Deep Intelligence Across Industries

Company Headquarters: Melbourne, Australia Founded: 1901 Workforce: ~8,000 Company Working: Telstra offers telecommunications and information services to its clients globally. The company operates through the following business segments: Telstra consumer and small business, Telstra enterprise, networks and IT, Telstra InfraCo, and others. The Telstra consumer and small business segment offers telecommunication products, solutions, and services for mobiles, fixed and mobile broadband, telephony and TV/IPTV applications. The Telstra enterprise segment engages in selling and managing contracts for medium to large business and government customers. Under the networks and IT segment, the company focuses on planning, design, engineering architecture and construction of Telstra networks, technology, and information technology solutions. Telstra InfraCo segment offers key network assets including data centers and exchanges, coaxial cable networks, and poles, ducts, and pipes.

Company Headquarters: Shenzhen, China Founded: 1985 Workforce: 68,240 Company Working: ZTE Corporation (ZTE) designs, develops, manufactures, and markets information and telecommunication technology products. ZTE has developed a comprehensive telecommunications product line, covering every vertical sector of wireless networks, access & bearer networks, core networks, services, and terminals markets. The company operates through three business segments namely, carriers’ networks segment, government, and corporate business segment, and consumer businesses segment. The company’s carrier network segment includes wireless and wired access, core networks, bearer networks, and telecommunication software systems and services. Its government and corporate segment offers information solutions such as the Internet of Things (IoT), big data, communication networks, and cloud computing products. Under the consumer segment, the company develops, produces, and sells smartphones, home information terminals, and mobile data terminals. Fixed-mobile convergence is catered under consumer business segment. It offers its products and services to various industry verticals including government, finance, transportation, education, and energy. The company has R&D centers in the US, Sweden, and China with 35,000 granted patents out of 75,000 filled patents. It has a global customer in more than 160 countries with presence in North America, Latin America, Africa, and Asia-Pacific.

Company Headquarters: France Founded: 1990 Workforce: ~130,307 Company Working: In France and abroad, Orange S.A. (Orange) offers customers, businesses, and other telecom operators a variety of fixed and mobile telecommunications, data transmission, and other value-added services. Its sectors include Enterprise, International Carriers & Shared Services, Mobile Financial Services, France, Spain, and Other European Countries. It also operates in Africa and the Middle East. The company provides convergence packages, fixed broadband and narrowband services, fixed network business solutions, including voice and data, and mobile services, including voice, SMS, and data. Additionally, it offers the sale of mobile phones, mobile terminals, broadband technology, connected gadgets, and accessories. The business also sells related equipment while offering IT and integration services, including unified communication and collaboration services like LAN and telephony, consultancy, integration, project management, hosting and infrastructure services like cloud computing, customer relations management, and other applications, security services, and video conferencing.

1.1.1 COMPANY OVERVIEW Company Headquarters: UK Founded: 1982 Workforce: ~10,000 Company Working: Vodafone Group Plc. is the world’s leading telecommunications group which helps businesses to succeed in the digital world. The company’s product offerings comprise mobile services, fixed-line services including broadband, TV offerings & voice, mobile money services, Internet of Things (IoT) services, cloud & security services, and carrier services. The company’s technology offerings comprise analytics & automation, cloud, collaboration, data center, digital transformation, enterprise networks, innovation, mobility, security, and related services. The company caters to various industry verticals such as energy, education, financial services, retail, and hospitality, as well as government organizations. Globally, the company has a presence in Middle East & Africa, Europe, and Asia-Pacific.

Company Headquarters: Spain Founded: 1924 Workforce: ~120,138 Company Working: Telefonica S.A. (Telefonica) is one of the leading telecommunication company with a diversified telecommunications network that provides a range of services. The company offers wireline, wireless, DSL, TV, and other digital services. The company operates through five business segments namely Telefonica Spain, Telefonica Brazil, Telefonica Germany, Telefonica UK, and Telefonica Hispano America. These segments are engaged in providing wireless, wireline, cable, Internet, television businesses and other digital services. Telefonica Spain offers fixed telephony, internet and data, mobile communications, Pay-TV, and wholesale services in Spain. Telefonica Brazil manages the telecommunications operations in Brazil. Telefonica Germany serves the German market. Telefonica UK provides fixed telephony, Internet and data, and mobile communications in the UK. Telefonica Hispano-American oversees the fixed and mobile telephony services, broadband, Internet, data, broadband, television, value added services operations and development in Argentina, Chile, Peru, Colombia, Mexico, Venezuela and Central America, Ecuador, and Uruguay. The fixed businesses in Europe and Latin America offer traditional fixed telecommunication services, including public switched telephone network (PSTN) lines; integrated services for the digital network (ISDN) accesses; public telephone services, local, domestic and international long-distance and fixed-to-mobile communications services, corporate communications services; supplementary value-added services and others. It also offers high-speed Internet services through fiber to the home (FTTH) in certain markets (primarily Spain, Brazil, and Chile) and VDSL-based services (primarily Spain and Germany). Telefonica also offers voice over internet protocol (VoIP) services in some markets. Geographically, the company operates in Spain, Brazil, Germany, the UK, Argentina, Peru, Chile, Mexico, Colombia, Venezuela, and Central and Hispanic America.

1.1 China Mobile Limited 1.1.1 COMPANY OVERVIEW Company Headquarters: Hong Kong Founded: 1997 Workforce: ~ 493,000 Company Working: China Mobile Limited, a leading telecommunication service provider in Mainland China offers communication services to its end users. The company’s business offerings consist of wireline broadband, mobile voice and data business, and information and communication services. The company also provides digital applications for reading, video, music, animation, and gaming. The company offers its products and services to various industry verticals including government, education, and transportation. China Mobile Limited operates through various subsidiaries including China Mobile Group Device Co. Ltd, China Mobile Group Finance Co., Ltd, China Mobile International Limited, China Mobile IoT Company Limited, China Mobile Online Services Co., Ltd, and China Mobile Internet Company Limited. Geographically, the company has a presence in North America, southeast Asia, the Middle East & Africa, and Europe.

**Employee headcount trend (full-time equivalent, year-end)** The FY2021 figure (approximately 118,400, of which roughly 89% were US-based) and the FY2025 figure (approximately 89,900) are taken directly from the respective Forms 10-K. The FY2022–FY2024 figures are the company's commonly reported year-end headcounts and were not individually re-verified against the primary filings in this review; the FY2024 figure is corroborated by contemporaneous reporting that Verizon employed "nearly 100,000 full-time employees" at the end of 2024. The trajectory is unambiguous regardless of rounding: Verizon has removed roughly 28,500 positions — about 24% of its workforce — over four years, and the FY2025 figure predates the bulk of the workforce reduction announced on 20 November 2025. ### Positioning statement Verizon is the incumbent premium-network operator of the United States telecommunications market and, by wireless retail connections, its largest. It is a holding company whose economics rest on three assets: a nationwide licensed spectrum portfolio spanning 700 MHz, cellular, PCS, AWS, C-Band and millimetre wave; approximately 147 million wireless retail connections and, following the January 2026 acquisition of Frontier Communications, a fibre footprint reaching more than 30 million homes and businesses across 31 states and Washington D.C.; and one of the world's largest global enterprise fibre networks, serving business customers in more than 180 countries. For most of the past decade Verizon monetised network superiority through price, accepting subscriber attrition in exchange for average-revenue-per-account growth. That model reached its limit in 2025, when the company lost postpaid phone customers in three of four quarters. Under Dan Schulman, appointed chief executive in October 2025, Verizon has pivoted to a volume-and-simplification strategy — flat-rate pricing, a converged fibre-plus-mobility bundle, an industry-first loyalty programme, roughly 13,000 job reductions and a $5 billion operating-expense reduction target — while opening a genuinely new revenue vector by selling dark and lit fibre capacity to hyperscale artificial-intelligence infrastructure operators. The investment question is no longer whether Verizon can defend margin; it is whether it can defend margin and grow units simultaneously. --- ### The company's own characterisation In the FY2025 Form 10-K, Verizon describes itself as a holding company that, acting through its subsidiaries, is one of the world's leading providers of communications, technology, information and streaming products and services to consumers, businesses and government entities. It states that it has a presence around the world and offers data, video and voice services and solutions on its networks and platforms, designed to meet customer demand for mobility, reliable network connectivity and security. It operates and manages two reportable segments as strategic business units: Verizon Consumer Group and Verizon Business Group. ### Independent characterisation Verizon is fundamentally a capital-intensive subscription utility wrapped around a spectrum and fibre asset base, with a declining hardware-resale business attached to it and an emergent infrastructure-wholesale business bolted on top. **Revenue model composition.** For FY2025, of $138,191 million of total operating revenues, $112,721 million (81.6%) came from service and other revenues and $25,470 million (18.4%) from wireless equipment sales (FY2025 Form 10-K income statement). The service component is overwhelmingly recurring monthly subscription revenue — postpaid and prepaid wireless access, fixed wireless access broadband, Fios internet, video and voice, enterprise connectivity contracts, and wholesale network access sold to mobile virtual network operators. The equipment component is a low-margin device pass-through: in FY2025 the cost of wireless equipment was $28,976 million against $25,470 million of wireless equipment revenue, meaning Verizon sold handsets at an aggregate gross loss of approximately $3.5 billion. This is the structural signature of a subsidised acquisition model, and it is precisely the line item that new management is deliberately shrinking. In 2Q26, equipment revenue fell nearly 20%, or more than $1.2 billion year over year, which management attributed to lower upgrade volumes as device holding periods lengthen and to a strategic decision to reduce device subsidy spending (2Q26 earnings release, 24 July 2026). There is essentially no licensing revenue and no software-product revenue of consequence. Verizon's intellectual property is held largely for defensive and cross-licensing purposes rather than monetised as a revenue line. **Value chain position.** Verizon sits at the network layer. It buys spectrum licences from the FCC and secondary-market sellers; buys radio access network, transport and core equipment from Ericsson, Nokia, Samsung, Ciena, Corning and others; buys handsets from Apple, Samsung and Google for resale; builds and operates the physical network; and sells connectivity directly to end customers and wholesale to resellers. It does not own significant content (having exited media in 2021), does not manufacture devices, and does not operate a hyperscale cloud. Its recent strategic moves — the Frontier acquisition, the Eaton Fiber wholesale arrangement, the AI Connect dark-fibre business — all deepen rather than diversify this position: they are bets that owning physical transport and access assets becomes more valuable, not less, in an AI-driven compute cycle. **Customer types.** (i) Individual consumers and households, served postpaid under the Verizon brand and prepaid under Verizon Value brands; (ii) small and medium businesses; (iii) large enterprises and multinational corporations; (iv) US federal, state and local government agencies and educational institutions, plus more than 40,000 public safety agencies (per a January 2026 US House Homeland Security Committee letter); (v) wholesale counterparties, including cable operators reselling Verizon's network as MVNOs — most importantly Comcast and Charter, whose long-term MVNO agreement Verizon amended and extended in January 2026; and (vi), newly, hyperscale data-centre operators buying fibre capacity. **End markets.** Consumer mobility and home broadband; enterprise and public-sector connectivity, managed networking and security; wholesale carrier transport; IoT and connected fleet; and AI infrastructure connectivity. **Distribution.** Verizon uses direct channels (company-operated stores, sales and service centres, business direct sales teams, digital and omni-channel), indirect channels (exclusive agents, national retailers, convenience-store chains for prepaid), and, for Business, resellers, distributors and systems integrators. In November 2025 the company announced it would convert 179 corporate-owned retail stores to franchised operations and close one — a deliberate shift of fixed retail cost off balance sheet. ---

Company Headquarters: US Founded: 1983 Workforce: ~254,100 Company Working: AT&T is a leading American telecommunication service provider offering broadband, mobile, video, and other communication services to its customers globally. The company operates through four business segments— Warner media, communication, Latin America, and Xandar. The company’s communication segment offer services to consumers and enterprises. The company’s Warner media segment produces, develops, and distributes gaming, films, and other content over various digital and physical formats. The company’s Latin America segment offers wireless and entertainment services outside the US. Furthermore, the company’s Xandar segment delivers advertising services. Geographically, the company has a presence in North America, Europe, and Asia-Pacific.

Company Headquarters: US Founded: 2017 Workforce: ~2,245 Company Working: Ribbon Communications Operating Company, Inc. (Ribbon) is one of the leading providers of network solutions to telecommunications, wireless and cable service providers, and enterprises across industry verticals. The company allows service providers and enterprises to modernize their communications networks and provide secure Real-Time Communication (RTC) solutions to their customers. The company operates through one segment that provides service provider and enterprise solutions. The service provider solution aids fixed and mobile operators, cable providers, Internet service providers (ISPs), and interconnect service providers to transform their networks, monetize and capitalize on growing market segments by introducing differentiating products, applications, and services for their customers. The service provider solution includes fixed networks, mobile networks (mobility), secure network interconnects, network functions virtualization (NFV), cloud communications as a Service, and communications security solutions. The enterprise solutions aid the enterprises to securely connect to SIP trunks and modernize their communications networks. The enterprise solutions include unified communications (UC), UC security, session management, Nortel PBX, Microsoft Skype for Business, and cloud communications solutions. Furthermore, the company completed the merger with Sonus Networks, Inc., one of the service providers for real-time communications and GENBAND Holdings Company, specialized in IP-based real-time communications software products developed for fixed wireline, mobile, and cable service providers. The company operates in North America, Europe, Asia-Pacific, the Middle East and Africa, and the rest of the world.

Company Headquarters: US Founded: 1992 Workforce: ~10,400 Company Working: Nuance Communications, Inc. develops conversational and cognitive artificial intelligence (AI) solutions. The firm creates software that recognizes, analyses, and responds to people, enhancing human intelligence and boosting productivity and security. Its Healthcare division offers clinical speech and clinical language understanding technologies that help improve the clinical documentation process, from capturing the whole patient record to improving clinical documentation and reimbursement quality standards. dragon medical one, a cloud-based speech solution; computer-assisted physician documentation; diagnostic imaging solutions; Nuance dragon ambient experience, a voice-enabled solution; and clinical documentation enhancement and coding are just a few of the company's offerings. The company offers voice recognition and natural language understanding solutions, which includes automated speech recognition (ASR), natural language understanding (NLU) capabilities, dialog and information management, biometric speaker authentication, text-to-speech (TTS), and optical character recognition (OCR) capabilities. The company's enterprise sector focuses on providing automated customer solutions and services for phone, mobile, web, and messaging channels, particularly employing speech, natural language understanding, and artificial intelligence. Intelligent engagement solutions, conversational AI, engagement AI, and security AI are among the company's offerings. The company's other division offers voicemail transcribing services. healthcare, financial services, telecommunications, government, and retail are among the industries served by the corporation. Nuance Communications, Inc. offers and sells its solutions and technologies through a network of resellers worldwide, including system integrators, independent software vendors, value-added resellers, distributors, hardware vendors, telecommunications carriers, and e-commerce Websites. Microsoft Corporation purchased Nuance Communications for USD 19.7 billion in April 2021, boosting its healthcare position with a pioneer in voice recognition technology. Nuance's technology is used by more than 55 percent of physicians and 75 percent of radiologists in the United States. This acquisition builds on the two companies' current telemedicine collaboration, which began in 2019 and has been accelerated by COVID-19 lockdowns around the world.

**Employees (full-time equivalent, per Form 10-K, Item 1):** Source: Apple Form 10-K FY2022–FY2025. The FY2025 10-K states approximately 166,000 FTEs as of 27 September 2025. **Market capitalisation and share data (as of close 13 August 2026):** **Positioning statement (150 words).** Apple is the world's largest consumer technology franchise by revenue and profitability, and — as of mid-August 2026 — the second most valuable listed company globally. Its economic engine is a vertically integrated hardware–silicon–software–services stack anchored on an installed base that surpassed 2.5 billion active devices in the December 2025 quarter. iPhone contributed 50.4% of FY2025 revenue; Services, the highest-margin and fastest-compounding line, contributed 26.2% at a gross margin near 75%. Apple designs its own silicon, controls its operating systems, owns the primary distribution channel for third-party software on its platforms, and outsources substantially all manufacturing. The company is presently navigating three simultaneous inflections: a CEO succession (John Ternus replaces Tim Cook on 1 September 2026), a strategic pivot in artificial intelligence executed through a licensing partnership with Google's Gemini, and an acute global memory-component shortage that management has characterised as a once-in-a-century pricing event. --- **The company's own characterisation.** Apple's FY2025 Form 10-K describes the business as designing, manufacturing and marketing smartphones, personal computers, tablets, wearables and accessories, and selling a range of related services. It identifies six software platforms — iOS, iPadOS, macOS, watchOS, visionOS and tvOS — as providing consistent experiences across devices, and lists services spanning advertising, AppleCare, cloud, digital content and payments. The 10-K states that the company's customers are primarily in the consumer, small and mid-sized business, education, enterprise and government markets, and that it sells through both direct channels (its own retail and online stores and direct sales force) and indirect channels (third-party cellular carriers, wholesalers, retailers and resellers). During FY2025 the direct/indirect split of net sales was 40%/60%. **Independent characterisation.** Apple operates a closed-loop platform business disguised as a hardware manufacturer. The correct way to model it is as a two-stage machine. *Stage one — installed-base acquisition.* Hardware is sold at gross margins that, while high for consumer electronics, are the lower-margin half of the business. Products gross margin ran at approximately 38.7% in Q2 FY2026 versus 76.7% for Services (management commentary, Q2 FY2026 earnings call). Hardware's strategic function is to install and renew an addressable base. That base exceeded 2.5 billion active devices as of the December 2025 quarter, up from 2.35 billion a year earlier. *Stage two — monetisation of the base.* Services extract recurring, capital-light, near-software-margin revenue from that base through seven identified streams: advertising, AppleCare, cloud services, digital content (App Store and Apple's own subscription properties), payment services, and licensing. Cumulative paid subscriptions across Apple's platforms and third-party App Store subscriptions surpassed 1.5 billion as of Q3 FY2026 — roughly three years after crossing 1 billion. **Revenue model mix (FY2025).** Product sales 73.8% ($307,003M); Services 26.2% ($109,158M). Within Services, a material but undisclosed component is licensing revenue from Google for default search placement in Safari — estimated at approximately $20 billion in 2022 per unsealed exhibits in *United States v. Google LLC*, which would have represented roughly one-fifth of FY2024 Services revenue. Apple does not disclose this figure. It is the single largest identified concentration risk inside the Services line. **Value chain position.** Apple occupies the design, silicon architecture, operating system, brand, and retail distribution layers, and has increasingly extended into the component layer through in-house silicon (A-series, M-series, C-series modems, N-series networking). It does not own volume assembly; substantially all manufacturing is performed by outsourcing partners, principally in China, India and Vietnam. It is a price-setter in premium smartphones and a price-taker in memory — a structural asymmetry that became the dominant financial story of 2026. **Customer types and end-markets.** Consumer (dominant), small and mid-sized business, education, enterprise, government and healthcare. Apple maintains dedicated go-to-market programmes for business, education, healthcare and government, but does not disclose revenue by customer type. ---

Company Headquarters: The Netherlands Founded:2006 Workforce: ~15,000 Company Working: Gemalto N.V. (Gemalto) is a provider of digital security products and services, including microprocessor cards and secure personal devices. The company develops and installs software in diverse products, including subscriber identity module (SIM), payment cards, and electronic identification (eID) documents, and others. It also offers platforms and services to monitor and manage these devices, check identities, and manage transactions. Gemalto was acquired by Thales Group in April 2019. Moreover, Gemalto operates through two reportable business segments, namely identity, IoT & cybersecurity, and smartcards & issuance. The company offers e-SIMs through both these segments that combine businesses associated with mobile cellular technologies, mobile network operators, and industrial organizations. For mobile network operators, the company's solutions include SIM/universal integrated circuit card (UICC) cards and back-office platforms and services, including roaming optimization, mobile payment, mobile marketing, personal data management, and trusted service management (TSM). For industrial organizations, Gemalto offers solutions designed to address the needs of a range of market verticals such as utilities, health, and automotive. These industrial solutions enable machine-to-machine (M2M) data exchange through hardware modules and operating software that connect machines to digital networks. It also offers cloud-based M2M application enablement and late-stage personalization (LSP) platforms. The company operates in Europe, North and South America, the Middle East and Africa, and Asia-Pacific.

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Company Headquarters: India Founded: 1983 Workforce: ~25,000 Company Working: BLS International is a global provider of visa, passport, consular, and citizen services to governments and diplomatic missions. The company is headquartered in New Delhi, India and has a presence in over 66 countries with more than 25,000 employees serving clients in various sectors. The company has 15,500 Centers across the globe. BLS International offers a wide range of services, including visa processing, passport services, document attestation, consular services, and eVisa services. The company partners with several governments and diplomatic missions worldwide to provide these services, including the Government of India, the Embassy of the United Arab Emirates in New Delhi, the High Commission of Canada in India, and the Royal Thai Embassy in New Delhi. In addition, BLS International also provides outsourcing services to governments, such as biometric enrollment, identity management, and document management. The company leverages technology and innovation to streamline its services and provide customers with a seamless and efficient experience. With over three decades of experience in the industry, BLS International has established itself as a leading provider of visa and passport services globally, with a commitment to customer satisfaction and operational excellence.

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Normal 0 false false false EN-US X-NONE X-NONE /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin-top:0in; mso-para-margin-right:0in; mso-para-margin-bottom:8.0pt; mso-para-margin-left:0in; line-height:107%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Roboto Condensed"; mso-ascii-font-family:"Roboto Condensed"; mso-ascii-theme-font:minor-latin; mso-hansi-font-family:"Roboto Condensed"; mso-hansi-theme-font:minor-latin;} Company Headquarters: New Zealand Founded: 2006 Workforce: ~2,531 Company Working: Xero Limited (Xero) is a software company, engaged in developing cloud-based accounting software for small and medium-sized businesses. It has offices in New Zealand, Australia, and the UK, among other countries; Xero has built a subscriber base of more than 1.5 million worldwide. The company has connected with more than 16,000 accounting and bookkeeping firms across the globe. It offers its products to various businesses, including retail, legal, hospitality, cafes, e-commerce, manufacturing, tourism, real estate, and franchises, among others.

Normal 0 false false false EN-US X-NONE X-NONE /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin-top:0in; mso-para-margin-right:0in; mso-para-margin-bottom:8.0pt; mso-para-margin-left:0in; line-height:107%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Roboto Condensed"; mso-ascii-font-family:"Roboto Condensed"; mso-ascii-theme-font:minor-latin; mso-hansi-font-family:"Roboto Condensed"; mso-hansi-theme-font:minor-latin;} Company Headquarters: Italy Founded: 1979 Workforce: ~1,880 Company Overview: TeamSystem SpA (TeamSystem) is a leading digital solution provider for businesses of all sizes. It operates through three business segments namely software solutions, cloud software solutions, and hardware. The software solution segment includes software licensed to professionals and businesses. The cloud software solutions segment includes software solutions and related subscriptions. The hardware segment includes hardware systems and other related components. Reviso Cloud Accounting Limited is a subsidiary of the company which provides software applications for businesses to handle customers, suppliers, and purchase invoices among others. TeamSystem has over 1.4 million customers and more than 500 partners.

Normal 0 false false false EN-US X-NONE X-NONE /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin-top:0in; mso-para-margin-right:0in; mso-para-margin-bottom:8.0pt; mso-para-margin-left:0in; line-height:107%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Roboto Condensed"; mso-ascii-font-family:"Roboto Condensed"; mso-ascii-theme-font:minor-latin; mso-hansi-font-family:"Roboto Condensed"; mso-hansi-theme-font:minor-latin;} Company Headquarters: Newcastle Upon Tyne, UK Founded: 1981 Workforce: ~ 12,755 Company Working: The Sage Group (Sage) is a technology solutions and services company which offers accounting solutions, financials, enterprise management, people, Sage business cloud people, and Sage Intacct— a solution specifically for CFOs to provide access to financial reports and integrated management across business entities. The company targets professional users, typically accountants or bookkeepers, who require high functionality and technical efficiency to gain insights into their businesses. Sage offers solutions to small and medium-sized businesses in the manufacturing and education sectors according to their business needs. The company serves over 3 million customers across 23 countries in Europe, Africa, Australia, Asia, and the Americas.

Company Headquarters: US Founded: 2000 Workforce: NA Company Working: Avaya Inc. (Avaya) is a global technology company that offers communication-related software and services. The company, along with its subsidiaries, provides contact center, networking infrastructure, and unified communication solution around the globe. The company operates under two operating segments, namely product & solutions, and services. Under its product & solution segment, the company offers unified communication solution and contact center platform. Under its services segment, the company offers varied services under three business areas: global support services, enterprise cloud, and managed service and professional services. As a part of its managed services, the company offers device as a service solutions. This latest addition to its portfolio will give Avaya’s client an option to purchase the company’s smart desktop devices on a monthly subscription basis. Avaya’s device as a service offering delivers all the latest devices, including the company’s Vantage portfolio, on lease or on a subscription basis. As a part of the offering, customers can enter into contracts of one, three, or five years with lower monthly pricing. Customer can also avail upgrade services at any point of time. The company currently operates in approximately 180 countries worldwide, offering its services to more the 90% of the fortune 100 companies.

Company Headquarters: UK Founded: 1993 Workforce: 1,188 Company Working: Softcat PLC is an IT reseller/channel partner and IT infrastructure solution provider. The company offers consultancy, design, procurement and management services to its client. It majorly offers asset management, collaboration, business intelligence, computing, mobility, and data protection regulation solutions to its client. The company provides its services to the public sector, small and medium enterprises, and the central government of UK. According to the company’s annual report for the year 2018, the company was able to add net 500 new customers across its mid-market, enterprise, and public sector segment. The company has partnered with a large number of different hardware and software vendors including HPE, Cisco Inc., Lenovo, Dell EMC, and Microsoft Corporation. The company operates under a single reportable segment which is bifurcated into software, hardware and services. As a part of its service segment, the company provides device as a service (DaaS) wherein it helps its client to manage their IT hardware. It also manages PCs under this offering.

Company Headquarters: South Africa Founded: 1983 Workforce: ~28,000 Company Working: Dimension Data is a global system integrator and managed service provider that designs and manages varied technologies are solutions for its client base. The company is the part of NTT group which is a global provider of information communication technology solutions. The company offers consulting, technical support, and fully managed services to its client across 47 countries. The company has approximately 8,000 across multiple industry verticals, including education, finance, media & communication, pharmaceutical, retail, healthcare, and manufacturing. The company has a wide range of products that range from cybersecurity solutions to digital infrastructure solutions. It also offers comprehensive cloud, managed, and support services. Its managed services include managed network services, managed data center services, managed security services, and managed collaborative and productivity services. As a part of managed collaborative and productivity service, the company offers device as a service (including PCs).

Company Headquarters: France Founded: 1967 Workforce: ~120,000 Company Working: Capgemini is engaged in providing consulting, technology, professional, and outsourcing services. It operates through four business segments, which are consulting, technology, outsourcing, and local professional services. The device as a service (DaaS) that includes PC as a Service falls under its local professional services segment. The local professional services segment offers professional technology services to suit local requirements for infrastructures, applications, engineering, testing, and operations. This segment includes services such as application lifecycle services, application outsourcing services, business process management, business process outsourcing, cloud services, consulting services, cybersecurity, finance & accounting, global engineering services, infrastructure services, insights & data, mobile solutions, procurement, ready2series, service integration, service management, social business, supply chain management, testing services, and workforce management. Its consulting services business helps its clients identify, build, and carry through transformation programs to enhance their growth and sharpen their competitive edge on a long-term basis. The company’s technology services business offers solutions to design, develop, and implement a wide range of technology projects that involve complex systems integration and IT application development. The outsourcing services business include support services to client's information systems and assistance to outsource the IT systems. The company has research centers across India, the US, and the UK and has a presence in over 40 countries.

Company Headquarters: US Founded: 1987 Workforce: ~10,001 Company Working: CompuCom Systems, Inc., (CompuCom) is a wholly owned subsidiary of Office Depot, Inc. It provides end-to-end managed services, technologies, and consulting services to enable the digital workplace for enterprises and medium and small businesses. In November 2017, CompuCom was acquired by Office Depot, Inc. Currently, the company offers managed workplace services and IT solutions, hardware, software, integration, and support services. It has numerous partnerships within major IT companies such as HP Inc., IBM Corporation, Cisco Systems, Inc., Dell Corporation, Apple, Inc., and Microsoft Corporation. The company has a presence across the Americas and Asia-Pacific with more than 100 sales and service locations.

Company Headquarters: Hong Kong Founded: 1984 Workforce: ~54,000 Company Working: Lenovo provides personal computers, tablet computers, servers, workstations, electronic storage devices, smartphones, and IT management software. It operates through four business segments—PC and smart device business group (PCSD), mobile business group (MBG), data center group (DCG), and others. The PCSD segment comprises products such as personal computers (PCs), laptops, tablets, gaming, and smart home products across Windows, Chrome, and Android-based products. The company sells its laptops under the brand names of Lenovo, ThinkPad, IdeaPad, and multimode YOGA brands. The company also offer desktops, all-in-one PCs, gaming consoles, and workstations. Through its MBG segment, it is engaged in manufacturing smartphones, including the Motorola brand. This segment can be further classified into two sub-groups, which are MBG mature market and MBG emerging market. Its DCG segment includes all Lenovo’s server, cloud, storage, and high-performance computing, hyperscale computing, communications infrastructure, networking, and the Internet of Things businesses. In May 2018, it created a new business segment—intelligent device group (IDG)—by combining its PCSD and MBG segments. Through this new segment, the company focuses on developing innovative products and advancing all existing technologies. It operates in the Americas, Europe, the Middle East & Africa, and Asia-Pacific.

Company Headquarters: US Founded: 1984 Workforce: ~145,000 Company Working: Dell Inc. (Dell) is one of the leading providers of IT products and services. It offers a comprehensive range of IT products, solutions, and services to consumers and enterprises. The company operates through three reportable segments, which are client solutions group (CSG), infrastructure solutions group (ISG), and VMware. The company offers PC as a Service products and services through its CSG segment. The CSG segment comprises hardware peripherals such as personal computers (PCs), notebooks, and branded peripherals, such as monitors and projectors, as well as third-party software and peripherals. It also offers thin client products along with their attached software, peripherals, and services, including support and deployment, configuration, and extended warranty services. The VMware segment comprises computing, cloud, mobility, networking, and security infrastructure software. This segment is further divided into three groups, which are software-defined data center (SDDC), hybrid cloud computing, and end user computing (EUC). The PC as a Service segment falls under EUC, whose product portfolio comprises AirWatch mobile solutions, horizon application, and desktop virtualization solutions and other common services. Additionally, its horizon applications comprise horizon desktop and application virtualization solutions that help organizations manage desktops and applications more effectively. Moreover, Dell’s cloud-based and local virtual desktop solutions include VMware Horizon Air, VMware Horizon FLEX, and App Volumes, which are application delivery and lifecycle management solutions. It has its operations in the Americas, Europe, the Middle East, and Asia-Pacific.

Company Headquarters: UK Founded: 1886 Workforce: ~ 16,685 Company Working: Ladbrokes is a UK-based online gambling company which offers various gambling services including poker, casino, and bingo to its users. The company also offers betting services of various sports including football, horse racing, tennis, and boxing. Ladbrokes is a subsidiary of GVC Holdings PLC. GVC Holdings Plc (the parent company) operates through four business segments—online, UK retail, European retail, and all other segments. The company has a strong presence in the UK.