Cambridge, 12 August 2022 - IQGeo (AIM: IQG), a developer of geospatial software that is “Building better networks” for telecom and utility operators, is pleased to announce the acquisition of Comsof NV (Comsof) and its industry-leading fiber optic network automated planning and design software. The IQGeo Group has agreed to acquire Comsof for a total consideration of up to €13m through a combination of cash, and shares.
Founded in 1998 with roots in the world-renowned Intec information technology department of Ghent University, Comsof has offices in Belgium and Canada. Over the last 20 years Comsof has established its software as the industry’s leading technology for automated fiber optic network planning and design. Its software is now deployed in more than 50 countries with over 100 active customers worldwide to automate and optimize network planning and design for FTTx networks, cutting deployment costs and time to revenue.
There is significant global demand and investment for the deployment of new fiber optic networks and the Comsof acquisition will accelerate IQGeo’s ability to capture global market share. The acquisition of the Comsof technology strengthens IQGeo’s position as the premier provider of geospatial network management software that supports the entire telecom and utility network lifecycle.
Headquartered in Ghent, Belgium Comsof has over 50 staff making it an ideal base of operations for Continental Europe for the combined group where Comsof has a significant customer base in Central and Northern Europe. By investing in its European sales and marketing capabilities IQGeo will further accelerate sales of an integrated product suite throughout the region. Raf Meersman, the current CEO of Comsof, will remain with the business and join the IQGeo Executive Management Team.
“We are extremely pleased to welcome the Comsof team and technology to the IQGeo family,” explained Richard Petti, CEO at IQGeo. “The Comsof fiber optic planning and design software is highly complementary with IQGeo’s geospatial technology, allowing us to expand the scope and depth of our market share in the telecoms industry. Comsof has a well-established customer base and IQGeo will use the Ghent office to create a European operations hub focused on increasing our market share across the region. I see significant benefits from the unification of IQGeo and Comsof.”
Raf Meersman, CEO at Comsof said: “The Comsof team is excited to join our new colleagues at IQGeo to create a unique network management solution that combines our proven planning and design expertise with IQGeo’s Network Manager system of record software. In addition, the Comsof software will continue to be offered as an independent solution, supporting existing customers and channel partners. We have worked with the IQGeo team over the last few years with great success and the alliance of our two companies and technologies accelerate innovation and competitiveness. We share a commitment to creating world-class software and a success-oriented culture that I’m confident will create tremendous new opportunities for our staff, customers, and partners.”
Why has IQGeo acquired Comsof?
IQGeo and Comsof have a long-standing business relationship as we are working together to deliver integrated network management solutions with high-profile joint customers. The Comsof Fiber and IQGeo Network Management software are extremely complementary, supporting different areas of the telecom network lifecycle. The combined technologies will radically change the competitive landscape by providing an unmatched end-to-end network management capability. No other vendor in the industry will have such a strong integrated solution that supports planning, design, construction, and maintenance operations in a single platform, creating tremendous value for our customers and partners.
What are the terms of the acquisition and how is it being funded?
IQGeo will pay up to €13m for the acquisition of Comsof which will be funded through a mix of cash and shares. Part of this cost will be offset by a fundraising with existing and new investors. Further information on the announced acquisition and fundraising can be found in the RNS announcement published on the London Stock Exchange.
How will the acquisition benefit Comsof customers?
Comsof customers will benefit from a broader solution offering, allowing them to, quickly and easily, expand their technology strategy with the new fully integrated solution. Historically customers would have to piece together “best of breed” software and take on the IT burden of integration, support, and software compatibility. The new IQGeo and Comsof offering eliminates this burden by providing a fully integrated solution from planning to operations, allowing customers to focus on delivering better networks and improved operations.
How will the acquisition benefit IQGeo customers?
The Comsof software gives IQGeo customers access to world-class automated network planning technology in a single integrated network management lifecycle solution. This new pairing provides an unmatched solution in the industry, protecting their existing IQGeo investment. The fully integrated solution now supports network management from high-level planning through to operations and maintenance.
How will the acquisition benefit the Comsof business?
The acquisition gives the Comsof business additional investment and resources to further develop world-class automated planning technology. This will be done within the context of a complete lifecycle network management solution that is based on IQGeo’s award-winning system of record. The new solution portfolio provides both technology and business growth opportunities and greatly benefits the Comsof and IQGeo customers with an extended and integrated solution.
How will the acquisition benefit the IQGeo business?
Comsof has a well-established business with hundreds of customers around the world and a particularly strong customer base in Europe. The geographic customer bases of the two companies dovetail nicely, strengthening overall market penetration which creates exciting new business opportunities for the combined organization.
How will the acquisition benefit Comsof and IQGeo partners?
We will work closely with existing IQGeo and new Comsof partners to ensure that they can also benefit from the new combined solution. In the short-term, partners with a specific interest or opportunity that involves the integrated solution should contact their partner manager to discuss project requirements.
Will the Comsof management team move to IQGeo?
Yes. To ensure business and technical continuity the executive management of Comsof will take on strategic senior roles within IQGeo. All the existing Comsof employees will also join the IQGeo team to ensure that their knowledge and experience is retained for the future development of the organization.
How will the Comsof products fit into the IQGeo technology portfolio?
The Comsof and IQGeo product lines are extremely complementary and there is no significant overlap between the two existing portfolios. This virtually eliminates any potential technical or operational conflicts. The Comsof planning and design technology will be integrated alongside the existing IQGeo system of record to provide a comprehensive network lifecycle management solution. Substantial integration work has already been done with some products as Comsof and IQGeo worked together on joint customer projects before the acquisition. It is important to note that the Comsof software will continue to be offered as an independent, standalone solution to customers and partners that do not use IQGeo products.
How will the Comsof branding and website change?
The Comsof product brands will remain in place for the immediate future, leveraging the strong reputation established over the last 20 years. The Comsof website will also continue to operate independently. As IQGeo has done with other acquisitions in the past, over time we will work to more closely integrate the Comsof brand and products with the IQGeo portfolio, which may involve branding and website changes in the future. In the short-term the Comsof logo will see one small change. As the Comsof organization is no longer operating as an independent company, but within the family of IQGeo registered companies, we will be changing the Comsof logo to add the phrase “an IQGeo company”.
Who do I contact if I have more questions about IQGeo’s acquisition of Comsof?
If you have additional questions about the Comsof acquisition, please reach out to your existing contacts at the two companies and they will help to direct your enquiry. If you do not have existing contacts, please contact either company through the enquiry forms on the IQGeo or Comsof websites and we will make every effort to promptly respond to your questions.
Telecommunications and utility operators are “Building better networks” with IQGeo’s award-winning software solutions. The ability to powerfully model any network requirement, integrate every system and data source, and support field and office teams with continual innovation is helping operators create the networks of the future. Our solutions ensure greater cross-team collaboration and process efficiency throughout the network lifecycle, from planning and design to construction, operations, and sales.
Whether it’s highly competitive fiber and 5G broadband rollouts or complex utility grid modernization projects, IQGeo’s enterprise solutions and our OSPInsight fiber planning and design software are proven industry leaders. We partner with large multinationals and smaller regional operators to deliver the digital innovation they need to increase network resilience, operational safety, and business ROI.
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Comsof is the world leader in creating intelligent network planning and design software. With 20 years of experience in GIS-based network optimization, we have deployed our solutions in over 50 countries. Network designers can make designs cheaper and faster and get more reliable results and figures with Comsof.