A Mid-Year Message from David Nyland

We’re halfway through 2026, a good point to look back on the first half, and where it puts us heading into the second. The first half was a full one: three acquisitions, time spent with the industry at events around the world, and a deepening view of where AI fits across the portfolio. A few themes stood out enough to share directly.

M&A Activity: Long-term relationships, and our first acquisition of a public company

In February, we closed the acquisition of Synchronoss, our first acquisition of a public company. It is also our second transaction with Synchronoss. In 2023, the company divested its Messaging and NetworkX businesses to Lumine, which are now known as Openwave, Razorflow, and SpatialNetworX. A company returning to work with us again is one of the clearer signals we get that the first experience was positive, and something we value greatly.

M&A Activity: Deepening our presence in the media supply chain domain

We ended the first half announcing two additional acquisitions: Imagine Communications and Quortex, a carve-out of the video network business from Synamedia, and our 16th corporate carve-out to date, continuing to build our expertise in this type of transaction. Imagine brings decades of experience in broadcast automation and advertising technology. Quortex brings deep expertise in how video is processed and delivered at scale. Together, they add real depth to our solution offering in the media supply chain.

There’s been plenty of commentary in the market about consolidation in media. At Lumine, our approach runs the other way. Each of these businesses continues to operate on its own, under its own leadership, with continuity for its customers and its people as the goal. That’s the operating model, and it’s been consistent with every acquisition we’ve made since 2014.

We announced these two acquisitions on the same day, a first for Lumine. What’s meaningful isn’t the volume of transactions, but that both are in the media supply chain domain. We are focused and clear about the kinds of companies we believe will thrive at Lumine, and staying disciplined about the industries we operate in is what allows us to build real expertise in the space. These two companies are important additions to the media side of our portfolio, and I look forward to what they’ll bring to the ecosystem, and to the new opportunities this opens for us in the space.

Time with the industry

From March, MWC 2026 was a highlight, with our largest presence yet. Our portfolio companies exhibited independently at ‘The Lumine Pavilion’, with their own booths for walk-up conversations and access to private meeting rooms for customer discussions. It makes trade show time more efficient for our teams, and also gives people across the portfolio a natural way to connect with each other. That kind of collaboration works best when it isn’t forced, and a shared space like the Pavilion gives it room to happen on its own.

Beyond MWC, our teams spent time with customers, partners, and industry peers at ANGA COM, MVNOs World Congress, DTW Ignite, ISS World, and NAB Show. Each event offered a different view into the communications and media ecosystem, from broadband and mobile connectivity to OSS, customer experience, media workflows, and operational transformation.

AI in practice

Our portfolio is largely built on enterprise software for Tier 1 and Tier 2 customers, with specialized requirements and strict standards for security, availability, performance, and regulatory compliance. We see opportunity in using AI to strengthen how these platforms run day to day, and our companies are working through where those capabilities fit best, alongside customers who are helping shape the work directly. Internally, we’re also expanding our own use of AI tools across R&D, M&A, customer support, and a number of back-office functions.

A couple of examples from the portfolio this half:

• Openwave introduced an AI Smart Assistant across its webmail and mobile apps, helping users compose, reply, translate, and summarize messages.
• Synchronoss announced that Globe Telecom, one of its operator partners in the Philippines, will offer Synchronoss Personal Cloud to its customers, including AI tools for photo enhancement and a feature that frees up device storage without losing content.
• Lifecycle Software launched NEXUS® IQ, a telco-native AI that turns event data into revenue journeys, with the company reporting meaningful early gains in retention and customer lifetime value.

We also brought company leaders together for a few days to hear industry perspectives on AI and think through what it could mean for their own businesses. Our approach, inside our companies and in how we think about AI in general, stays intentional and curious.

Connecting with Investors

In May, we returned to Constellation Software’s AGM in an in-person format, which remains a good opportunity to spend time with investors directly. We also relaunched our Investor Relations page with an enhanced user experience.

Explore The Investor Relations Site

Six months in, this was a full and productive half; a public-company acquisition that came from a seller returning for a second time, two companies that meaningfully deepened our presence in media, continued time with the industry at events worldwide, and a growing effort to understand what AI means for our companies and the industry at large.

It’s the kind of first half that leaves us feeling like there’s a lot more ahead of us.

Onwards and upwards.