A Decade of Growth: How Incognito Has Evolved Within Lumine’s Buy-and-Hold Model
Incognito Software Systems joined Lumine Group over a decade ago. In this video, Lumine Founder & CEO David Nyland, and key leaders from Incognito’s journey, reflect on what the 10+ year evolution has looked like, sharing a look at buy-and-hold forever in practice.
As David explains, for Lumine Group’s first acquisition, Incognito was a natural fit. The company held a strong position in the cable market across the Americas, operated a modern, cloud‑ready platform, and was supported by a team with deep operational and domain expertise. Its focus on OSS and provisioning aligned closely with Lumine’s operating roots, while its technology and market position provided a strong foundation for sustained innovation and long‑term growth.
The video below features leaders involved in Incognito’s early post‑acquisition period, alongside those who continue to build and grow within the Lumine ecosystem.
Featuring: David Nyland, Founder and CEO, Lumine Group, David Sharpley, Group President, Lumine Group & Former CEO of Incognito Software, & Pete Koat, Former CEO of Incognito Software
A Decade of Growth: Incognito’s Evolution Inside Lumine
When Lumine acquired Incognito Software Systems more than a decade ago, the transaction became the foundation for a long‑term approach to building and growing communications and media software businesses. Incognito’s trajectory since acquisition reflects the principles that continue to guide Lumine’s M&A strategy today: patience, discipline, and sustained innovation.
Incognito Was the Blueprint
Lumine’s first acquisition needed to do more than perform well—it needed to establish a durable blueprint for the future. Incognito stood out for its strong position in the cable market across the Americas, its established heritage, and its depth of technical and operational talent. Together, these characteristics signaled a business positioned not just to endure, but to grow over the long term.
As Lumine Founder and CEO David Nyland explains in the video:
“The first acquisition has to go well for them and for us, because it’s the foundation upon which the portfolio is built.”
The Buy-and-Hold Philosophy: Investing in Long-Term, Sustainable Growth
Lumine’s buy‑and‑hold‑forever model sets it apart from traditional private equity. Rather than optimizing for exit timelines, the focus is on long‑term relevance, customer trust, and continuous improvement. David Sharpley, Group President at Lumine, describes this approach as “software for life.”
For Incognito, this philosophy translated into stability and confidence, both internally and with customers. The business secured multi‑year Tier 1 contracts with global service providers, supported by the assurance that the company would continue to be invested in, not resold. That long‑term commitment strengthened customer relationships and enabled consistent innovation.
Innovation as a Growth Engine
Over the past decade, Incognito has evolved from a market leader into an industry innovator. Key developments highlighted in the video include:
- Adoption of Agile development practices, enabling faster feedback loops and closer alignment with customer needs
- Launch of new monetization and analytics capabilities, opening additional revenue opportunities
- Deployment of the Universal Services Platform at the world’s largest fixed wireless carrier, demonstrating the ability to scale in complex environments
Together, these milestones reinforced Incognito’s relevance in a changing market and positioned the business as a thought leader in telecom software.
Talent Development as a Strategic Advantage
Growth at Lumine is not driven by technology alone. A consistent theme throughout the video is the role of people and leadership development in long‑term success. Incognito’s journey reflects this philosophy.
Pete Koat’s path from CTO to CEO, and now mentoring leaders across the Lumine portfolio, illustrates how talent is developed and redeployed within the ecosystem. This approach ensures that experience and expertise continue to compound across businesses, strengthening the portfolio as a whole.
Lessons for Founders and Entrepreneurs
Incognito’s experience offers clear insights for founders considering a sale to Lumine:
- Adaptability matters: Long‑term growth requires openness to change and continuous learning
- The ecosystem creates leverage: Access to Lumine’s network of functional and domain experts expands what individual businesses can achieve on their own
- A long‑term mindset pays off: Stability, reinvestment, and innovation are built into the model
As Pete Koat, currently CEO of Lumine company Axyom.Core, notes:
“You can’t be the same company you were 10 years ago and still continue to grow. You have to adopt and evolve.”
Built for the Long-Term
Incognito’s decade‑long journey demonstrates that post‑acquisition growth does not slow, it compounds. For founders and leadership teams seeking a long‑term home for their businesses, Lumine’s buy‑and‑hold model offers continuity, support, and a commitment to building software companies that endure.
If you’re considering the next chapter for your business, we’d love to share more about our approach to growth and long-term success. Get in touch with our team.
