartRadio services are available across more than 250 platforms and over 2,000 devices, including smart speakers, digital auto dashes, tablets, wearables, smartphones, virtual assistants, televisions and gaming consoles.

Company Headquarters: US Founded: 2000 Workforce: ~3,261 Company Working: Infinera Corporation offers optical transport networking products software and services to telecommunications carriers. The company operates with the business segment, optical transport network. Its products include long-haul and subsea, metro networks, data center interconnect, and software. The company has its production centres, research & development centers, and data centres across the globe in the US, Spain, Germany, China, and other companies.

Company Headquarters: US Founded: 1985 Workforce: ~1900 Company Working: ADTRAN, Inc. provides various networking and communications equipment. It operates with network solutions and services and support business segments. The network solutions segment covers hardware products and next-generation virtualized solutions used in service provider or business networks and prior-generation products. The services and support segment offer network installation, ProCloud managed services, fee-based technical support and equipment repair/replacement plans, and engineering and maintenance services. The company also offers access and aggregation solutions such as node to the FTTN, multi-service access nodes, optical networking edge aggregation and IP digital subscriber line access multiplexers. The company has production centers, research & development engineers, and personalization & data centers across the globe in countries such as Australia, Germany, Canada, France, the US, and the UK. The company aims to spend extensively on investments to innovate its products.

Company Headquarters: Germany Founded: 1994 Workforce: 1,903 Company Working: ADVA Optical Networking, was established in 1994 with its headquarters in Bayern, Germany. The company provides optical and Ethernet-based networking solutions. The company operates through a single business segment named optical networking solutions. The optical networking solutions is engaged in the development and production of optical Ethernet-based networking solutions. Under the optical transport system, the company offers scalable optical transport. The optical networking systems are used by the telecommunications service providers.

Advanced Micro Devices, Inc. is a fabless designer of high-performance and adaptive computing silicon and, increasingly, of complete rack-scale AI systems. It is the only company that simultaneously holds a credible x86 server CPU franchise, a merchant data-center GPU franchise, a leading semi-custom console franchise, and the industry's second-largest FPGA/adaptive-SoC franchise. Over the five years to FY2025 the company transformed from a challenger PC and console silicon vendor into a data-center-led platform company: Data Center revenue rose from a minority contributor to 48% of FY2025 revenue and 58% of Q2 2026 revenue. The strategic centre of gravity is now the AMD Instinct accelerator line, the ROCm open software stack and the Helios rack-scale platform, underwritten by multi-gigawatt binding commitments from OpenAI (6 GW) and Anthropic (up to 2 GW). AMD's structural advantages are its TSMC-anchored process leadership, chiplet and advanced-packaging IP, an open-ecosystem software posture positioned against a proprietary incumbent, and a balance sheet in net cash. Its principal vulnerabilities are software-ecosystem depth relative to CUDA, customer concentration, export-control exposure to China, and a valuation that discounts near-flawless execution of the MI450/Helios ramp. FY2025 headcount is per the FY2025 10-K. FY2021–FY2024 figures are as compiled by market-data aggregators from AMD's annual disclosures and should be treated as approximate; the FY2022 step-change reflects the February 2022 Xilinx acquisition, and the FY2025 increase reflects the ZT Systems design-team acquisition plus aggressive AI engineering hiring, which AMD cites as the principal driver of the 25% FY2025 increase in R&D expense. --- ### The company's own characterisation In its FY2025 Form 10-K, AMD describes itself as a driver of innovation in high-performance and AI computing whose technology powers experiences across cloud and AI infrastructure, embedded systems, AI PCs and gaming. It positions its portfolio as a full-stack proposition spanning AI-optimised CPUs, GPUs, networking silicon and software. For data centres it supplies AI accelerators, server CPUs, GPUs, data processing units, AI network interface cards and FPGAs, and it now also supplies data-centre rack-scale platform designs. In client computing it supplies CPUs, APUs and chipsets, and it notes that it was the first company to integrate a dedicated neural processing unit on the same system-on-chip as an x86 CPU. Its embedded portfolio spans CPUs, APUs, FPGAs, system-on-modules and adaptive SoCs for automotive, industrial, healthcare, storage and networking markets. AMD emphasises that it develops the accompanying software stacks — development tools, compilers and drivers — and maintains an open AI software stack across frameworks and models. AMD's stated strategy, in its own framing, rests on the belief that AI will become pervasive across cloud, edge and endpoint devices, and that the breadth of its compute engines, intellectual property and software enablement uniquely positions it to be an end-to-end AI leader. It identifies accelerating Data Center growth as the key 2025 priority and describes an annual cadence for Instinct GPU leadership products. ### Independent characterisation AMD is best understood as three businesses of very different economic character bolted to a single R&D and IP engine: **A hyperscale silicon franchise (Data Center).** This is a design-win business with extreme customer concentration, multi-year qualification cycles, and — since 2024 — a rapidly changing commercial architecture. Historically AMD sold chips to OEMs and ODMs who sold systems to hyperscalers. Following the ZT Systems acquisition, AMD now sells *reference rack designs* and, in the Helios era, integrated rack-scale solutions, moving up the value chain toward Nvidia's system-level model. The economics are shifting from component gross margin (high) toward system-level content (larger dollar TAM, structurally lower percentage margin, higher working-capital intensity). The Q2 2026 balance sheet shows the signature of this shift: accounts payable more than doubled sequentially to 5,359 and property and equipment rose to 3,439 from 2,312 at year-end. **A share-gain franchise (Client and Gaming).** Client is a merchant CPU business competing against a single structurally impaired incumbent. AMD's revenue growth here has been driven far more by mix and pricing than by unit volume expansion in a flat-to-declining PC TAM: FY2025 Client revenue rose 51% on a 31% unit increase and a 15% ASP increase. Gaming has two distinct components — a contractual, console-cycle-dependent semi-custom business (Sony PlayStation 5, Microsoft Xbox Series S/X, and the Valve Steam Machine) with predictable decay and step-function renewal, and a merchant discrete GPU business where AMD is a structural number two. **An industrial-cycle franchise (Embedded).** Overwhelmingly the legacy Xilinx business. Long product lifecycles, high gross margins, sticky design wins in aerospace/defence, test and measurement and communications, but exposed to distributor inventory cycles — as the FY2025 3% revenue decline demonstrates. ### Revenue model AMD's revenue is almost entirely product revenue from the sale of semiconductors and, increasingly, semiconductor-based systems. There is no material subscription revenue. Three secondary revenue mechanisms exist: **Non-recurring engineering (NRE) fees:** charged to semi-custom and custom-silicon customers for design and development services, recognised alongside subsequent product sales. - **IP licensing**, which AMD states it may undertake "from time to time." Effective Q1 2025 licensing gains were reclassified against Marketing, General and Administrative expense because the amounts were immaterial — a useful indication that licensing is not a meaningful profit centre. - **Rack-scale systems revenue**, a new and growing category post-ZT, where the unit of sale is a populated rack rather than a chip. ### Value-chain position AMD is fabless. It occupies the design, IP and system-architecture layer and outsources every physical manufacturing step: **Wafer fabrication:** TSMC for all HPC, FPGA and adaptive-SoC wafers, and for all microprocessor and GPU products at 7nm and below; GLOBALFOUNDRIES for microprocessor and GPU products at nodes larger than 7nm, specifically 12nm and 14nm, under a wafer supply agreement providing minimum annual capacity allocation and set pricing through 2026; TSMC, United Microelectronics Corporation and Samsung Electronics for programmable logic devices. **Assembly, test, mark and packaging (ATMP):** two joint ventures with affiliates of Tongfu Microelectronics Co., Ltd., which provide the majority of ATMP services, plus Siliconware Precision Industries (SPIL) and King Yuan Electronics (KYEC). **Board-level graphics manufacturing:** outsourced to third-party manufacturers and add-in-board partners. This model means AMD's cost of goods is largely a pass-through of foundry and packaging pricing, and its principal operating leverage comes from ASP and mix rather than from manufacturing efficiency. It also means AMD carries no fab capex burden — FY2025 capital expenditure was 974, or 2.8% of revenue, versus the tens of billions spent annually by integrated device manufacturers. ### Customer types and routes to market | Segment | Customer types | Route to market | |---|---|---| | Data Center | Hyperscale cloud providers and hyperscale private data centres; OEMs; ODMs; system integrators; independent distributors | Direct sales force; OEM/ODM channel; distributors; increasingly direct rack-scale supply | | Client and Gaming | PC OEMs; independent distributors; ODMs manufacturing motherboards; add-in-board manufacturers; independent game-console and portable-gaming-device manufacturers; contract manufacturers for AMD-branded graphics cards | OEM partnerships; distribution; AIB partners; direct semi-custom contracts | | Embedded | Aerospace and defence, automotive, industrial, vision and healthcare, communications infrastructure, test and measurement, emulation and prototyping, audio/video/broadcast, data centre | Direct sales plus a network of distributors, OEM partners, value-added resellers and integrated solution vendors (notably for Alveo) | AMD explicitly warns in its risk factors that it depends on a small number of customers for a substantial portion of its business and expects this to continue. It also notes the emerging structural risk that its own hyperscale customers are internally developing competing data-centre microprocessors and accelerators. ### End markets served Cloud and hyperscale AI infrastructure; enterprise IT and on-premise servers; supercomputing and exascale HPC; sovereign AI; consumer and commercial PCs (desktop, notebook, workstation, handheld); gaming consoles and cloud gaming; professional visualisation and content creation; aerospace and defence; automotive (infotainment, ADAS-adjacent adaptive compute); industrial automation and robotics; medical imaging and healthcare; wired and wireless communications infrastructure; test and measurement; broadcast and professional AV; capital-markets low-latency networking (Solarflare).

Company Headquarters: Taiwan Founded: 1979 Workforce: ~1,616 Company Working: Aten International Co., Ltd. is one of the experts in connectivity and management solutions in accessing and sharing technologies. The company offers products such as KVM switches, remote management solutions, video products, USB peripherals, and data communication solutions for domestic and commercial use that covers corporate, education, hospitality, and home theater applications. The company caters to the requirements of industries such as broadcasting & media, corporate, education, government, and transportation. Geographically, the company is spanned across Asia-Pacific, Europe, America, and Oceania.

Company Headquarters: Japan Founded: 1987 Workforce: ~1,686 Company Working: Allied Telesis, Inc. offers network devices and end-to-end networking solutions to enterprise, government, education, and critical infrastructure customers. It provides a variety of solutions, such as secure SD-WAN, industrial IoT, IP video surveillance, self-defending networks, total autonomous networking, and no compromise Wi-Fi. The company operates through various business segments, such as network product, solutions, and support services. Under its network product business, the company offers hardware components meant for network equipment. The company focuses on investing in research & development to expand its product portfolio. Allied and its subsidiaries have their business operations across 22 countries.

Company Headquarters: Japan Founded: 1949 Workforce: ~ 8,861 Company Working: ASICS Corporation is a multinational corporation specializing in athletic footwear, apparel, and equipment. The company was founded in Kobe, Japan and its name is an acronym for "Anima Sana In Corpore Sano," which means "a sound mind in a sound body" in Latin. The company is now headquartered in Tokyo, Japan and has operations in more than 100 countries worldwide. ASICS offers a wide range of athletic products for various sports, including running, training, volleyball, tennis, and wrestling. The company is known for its innovative technologies, such as its Gel cushioning system, which provides excellent shock absorption and comfort to runners. ASICS also collaborates with various athletes and sports teams to create specialized products that meet their specific needs. In addition to its focus on athletic products, ASICS is committed to sustainability and has implemented various initiatives to reduce its environmental impact. For example, the company has set a goal to reduce its greenhouse gas emissions by 30% by 2030 and has implemented sustainable materials and manufacturing processes in its products.

Company Headquarters: United States Founded: 1996 Workforce: ~17,500 Company Working: Under Armour, Inc. is a leading American sports equipment and clothing company founded in 1996 by Kevin Plank. The company's headquarters is in Baltimore, Maryland. Under Armour is primarily known for its performance athletic apparel, footwear, and accessories. The company's mission is to make all athletes better through passion, design, and the relentless pursuit of innovation. Under Armour's products are designed to enhance the performance of athletes in a variety of sports and activities, including running, basketball, football, golf, and yoga. Under Armour has a global presence, with operations in North America, Europe, the Middle East, and Asia-Pacific. The company's products are sold through a variety of channels, including its own branded retail stores, wholesale distribution to third-party retailers, and e-commerce. In recent years, Under Armour has expanded its product offerings beyond athletic wear and accessories, launching a line of connected fitness products and apps, as well as a line of casual wear. The company has also made sustainability a key focus, with initiatives to reduce waste and carbon emissions across its supply chain.

Lenovo occupies a position no other technology company holds: undisputed global leader in personal computing, with roughly one in four PCs shipped worldwide carrying its brands, married to a fast-scaling enterprise infrastructure business that has just crossed US$19 billion of annual revenue and turned profitable, and a US$10 billion services arm earning better than 22 percent operating margins. The strategic thesis management calls "Hybrid AI" — one personal AI across many devices, plus enterprise AI that keeps customer data close to the customer — is the connective tissue. Financially, Lenovo remains a low-margin, high-turnover, working-capital-financed business: 15.4 percent gross margin and 2.3 percent net margin on US$83.1 billion of FY2025/26 revenue. The investment question is whether the AI infrastructure cycle permanently re-rates the mix, or whether Lenovo remains, at core, a superbly executed but structurally thin-margin PC company that has rented a seat at the AI table. Lenovo Group Limited is a Hong Kong–incorporated, Beijing- and Morrisville-headquartered global technology company that is simultaneously the world's largest personal computer vendor by shipments and, since FY2025/26, one of the world's three largest server vendors by revenue. It is the operating heart of a corporate lineage that began in 1984 inside the Chinese Academy of Sciences and now spans 180 markets, more than 30 manufacturing sites in eleven markets, and a workforce of roughly 73,500. In the fiscal year ended March 31, 2026 the Group crossed US$80 billion of revenue for the first time and, in the June 2026 quarter, posted the largest quarterly revenue and the highest adjusted quarterly profit in its history. --- ### What the company does Lenovo designs, develops, manufactures, markets, sells and services a full-stack portfolio of computing products. In the Group's own words from the FY2025/26 corporate description, Lenovo is "a US$83 billion revenue global technology powerhouse … serving millions of customers every day in 180 markets," guided by a vision of "Smarter Technology for All" and "executing a Hybrid AI strategy that spans Personal AI – one personal AI, multiple devices; and Enterprise AI – helping customers turn data into insights and value." The stated delivery mechanism is "a full-stack AI portfolio, including devices (PCs, workstations, smartphones, tablets, accessories), infrastructure solutions (server, storage, edge, high performance computing and software defined infrastructure), as well as software, solutions, and services." Independent characterization: Lenovo is best understood as three businesses of very different economic character bolted onto a single, exceptionally efficient global supply chain and go-to-market apparatus. The first business, Intelligent Devices Group, is a scale-and-mix machine. It generated US$58.9 billion of FY2025/26 revenue at a 7.2 percent segment operating margin. Its competitive advantage is not technology in the narrow sense but cost position, channel breadth, and a manufacturing model — in-house plants plus "ODM+" hybrid outsourcing — that lets Lenovo flex capacity and geography faster than peers. Margin here is won through premium mix (premium PCs reached 50 percent of Q4 shipments), adjacency attach (tablets, monitors, accessories, smartphones), and component procurement leverage. The second business, Infrastructure Solutions Group, is a capital-intensive, cyclical, contract-driven business that until FY2025/26 destroyed operating profit. It reached US$19.2 billion of revenue and US$73 million of full-year operating profit in FY2025/26 — a genuine inflection — then in the June 2026 quarter delivered US$8.5 billion of revenue and US$777 million of operating profit at a 9.1 percent margin. The economics have two very different halves: hyperscaler and cloud-service-provider business, which is high volume and structurally low margin, and Enterprise/SMB, which carries far richer economics. The Infinidat acquisition (completed April 2026) is an explicit attempt to shift the mix toward the latter. The third business, Solutions and Services Group, is the profit-quality engine. On US$10.0 billion of FY2025/26 revenue it produced US$2.2 billion of segment operating profit — a 22.4 percent margin in the fourth quarter, and a business whose operating profit has more than doubled over five years at a 21 percent CAGR. Importantly, 62 percent of SSG revenue now comes from Managed Services and Project & Solutions rather than warranty-attached support, which is the shift that makes the margin durable. ### Revenue model and mix | Revenue by recognition timing (USD M) | FY2025 | FY2026 | |---|---|---| | Point in time (product sale) | 66029 | 79205 | | Over time (services, subscriptions) | 2779 | 3433 | | Lease revenue (TruScale, DaaS leasing) | 269 | 437 | | Total | 69077 | 83075 | Lenovo's revenue recognition disclosure is the cleanest window into the business model: Point-in-time product sales remain 95.3 percent of revenue in FY2025/26. Recurring and consumption-based revenue — over-time plus lease — is 4.7 percent, up from 4.4 percent, and growing faster than the base (over-time revenue +23.5 percent; lease revenue +62.2 percent). The strategic aspiration is to grow the recurring share; the financial reality is that Lenovo remains overwhelmingly a hardware transaction business. Deferred revenue on the balance sheet, a proxy for contracted future services, stood at US$3,957 million at March 31, 2026 (current US$1,988 million plus non-current US$1,969 million), up from US$3,194 million a year earlier. There is no meaningful licensing revenue stream disclosed. Lenovo is a net payer, not a net receiver, in standard-essential patent licensing. ### Value chain position and customer types Lenovo sits at the systems-integration and brand layer of the computing value chain. It does not fabricate semiconductors, memory, or displays; it is a very large buyer of them, and its FY2025/26 gross margin compression (16.1 percent to 15.4 percent) is direct evidence of that dependency during the DRAM and NAND shortage. Upstream it depends on Intel, AMD, Qualcomm, NVIDIA, Samsung, SK hynix, Micron, and Taiwanese ODMs. Downstream it reaches customers through a hybrid of direct enterprise sales, a very large two-tier distribution and reseller channel, telecom carriers (for Motorola), retail, and e-commerce. Customer types span, in rough order of revenue contribution: consumers and small business through retail and e-commerce; commercial mid-market and enterprise IT buyers; public sector and education; cloud service providers and hyperscalers (ISG's CSP business); telecommunications carriers; and, increasingly, "neocloud" and sovereign AI buyers. End-markets served include general commercial IT, education, healthcare, financial services, retail, manufacturing, telecommunications, public sector, media and entertainment, sports, and scientific/high-performance computing. ### The Global/Local operating model Management's most-repeated differentiator is what it calls the "Global/Local" or "global resources, local delivery" model, and the associated "China+N" manufacturing footprint. The FY2024/25 results announcement described "an end-to-end integrated global operations (design, demand forecasting, procurement, manufacturing, marketing, sales, and services), ODM+ manufacturing model, and global resources/local delivery model," supported by "30+ manufacturing sites (either in-house or outsourced) in 11 different markets." The FY2025/26 announcement attributed the Group's resilience through tariffs and component inflation directly to this footprint. This is a real and quantifiable advantage: Lenovo ranked fifth in the Gartner Supply Chain Top 25 for 2026, its highest-ever placement, after eighth in 2025, tenth in 2024 and eighth in 2023.

Company Headquarters: Amsterdam, The Netherlands Founded: 1991 Workforce: ~4,500 Company Working: TomTom International BV (TomTom) offers easy to use navigation devices and tracking solutions. The company operates through three businesses, namely automotive, licensing, and telematics. The licensing business provides licensed maps, online services such as traffic and navigation software to its customers as components for different applications. The automotive business provides location-based application components to automotive customers, which include OEMs and Tier-1 head unit vendors for in-vehicle navigation, and autonomous driving. The company’s telematics business provides fleet management, vehicle telematics, and connected car services. Its expertise exists in technology, navigation products, and services such as maps, traffic, wearables, fitness, action camera, software, and fleet management. TomTom has offices in 37 countries across the globe.

Iron Mountain is the world's largest custodian of physical business information, and it is in the late innings of converting that franchise into a diversified enterprise-infrastructure platform. Its records-management estate — over 740 million cubic feet stored across roughly 1,300 facilities in 61 countries, with a 93%+ annual retention rate — is a near-annuity that funds a far more dynamic set of growth engines: a 528 MW global data centre portfolio that is 97% leased and pre-let deep into the next decade; an IT asset lifecycle management (ALM) business scaling on hyperscaler decommissioning; and a digital solutions arm now above $500 million of revenue. The strategic logic is trust arbitrage: 240,000 customers, including approximately 95% of the Fortune 1000, already grant Iron Mountain chain-of-custody over their most sensitive assets, and cross-selling into that base is cheaper than winning it. The offsetting reality is a REIT balance sheet carrying more than $17 billion of debt and a stockholders' deficit. | Metric | FY2023 | FY2024 | FY2025 | |---|---|---|---| | Total employees (approx.) | — | — | 29400 | | US employees (approx.) | — | — | 11700 | | Non-US employees (approx.) | — | — | 17700 | | Unionised — North America (approx.) | — | — | 400 | | Unionised — Latin America (approx.) | — | — | 1100 | --- ### The company's own characterisation Iron Mountain describes itself in its FY2025 Form 10-K as "a global leader in information management services… trusted by more than 240,000 customers in 61 countries, including approximately 95% of the Fortune 1000, to help unlock value and intelligence from their assets through services that transcend the physical and digital worlds." It positions its solution set across five demand vectors: information management, digital transformation, information security, data centre, and asset lifecycle management. It states that it serves "commercial, legal, financial, healthcare, technology, insurance, life sciences, energy, business services, entertainment and government organizations." The company enumerates six "business attributes" in Item 1 of the FY2025 10-K: a large, global, diversified business (approximately 1,340 locations, ~$6.9bn of FY2025 revenue, no single customer above approximately 3% of revenue); strong positions in large and growing markets; a synergistic business model built on cross-selling; a recurring, durable revenue stream (storage contracts typically one to five years; data centre weighted-average lease expiry of 10.3 years at 31 December 2025); limited revenue cyclicality; and significant real estate ownership (over 98 million square feet operated, over 24 million square feet owned). ### Independent characterisation Iron Mountain is best understood not as a records company that bought data centres, but as a regulated-trust services platform monetising the same customer relationship across four progressively higher-growth asset classes. The economic architecture is as follows. **The annuity core.** Physical records storage is a landlord business with the pricing characteristics of a subscription and the churn characteristics of infrastructure. Records Management retention was 93.4% in Q2 2026, and total storage volume has grown, not shrunk, from 732.0 million cubic feet (Q1 2024) to 747.9 million cubic feet (Q2 2026). Storage revenue per square foot rose from $10.83 (Q2 2025) to $12.19 (Q2 2026) — a 12.6% increase driven overwhelmingly by revenue management (pricing) rather than volume. This is the single most important fact about the business: the "melting ice cube" thesis that dominated the equity story until roughly 2020 has not manifested in the volume data. Storage rental gross margin was 69.8% in Q2 2026. **The mix shift.** The service side of the P&L has been transformed. Service revenue grew 27.4% year over year in Q2 2026 versus 12.3% for storage rental, and now represents 44.1% of consolidated revenue ($894.5M of $2,029.1M). Growth businesses (data centre, digital, ALM) grew more than 50% year over year in Q2 2026 and, per management's Q2 2026 investor presentation, reached approximately 35% of revenue versus 28% in 2025 and 24% in 2024, with a full-year 2026 expectation of approximately 34% of revenue at the guidance midpoint. **Revenue-model mix.** Iron Mountain does not disclose a formal product/service/subscription/licensing split. Approximating from disclosed lines: storage rental (recurring, contracted, real-estate-like) was 55.9% of FY2025 revenue ($4,052.5M of $6,901.7M); service revenue (a blend of recurring courier/shredding/digital subscription and transactional project and remarketing revenue) was 44.1%. Within service revenue, ALM remarketing is the most transactional and commodity-exposed component and the least annuity-like — a structural quality caveat on the growth story. **Value-chain position.** In RIM, Iron Mountain is the outsourced custodian sitting between the enterprise and its compliance obligation — an intermediary whose switching costs are physical (records must be moved) and regulatory (chain of custody must be re-certified). In data centres it is a wholesale/hyperscale landlord and, increasingly, a developer. In ALM it is a reverse-logistics processor and secondary-market remarketer, capturing both a service fee and a share of recovered asset value. In digital solutions it is a software-and-services vendor competing against content-services incumbents. **Customer types and end-markets.** Highly regulated enterprises and governments dominate: financial services, legal, healthcare and life sciences, insurance, energy, entertainment/media, technology, business services, and public sector. Consumer exposure is limited to the Clutter-branded valet storage offering. Concentration is low at the customer level (no customer above ~3% of revenue) but materially higher within ALM, where the 10-K explicitly warns that "a significant portion of the revenue from our ALM business is derived from a limited number of clients."

Company Headquarters: US Founded: 2013 Workforce: ~ 28,000 Company Overview: News Corporation (News Corp.) is a media and information services company that focuses on developing and distributing content for consumers and businesses globally. The company operates mainly through four business segments—book publishing, news and information services, digital real estate services, and subscription video services. The company’s news and information services segment cover News Corp Australia, Dow Jones, the New York Post, News UK, and News America Marketing that offers news and information for the consumers. The book publishing segment consists of HarperCollins, a consumer book publisher having operations across 18 countries. In 2018, HarperCollins provided around 100,000 publications in digital formats. The company’s subscription video services segment offers entertainment, sport videos, and news services to subscribers through satellite, cable and internet protocol (IP). The company delivers its content through several distribution platforms including traditional platforms such as television and print and through digital platforms including websites, social media platforms, e-books, and applications for mobile devices.

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Company Headquarters: Florida, US Founded: 1989 Workforce: ~10,000 Company Working: Citrix Systems Inc. (Citrix) designs, develops, and markets information technology solutions. The company operates under a single reportable segment which provides a digital workspace that unifies apps, data, and services. It markets and licenses its solutions via multiple channels worldwide, which includes selling through its resellers, direct sellers, and over the Internet. The company derives its sales from solutions related to its digital workspace, networking products, and related support services. The networking operation includes hardware or software-based solutions with Citrix ADC, and Citrix SD-WAN as its major product offerings. Citrix SD-WAN offers an integrated platform of security, routing, WAN optimization, and path control for simplifying implementation and maintenance of the branch network, which allows customers to leverage hybrid WAN architecture, thereby increasing the WAN capacity. Citrix operates in the Americas, Europe, the Middle East and Africa (EMEA) and the Asia Pacific regions.

Company Headquarters: US Founded: 2012 Workforce: ~140 Company Working: Nuage Networks is an independent subsidiary of Nokia Corporation. Nokia acquired Nuage Networks during its acquisition of Alcatel-Lucent for USD 16 Billion in 2016. Nuage Networks provides software-defined networking solutions to cloud service providers for managing large multi-tenant clouds. The company offers solutions for software-defined wide area networks, data centers, telco clouds, and cloud security. Nuage’s product offerings include virtualized service platform, virtualized services assurance platform, network services gateways, among others. Additionally, the company also offers professional services. Nuage Networks operates worldwide.

Company Headquarters: Finland Founded: 1968 Workforce: ~13,083 Company Working: Tieto is one of the leading Nordic software and services companies providing IT technology solutions and services to its end users. The company operates in following business segments—managed services, industry products & development services, and consulting & system integration. The company offers its services to large enterprises. The company offers its solutions and services for financial, healthcare, government, telecom, energy, oil, & gas, and manufacturing applications. The company has a presence in North America, Europe, and Asia-Pacific.

PCCW Limited is a Hong Kong-headquartered holding company whose economic value is overwhelmingly anchored in its ~52% controlling stake in HKT, Hong Kong's incumbent and largest integrated telecommunications operator (fixed line, fibre broadband, mobile under csl/1O1O, Now TV pay-TV, enterprise solutions and the PCCW Global international carrier business). Around that core, PCCW owns a media portfolio — the pan-regional streaming platform Viu (≈62.7% economic interest, with France's Canal+ holding the balance and an option to take majority control), the free-to-air broadcaster ViuTV, and the artiste-management and live-events arm MakerVille — plus a residual IT-solutions business and minority investments. The group generated HK$40.3bn of revenue and HK$13.3bn of EBITDA in FY2025, but holding-company leverage, finance costs and minority leakage leave equity holders with a small attributable loss. The investment case is therefore a high-yield, leverage-sensitive conglomerate discount to HKT, with optionality from Viu and asset monetisation. --- ### Company's own description In its Annual Report 2025 PCCW describes itself as a global company headquartered in Hong Kong holding interests in telecommunications, media, IT solutions, property development and investment, and other businesses, and highlights that it holds a majority stake in HKT, which it characterises as Hong Kong's premier telecommunications service provider and leading operator of fixed-line, broadband, mobile and media entertainment services. (Paraphrased from Annual Report 2025, "About PCCW".) The 2026 interim segment note (HKFRS 8) defines three operating segments reviewed by the chief operating decision-maker: 1. **HKT** — technology and telecommunications services including enterprise solutions, mobile, total home solutions, media entertainment (Now TV) and newer businesses (loyalty platform "The Club", financial services, healthtech). Primarily Hong Kong, also Chinese Mainland and international. 2. **Media Business** — OTT digital media entertainment (Viu) across Hong Kong, Asia-Pacific and elsewhere; domestic free television (ViuTV) in Hong Kong; content production; artiste and event management (MakerVille). Management further sub-reports "OTT Business" and "Free TV & Related Business". 3. **Other Businesses** — corporate support functions, the remaining IT solutions business, and other activities. ### Business and revenue model (independent characterisation) | Revenue type (FY2025) | HK$ million | % of total | |---|---|---| | Recognised over time (services/subscriptions/contracts) | 29891 | 74.3 | | Recognised at a point in time (mainly handsets/products, events) | 10300 | 25.6 | | Rental income | 61 | 0.2 | | Total | 40252 | 100.0 | PCCW is best understood as a listed holding company with three economically distinct layers: - **A regulated-style, cash-generative utility layer (HKT, ~91% of gross segment revenue in FY2025).** HKT monetises network infrastructure through recurring subscriptions (broadband, mobile post-paid, pay-TV), enterprise contracts (local data, managed services, system integration with multi-year backlogs), international wholesale (voice, data, Console Connect), and a lower-margin hardware pass-through (mobile handset sales of HK$3.5bn in FY2025). HKT distributes 100% of its adjusted funds flow (AFF) to unitholders (FY2025 distribution 81.77 HK cents per unit, representing full payout of AFF of HK$6,199m), and this upstream cash is PCCW's principal source of dividend capacity. - **A growth/option layer (Media Business, ~9% of gross segment revenue).** Viu runs a dual SVOD/AVOD model across 15 markets in Southeast Asia, the Middle East and South Africa; revenue is subscription (growing 13% in FY2025), advertising/sponsorship (soft), and content/event licensing. ViuTV is advertising-funded free TV supplemented by digital memberships (3.4m), content licensing (distributed to 40+ markets), concerts and brand collaborations via MakerVille. **A residual/corporate layer (Other Businesses):** Project-based IT solutions revenue (FY2025 HK$1,945m, highly lumpy and milestone-driven) and corporate costs (EBITDA cost of HK$737m in FY2025). **Revenue mix by nature (FY2025, external revenue; 2025 Annual Results, segment note):** Interpretation: roughly three-quarters of revenue is recurring service/contract revenue; the point-in-time component is dominated by HKT mobile product sales (HK$3,537m) and other equipment/solutions deliveries. ### Value-chain position and customers **Infrastructure owner/operator:** HKT owns Hong Kong's most extensive fixed-line and fibre access network (FTTH connections 1.101m at June 2026) and a territory-wide 5G network; passive access network ("Netco") is now partly owned by a China Merchants-managed investor. **Service retailer:** consumer broadband (1.497m consumer broadband base), mobile (3.494m post-paid at Dec 2025), pay-TV (Now TV installed base 1.464m at Dec 2025; 1.490m at June 2026). **Content aggregator and producer:** Now TV acts as a "super content aggregator" with sports rights (e.g., FIFA World Cup 2026 exclusive in Hong Kong); Viu licenses and commissions Asian content (Korean, Chinese, local originals, micro-dramas); ViuTV/MakerVille produce and own IP and talent. **Customer types:** consumers and households in Hong Kong; SMEs and large enterprises/government (HKT Enterprise Solutions); international carriers and OTT/hyperscale customers (PCCW Global, Console Connect; Chinese Mainland OTT customer revenue grew >50% in 1H2026); telco distribution partners and advertisers in Southeast Asia (Viu); brand advertisers in Hong Kong (ViuTV). **End-markets:** Hong Kong telecoms (domestic consumer and enterprise), international wholesale/data connectivity, Asian streaming video, Hong Kong free-TV advertising and live entertainment.

F5 occupies an unusually defensible position in enterprise infrastructure: it is the incumbent traffic-management and security control point in front of the world's most mission-critical legacy applications, and it has spent a decade extending that franchise into software, SaaS and, latterly, AI. Roughly 70% of revenue is recurring. The installed BIG-IP base — sticky, deeply embedded, operationally hard to displace — funds a portfolio that now spans NGINX for cloud-native workloads, Distributed Cloud Services for SaaS-delivered security and multicloud networking, and an AI Security Platform assembled through rapid tuck-in M&A. The October 2025 nation-state breach of F5's own development environment was a genuine shock to the franchise's core asset, trust; yet FY2026 has delivered eight consecutive quarters of double-digit product growth and three successive guidance raises. F5 is no longer a declining hardware vendor dressed as a software company; it is a cash-generative platform business whose principal risk is now reputational rather than structural. F5, Inc. is a Washington-incorporated, Seattle-headquartered provider of application delivery and application/API security technology. The company was incorporated on 26 February 1996 under the name F5 Labs, Inc., traded for most of its listed life as F5 Networks, Inc., and adopted its current short-form legal name, F5, Inc., in 2021. It retains Commission File Number 000-26041 and IRS Employer Identification Number 91-1714307, both confirmed in the FY2025 Form 10-K cover page. | Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |---|---|---|---|---|---| | Total employees | 6461 | 7089 | 6524 | 6557 | 6578 | | Countries with employees | 47 | 47 | 47 | 47 | 47 | | Share of employees in United States (%) | 52 | 50 | 48 | 47 | 47 | FY2021 and FY2024–FY2025 headcount, country count and US share are taken directly from the respective Forms 10-K. FY2022 and FY2023 headcount are from Macrotrends' compilation of the same filings; the FY2022–FY2023 US-share percentages are interpolated from the disclosed FY2021 and FY2024 endpoints and should be treated as indicative rather than filed data. --- ### What the company does — in its own words The FY2025 Form 10-K opens with the company's own characterisation: F5 describes itself as a multicloud application delivery and security provider that partners with large, advanced organisations to optimise and secure every application and API wherever it runs — on premises, in the cloud, and at the network edge. Its stated purpose is to enable businesses to stay ahead of threats while delivering secure digital experiences. The company's corporate boilerplate, used consistently in FY2026 press releases, positions F5 as "the global leader that delivers and secures every app," backed by three decades of expertise and anchored on the F5 Application Delivery and Security Platform (ADSP). The 10-K is explicit that solutions are available across a range of deployment and consumption models: packaged software sold perpetually, by subscription, or on usage-based terms; software-as-a-service and managed services on subscription or usage models; high-performance hardware systems; and a broad global services business comprising maintenance, consulting, training and technical support. ### Independent characterisation F5 is best understood as three overlapping businesses that share a single go-to-market engine and a single engineering culture. The first and largest is the BIG-IP franchise — an application delivery controller (ADC) and security stack that sits in the data path in front of enterprise applications, terminating TLS, load-balancing traffic, enforcing access policy, and applying web application firewall and DDoS controls. BIG-IP is sold both as software (perpetual and subscription) and as purpose-built appliances (rSeries, VELOS). This is a mature, high-share, high-margin business with formidable switching costs: BIG-IP configurations encode years of accumulated operational policy in iRules and are among the hardest infrastructure components in an enterprise to rip out. It is also the business that generated the strongest growth in FY2025 and FY2026, driven by a hardware refresh cycle and AI-adjacent capacity demand. The second is NGINX, acquired in 2019, which addresses the opposite architectural pole: lightweight, container-native, developer-adopted proxying, ingress control and API gateway functionality for microservices. NGINX gives F5 relevance in Kubernetes environments where a BIG-IP appliance would be architecturally absurd, and it gives F5 a free open-source funnel of extraordinary breadth. The third is F5 Distributed Cloud Services, built principally on the Volterra and Shape Security acquisitions, which delivers WAAP, bot defence, multicloud networking, DNS, CDN and managed Kubernetes as SaaS across F5's own global private backbone (the F5 Global Network). This is the growth optionality, though it remains a minority of revenue and F5 does not disclose its standalone contribution. Layered across all three since FY2025 is the F5 Application Delivery and Security Platform (ADSP), which is less a product than a unification strategy — a common policy engine, telemetry fabric and management console intended to convert a portfolio of adjacently acquired point products into something a CIO can buy once. The AI Security Platform launched in June 2026 is the newest module of that architecture. ### Revenue model and mix | Revenue mix (% of total) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |---|---|---|---|---|---| | Systems | 28.7 | 24.2 | 23.8 | 19.1 | 22.9 | | Software | 19.2 | 24.7 | 23.6 | 26.1 | 26.0 | | Global services | 52.1 | 51.1 | 52.6 | 54.8 | 51.1 | F5 disaggregates revenue into three lines: systems (hardware), software, and global services. Software plus systems constitute "product" revenue, the metric management emphasises on earnings calls. Source: F5 quarterly earnings releases and Fiscal.ai segment compilation of the same filings. Figures rounded; components may not sum exactly to total. Two structural observations. First, the software share roughly doubled between FY2019 and FY2022 and has since plateaued around 26%, which is the principal bear argument on the equity: the software transition stalled. Second, services revenue — overwhelmingly maintenance attached to the installed hardware and software base — has grown at only 2–4% annually and now grows slower than product, meaning the recurring-revenue mix has been diluted, not enriched, by the FY2025–FY2026 hardware cycle. Management stated in the FY2025 proxy that over 70% of revenue is recurring. ### Value chain position and route to market F5 is fabless and asset-light. Manufacturing of all hardware systems is outsourced, principally to Flex Ltd., with assembly, quality control and systems testing at Flex facilities in Guadalajara, Mexico and Zhuhai, China. Product built in Guadalajara ships to a Flex fulfilment centre in Memphis, Tennessee for Americas and EMEA distribution; Zhuhai-built systems serve APAC. Title passes from Flex to F5 and then to the customer on shipment. F5 discloses in its risk factors that it currently uses a single contract manufacturer for its products, which is a genuine concentration exposure. Sales are overwhelmingly indirect. F5 sells through distributors, value-added resellers, managed service providers and systems integrators, with a direct sales overlay for large accounts. Two worldwide distributors accounted for 33.3% of total net revenue in FY2025 — a concentration the 10-K flags explicitly as a risk. ### Customers and end markets The FY2025 10-K identifies the customer base as large enterprise businesses, public sector institutions, governments and service providers, with Fortune 1000 / Global 1000 enterprises in technology, financial services, transportation, education, manufacturing and healthcare, plus government customers and telecommunications service providers, making up the largest share. Government sales are a meaningful and separately risk-flagged portion of revenue — a fact that made the October 2025 CISA emergency directive commercially as well as reputationally significant.

Company Headquarters: Virginia, US Founded: 1999 Workforce: ~1,000 Company Working: Appian Corporation (Appian) is an enterprise software solutions provider. It provides a low-code enterprise application development platform which allows companies to build powerful business applications easily. The platform also helps organizations to design, develop, and implement enterprise-grade custom applications via its visual interface with little or no coding. The company’s clients use applications built on a low-code platform to launch new business lines, automate vital employee workflows, manage complex trading platforms, accelerating drug development, and building global procurement systems. The capabilities of this platform include low-code development, intelligent automation, business process management, robotic process automation, AI, and mobility. The company offers solutions for customer journey management, intelligent contact center, governance, risk, and compliance management, and robotic workforce management. Appian serves automotive and manufacturing, education, energy and utilities, BFSI, healthcare, and retail industries, among others.

Company Headquarters: Canada Founded: 1972 Workforce: 4,100 Company Working: Mitel Networks Corporation (Mitel) is one of the leading telecommunications companies providing unified communications solutions for businesses worldwide. The company is involved in providing cloud and enterprise communications and collaboration solutions through software product development. The company operates through cloud and enterprise segments. The cloud segment includes a range of private, public, hybrid, and mobile Software as a Service (SaaS) solutions for businesses. The segment also includes Unified Communications as a Service (UCaaS) solutions, which enables businesses to pay for their communications services monthly as a subscription. It also offers cloud-based telephone and network services deployed through cloud segment for mobile networks. The enterprise segment combines unified communications and collaboration applications, voice, and contact center applications on mobile and fixed networks across a range of devices such as tablets, mobile phones, desk phones, desktops, and laptops. Mitel has a presence in the Americas, EMEA, and Asia-Pacific

Udemy was the largest open, instructor-supplied online learning marketplace to reach public-market scale, and the only one to convert that consumer marketplace into a genuine enterprise SaaS franchise. Its structural advantage was supply: roughly 290,000 courses from over 90,000 instructors in 78 languages, refreshed at approximately 6,300 new courses per month, giving it unmatched breadth and currency in fast-moving technical subjects — particularly generative AI. Its structural weakness was the same marketplace: transactional consumer revenue that decayed as search and large language models absorbed casual learning demand, and enterprise net dollar retention that fell to 93% by end-2025. Under CEO Hugo Sarrazin (from March 2025), Udemy pivoted hard to subscription-first monetisation and AI-native product (Role Play, MCP server, Altus), delivering its first full year of GAAP profitability in 2025 on flat revenue. That profitability arrived too late to restore growth, and Udemy sold itself to Coursera in an all-stock combination completed May 2026. FY2022 and FY2023 figures are as disclosed in the respective Form 10-Ks. FY2025 (1,380) is as disclosed in the FY2025 Form 10-K. Note the counter-intuitive increase between 2024 and 2025: the September 2024 restructuring explicitly contemplated rehiring roughly half of the 280 affected roles in lower-cost geographies, and that rehiring landed largely in 2025. --- ### The company's own description (FY2025 Form 10-K, Item 1) Udemy described its mission as "to transform lives through learning." It characterised itself as "a global learning company, which underwent a strategic transformation in 2025," operating an "AI-powered skills acceleration platform" that "empowers organizations and individuals with flexible, measurable, and outcome-driven learning experiences." The filing stated that Udemy's learning marketplace "enables tens of thousands of instructors to develop, distribute and enhance content that reaches Udemy's broad global audience of nearly 84 million learners," and that the company leverages AI, data and insights — including proprietary Role Play technology and Model Context Protocol (MCP) capabilities — to deliver personalised, immersive learning. Highest-quality marketplace content is curated for Udemy Business, the enterprise SaaS platform, which offers on-demand learning for all employees, "immersive laboratory-style learning for tech teams and cohort-based learning focused on leadership development." ### Independent characterisation Udemy operated a two-sided marketplace flywheel with an enterprise distribution layer bolted on top. The economic logic is worth stating precisely, because it explains both the company's high-growth phase and its terminal stall. On the supply side, instructors — not Udemy — bore the content production cost. They created courses, retained ownership, and were paid a revenue share. This gave Udemy a near-zero marginal cost of catalogue expansion and an unusually fast content refresh cycle: top instructors updated courses on average five times per year in 2025, and the platform added over 6,300 courses monthly. In 2025 instructors collectively earned $168 million; the top 11 each earned over $1 million, and nearly 1,600 earned more than the average annual income in their home country. On the demand side, the direct-to-consumer marketplace performed three functions simultaneously: it generated cash revenue, it acted as a quality filter (learner ratings determined which of the ~290,000 courses were promoted into the ~33,000-title Udemy Business collection), and it produced organic enterprise leads. Roughly 40 million monthly unique visitors in 2025, with 85% of marketplace traffic originating outside the United States and only 15% from the US, made this an inherently global funnel. The enterprise layer, Udemy Business, monetised the curated subset via per-seat annual and multi-year subscriptions, with content exclusivity clauses binding instructors whose courses entered the UB collection (exclusivity persists while the content is in the collection, with up to a 12-month tail after opt-out). This is the source of the company's defensibility claim. **Revenue model mix.** Udemy reported through two operating and reportable segments: **Enterprise (Udemy Business):** 66% of FY2025 revenue; almost entirely subscription ($521.5M of $524.1M segment revenue in FY2025), with a small professional-services and other component ($2.6M). **Consumer:** 34% of FY2025 revenue; a mix of transactional single-course purchases with lifetime access ($221.3M in FY2025) and a rapidly growing consumer subscription (Personal Plan) line ($44.5M, +44% year over year). Consolidated subscription revenue reached $566.0 million in FY2025, or 72% of total revenue, up from 66% in FY2024 — a 600 basis point mix shift in a single year and the central financial fact of the Sarrazin transformation. **Value chain position.** Udemy sat between individual subject-matter experts (supply) and two distinct buyer classes: individual learners paying with their own money, and corporate L&D budgets. It did not own content, did not accredit degrees, and did not own the workflow surfaces where learning is consumed at work — hence the strategic emphasis on LMS/LXP integrations (Cornerstone OnDemand, Degreed, ServiceNow, Workday) and, from 2025, on an MCP server allowing enterprises to embed Udemy content inside their own LLM deployments. **Customer types and end-markets.** More than 17,000 Udemy Business customers across more than 150 countries at end-2025. Large customers (≥1,000 employees) represented approximately 74% of UB revenue in FY2025, numbering nearly 5,800. Vertical concentration was described as strongest in financial services, technology and manufacturing, where AI adoption was accelerating. Named customers include Ericsson, Samsung SDS America, ON24, Tata Consultancy Services, The World Bank and Volkswagen. Consumer end-market is global professional and personal skills development. **Seasonality.** Higher UB bookings in Q4 driven by corporate buying patterns, plus Q4 consumer holiday promotions. Revenue recognition lags bookings materially: UB subscription revenue is recognised over the contract term, consumer single-course purchases over an estimated four-month service period, and consumer subscriptions over the subscription term. The quarter of peak bookings therefore differs from the quarter of peak recognised revenue, and remaining performance obligations grow fastest in Q4.

Company Headquarters: US Founded: 2012 Workforce: ~500 Company Working: Coursera is one of the largest online learning platforms for higher education. Around 190 of the world’s top leading universities and industry educators have partnered with Coursera to offer degrees and courses that have empowered over 43 million learners around the world to achieve their career goals. Around 2000 companies have used its enterprise platform Coursera for Business to transform their enterprise talents. Coursera is backed by various investors including New Enterprise Associates, Learn Capital, SEEK Group, GSV Capital, and Kleiner Perkins. The company’s online platform is serving in every region of the globe.

Company Headquarters: US Founded: 1999 Workforce: ~4550 Company Working: K12 is a Technology-based education company offering online curriculum, software systems and educational services designed for schools, institutions and corporate sector to facilitate individualized learning for students in kindergarten to K-12. The company offers online education, curriculum development, virtual school, online education, online school, public school, private school, charter school, blended learning, personalized learning, online learning, Career Technical Education, school choice, and dual credit. The company is made up of thousands of online school educators providing instruction, academic services, and learning solutions to public schools and districts, traditional classrooms, blended school programs, and directly to families. The K12 program is offered through K12 partner public schools in 33 states and the District of Columbia, and through three private schools serving students in all 50 states and more than 100 countries.

Company Headquarters: Italy Founded: 1994 Workforce: ~107,000 Company Working: Telecom Italia SpA engages in the provision of telecommunication and Internet services, digital content, and cloud services. It operates through the following business segments: domestic, Brazil, and other operations. The Domestic segment includes operations in Italian and data operations on fixed and mobile networks for retail and wholesale customers; the international wholesale through Telecom Italia Sparkle which provides IP, data, cloud, data center, mobile and voice solutions, and products and services for information technology through the Olivetti group. The Brazil segment includes mobile and fixed telecommunications operations in Brazil. The other operations segment includes finance and other minor companies not strictly related to the core business. The company operates in Italy and Brazil.

Company Headquarters: England, UK Founded: 1995 Workforce: ~200 Company Working: Oleeo plc. is a British multinational company engaged in the provision of Internet-based software used for the tracking and selection of candidates. The company’s products include event management software, CRM, applicant tracking software, interview management, talent mobility, and program management. Furthermore, the company delivers its services to finance, education, retail, healthcare, public sector, and commercial industry. Geographically, Oleeo plc. is present in North America, Europe, and Asia-Pacific.