• Founded: 1990
  • Headquarters: England, UK
  • Industry: Revenue Management
  • Acquired: June 2021

Why Sell? As Neural looked to scale the business to the next level, they believed the right partners could provide the industry expertise to do so.

Why Lumine? Lumine Group provides an ecosystem that will allow Neural to continue to grow via access to a global network of companies, customers, and thought leaders.




Neural Technologies Ltd (“Neural”) is a provider of modular revenue protection, signaling, machine learning (ML) and artificial intelligence (AI) software for telecom operators. Its revenue protection suite includes capabilities for fraud management, revenue assurance, credit-risk management, business assurance, and anti-money laundering. Its ML and AI capabilities assist telecom operators with data integration and customer engagement.

Serving customers in 45 countries worldwide, such as T-Mobile USA with 110 million subscribers and Telkomsel with 177 million subscribers, Neural has built an international reputation for providing quality solutions to increase the bottom line for its customers around the globe.

Path to Acquisition

Neural first met Lumine Group at Mobile World Congress in 2017. At this time, the organization was intrigued by the value proposition and unique outlook on buy-and-holding forever, allowing acquired businesses to define and achieve their mission through the best practices, ecosystem and financial backing that Lumine brings to every business.

In 2020, Neural and Lumine reconnected. After 30 years of building up the businesses’ capabilities, the organization was ready to join an ecosystem that would provide the industry expertise to scale to the next level, with a proven model of business success.

It was important to Neural that they selected a business partner that valued Neural’s innovation, brand, and most importantly its true assets, customers and staff. “We were interested in finding a partner that would understand the Neural business and create a synergy with our organization,” said Ang Liang, COO of Neural.

Lumine seemed like the right fit. “The strategy was to merge with an organization that could provide us the opportunity to scale globally. At the time, we did not know what that organization would be. And then we met Lumine.”

A Global Network of Companies, Customers & Thought Leaders  

When looking for the right acquirer, Neural clearly saw the benefit of having an acquiring partner that is focused within the communications and media network. “We spent time speaking with a number of different types of acquirers, and for many of our conversations, we spent a lot of time describing the business we were in. We found that a lot of the time, they did not understand us.” said Ang. “Lumine understood our business and could create the right synergy with us. Lumine could show they could immediately provide value by knowing our market so well.”

Ultimately, Neural chose Lumine for three key reasons. First, the buy and hold forever acquisition philosophy ensured the company would never be resold. The philosophy also speaks to the idea that the business will remain your business, only enhancing it. Second, Neural was excited by the opportunity to connect with a network of businesses – they were already familiar with fellow Lumine companies like Sicap and Flash Networks. “If a number of companies like this come together, that would be a collectively huge customer base, and provide a great opportunity for Neural, and for the other businesses,” said Ang.

Third, Neural was looking forward to gaining new expertise from a network of communications and media business leaders. “I have many ideas of how to expand and grow the business, but I do not have all the answers,” said Ang. “Joining an organization like Lumine would provide us with new expertise to learn and grow. Gaining access to Lumine’s best practices was a great opportunity for the business and for our team.”

3 Reasons Neural Chose Lumine


Buy & Hold Forever

Knowing that Lumine is a buy-and-hold forever acquirer, Neural felt confident that Lumine would provide long-term, sustainable success for the business.    


The Lumine Ecosystem

The opportunity to join the Lumine ecosystem, which offers access to a network of global customers and businesses experts, could help drive international growth.


Access to Best Practices

The Lumine Playbook shares 200+ best practices related to acquiring, strengthening, and growing software businesses. For Neural, this was an opportunity to learn more about how to scale their business to the next level.

Growing the Business Through Market Expansion

In June 2021, Neural joined Lumine Group as the 19th company within the portfolio. As Neural has a large presence in Asia, working with current Lumine businesses to collaborate and cross-sell products to expand the organization’s geography felt like a natural next step.

As part of Lumine, Neural is eager to learn from other businesses with similar markets on how to best scale their business, implementing a variety of learned best practices from sales to R&D.

Life with Lumine, So Far 

Neural joined Lumine Group just in time Illuminate, Lumine’s annual knowledge-sharing event. “Illuminate was a great – an event to bring in so many experts to share their experience. I gained a lot of useful insights behind the strategies in these sessions, and it was a great opportunity to dig deeper into the Playbook,” said Ang.

“It was well organized, structured event,” said Stephen Cheang, VP Sales & Marketing at Neural. “I really enjoyed that customers joined in for the round tables, I found that particularly exciting to see the close relationship and trust that the group has built with the customers.”

As the Neural team continues the integration process, they will work to learn and implement the Lumine Playbook best practices, focused on strengthening and growing the business exploring new, untapped opportunities.

“Even though we have not yet fully implemented the Lumine Group best practices, we have already seen the positive effects,” said Ang. As the organization continues to learn, their main priorities are maintaining their strong relationships with existing customers. Neural will look to develop relationships across new geographies, such as Africa, to expand Neural’s market, scale the organization and continue to shape the business.

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