Incognito Software Starts A New Chapter with Lumine Group
  • Founded: 1992
  • Located: Vancouver, Canada
  • Industry: Telecommunications
  • Acquired: 2014
  • Website:
  • LinkedIn

Why Sell?

Incognito, successfully operating for 23 years, was looking for an acquirer that could accelerate business growth within a stable, trustworthy environment.

Why Lumine?

  • As a buy-and-hold forever acquirer, Lumine would provide security for their employees and customers.
  • Lumine Group’s philosophy of believing in businesses to operate autonomously - allowing Incognito to maintain control in day-to-day decision making.
  • As a company operating successfully for 25+ years, Incognito wanted a partner they could trust would preserve business integrity and lead the company to greater success.


Incognito Software Incorporated is an Operations Support Systems (OSS) solutions business. Its products are sold to communication service providers in the cable and telecommunications markets, enabling them to deploy data, voice, and video services across various platforms.

When considering the sale of the company, the biggest concern was preserving the business that the team had spent the past 23 years building. So when deciding to whom to sell, one thing was abundantly clear: they had to find a company they could trust to keep the business growing.

Deciding to Sell

“We were eager to grow our business further but needed more investment and resources to do this effectively,” said Stephane Bourque, founder of Incognito Software Systems.

In the case of Incognito, there was no urgency to sell as the core business was in sound financial shape and had a solid customer base. However, while Bourque was not actively shopping the business to potential buyers, he maintained an open mind about the possibility of selling.

For Bourque, the decision to sell would be predicated on two factors: finding “the right buyer”, and be assured that the company he founded would remain intact and grow for years to come.

For many vertical market software companies, acquirers tend to buy businesses with the intention to leverage the organization’s intellectual properties while dismantling the rest of the business. Even where potential purchasers opt to leave the business whole, the expectation may be to generate cash quickly or to overburden the business with debt, with little concern for long-term sustainability. Therefore, it is often difficult for owners to find a buyer with a buy-and-hold mindset.


After meeting with the Lumine team, Bourque was confident that Lumine would keep Incognito in the same strategic direction that led to its success over the past two decades. Since Lumine treats its acquisitions as long-term investments, Bourque felt secure in the fact that he would be able to retain control as CEO and was able to see that his company would have a future.

Moreover, as an engineer by trade, Bourque recognized that the know-how Lumine and Constellation Software have accumulated through its 200+ acquisitions to date would be of tremendous benefit to strengthening Incognito, priming it for continuing growth.

3 Reasons Incognito Chose Lumine

Employee Protection

Employee Protection

Bourque has developed strong loyalties to his staff, many of whom have been with the organization for several years. The other potential buyers were unable to guarantee job security for him and his staff, with one purchaser planning to slash headcount by up to 40%. Bourque needed assurance that his people would be taken care of and Lumine was able to provide just that.



Lumine's acquisition philosophy is to buy good businesses to invest in and grow, opting to leave its companies as they are to operate autonomously. Bourque was impressed with Lumine's understanding that Incognito was built on the expertise and efforts of its staff, and determined that this was a buyer with whom he could have a long-term partnership.

Preserveration of Business Integrity

Preserveration of Business Integrity

For Incognito, Bourque wanted an acquirer who would preserve the integrity of the company while moving the business forward. After meeting with Lumine Group, he felt they shared the same values and could trust into them.

Post-Acquisition Results

Since the sale of Incognito, the company has been undergoing a fairly standard Lumine integration process; which is to say: everything is business as usual. With over 250 customers across the globe, Bourque had feared that the sale would disrupt operations.

However, for customers, it has been as though nothing has happened, and for employees, things have only improved. Lumine has been able to provide financial and operational expertise for Bourque and his team, including new metrics and benchmarks. These key performance indicators (KPIs) are now being employed to help Bourque and his management team assess and strengthen the business.

With this, Incognito has been able to simply polish its existing business through a quick tune-up in financial and sales discipline. Bourque also takes great pride in being able to disseminate his own best practices to other Lumine companies. This knowledge-share across business units has validated and empowered Bourque and his team, and provided a forum for them to share their expertise.

A Bright Future

For many companies, life during and after a sale can be quite tumultuous. While there have been minor shifts for some departments at Incognito, such as migrating to a new accounting system, the company has not undergone any significant structural change.

Also, Bourque found the negotiation process with Lumine to be straight-forward and was pleased to see that there were no disruptions to the business post-sale. Selling to Lumine was ultimately the right move for Bourque and Incognito.

Incognito Software was acquired by Lumine Group in 2014.
This case study was originally published in 2014.

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