Investment Case

Globally trusted provider of test solutions

Calnex has established a leading position at the forefront of network testing, led by a highly experienced management team with a strong track record of innovation and execution.

Our deep expertise, leading performance testing technology and close alignment with evolving industry standards create high barriers to entry and underpin our differentiated positioning.

High-quality, global customer base

We have built long-term relationships with a global blue-chip customer base who rely on our solutions to test, validate and optimise critical infrastructure and applications.

Our solutions are embedded in customers’ workflows which supports a high level of repeat demand and allows us to benefit from the visibility of repeat revenues and long-term relationships.

Increasingly diversified business provides resilience and opportunity

Telecoms standards are being adopted across more diverse markets, as the worlds of communications, telecoms, cloud computing and defence converge.

This means Calnex’s offerings are becoming increasingly relevant to additional high-growth markets of Digital Infrastructure and Government & Defence.

We have also expanded our partner network, providing us with increased access into key geographies and markets.

Addressing structurally growing markets through innovation

We are well-positioned to benefit from long-term technology trends, such as the rapid growth in cloud infrastructure and AI-driven datacentre demand, ongoing high-speed network deployment including 6G, and the modernisation of networks across defence and elsewhere.

We are committed to investing in product development aligned to next-generation network requirements, with a growing pipeline of new product launches.

Strong financial model

We operate a high-quality, scalable business model supported by consistently high gross margins, repeat revenues and a strong balance sheet.

Our cash-generative profile provides the flexibility to invest in product development and strategic growth initiatives, in addition to consistently pay dividends.