### **Overview** **Subex Ltd** is a global leader in **telecom AI and digital trust solutions**, empowering Communications Service Providers (CSPs) and enterprise customers to deliver **connected, intelligent, and secure digital experiences**. Founded in **1994**, the company has over **three decades of expertise** in revenue optimization, business assurance, fraud management, and data analytics for the telecommunications industry. Today, Subex operates as a focused **Telco AI company**, anchored in its brand ethos of **"Fearless, Seamless, and Fraud-Free"**. With more than **300 installations across 100+ countries**, Subex serves **over 75% of the world’s top 50 CSPs**, including Tier-1 operators such as AT&T, Verizon, Vodafone, and Jio. The company is headquartered in **Bengaluru, India**, with global offices in the UK, US, Singapore, UAE, and Bangladesh, and employs over **1,000 professionals**. --- ### **Core Business Focus** Subex enables CSPs to **maximize revenue, improve profitability, and mitigate risk** through AI-driven platforms that support digital transformation in the 5G, IoT, and cloud era. Its solutions are designed for **AI-first, cloud-native environments**, emphasizing automation, predictive insights, and real-time decision-making. #### **Flagship Product Platform: HyperSense** At the heart of Subex’s technology stack is **HyperSense**, a **cloud-native, no-code AI/ML platform** that powers all its core solutions. Recognized by **Gartner** in the *Magic Quadrant for AI in CSP Operations*, HyperSense enables: - **Democratized AI**: Allows "Citizen Data Scientists" to build, interpret, and deploy AI models without coding. - **End-to-End Data Value Chain Integration**: From data aggregation and preparation to insight generation and action. - **Multi-Persona Support**: Designed for CFOs, CMOs, CIOs, and CISOs across telecom and enterprise ecosystems. - **Generative AI & Agentic AI**: Subex has integrated **LLMs** into its platform, launching **Subex AI Agents**—autonomous agents for fraud detection, investigative workflows, and business assurance. > *As of FY25, over 80% of new customer wins include AI use cases, with AI now representing the largest component of Subex’s revenue mix.* --- ### **Key Product Offerings** | **Solution** | **Description & Capabilities** | |-------------|-------------------------------| | **Business Assurance** | AI/ML-powered system with **Active Risk Intelligence (ARI)** to prevent revenue leakage, provide real-time business insights, and offer predictive/prescriptive analytics. Built on 25+ years of domain experience, deployed across 80+ sites globally. | | **Fraud Management** | Industry’s only **AI-first fraud platform**, capable of detecting **350+ types of telecom fraud**. Combines real-time rules, signaling intelligence, and AI agents to combat handset fraud, account takeovers, robocalls, and OTT platform threats. | | **FraudZap™** | Lightweight, plug-and-play AI platform launched in 2025, designed for **Tier-2/Tier-3 telcos and MVNOs**. Targets **handset fraud**, supports rapid deployment (days vs. months), and is available as **cloud, on-premise, or SaaS**. | | **Partner Ecosystem Management** | Unified platform for **MVNO billing, wholesale partner settlement, and B2B services**, enabling automated reconciliation, dispute management, and seamless contract lifecycle control. Recently deployed with a major operator in the Netherlands under a 100% managed service model. | | **Wholesale Billing & Routing** | Supports **voice, SMS, data, roaming, IoT**, and **M2M services**, with capabilities in route optimization, interconnect billing, and roaming settlements (including NRTRDE and HUR). | | **Enterprise Billing** | Converged, end-to-end billing platform covering **rating, subscription management, financial reporting**, and partner onboarding. | | **Enterprise Asset Management** | AI-driven solution for network capex optimization, contract digitization, and asset lifecycle management. | --- ### **Strategic Adjacencies & Digital Trust Portfolio** Subex is expanding beyond core telecom into high-growth strategic adjacencies through its **Digital Trust framework**, structured around: - **Security | Privacy | Risk Mitigation | Identity | Intelligence** #### **Subsidiaries & Key Growth Areas:** 1. **IDcentral** – API-first **digital identity platform** offering e-KYC, AML checks, passive liveness detection, and video verification. Serves **telco, banking, fintech, gaming, e-commerce, and AgriTech** sectors. - Achieved **product-market fit** with 1M+ monthly API calls. - Registered as a **TSP with Sahamati** (India’s NBFC AA framework). - Targeting the **$120B mobile money and $1B+ digital ID market**. 2. **Sectrio** – Industrial-grade **OT/IoT cybersecurity suite**, evolved from Subex Secure. Provides **vulnerability management, micro-segmentation, threat detection**, and **deception (honeypot) networks**. - Secured deployments in **oil & gas (State Bank of India, Middle East energy firms)** and **transportation**. - Addresses a **$10B OT security market (2025)** growing at 25% CAGR. 3. **CrunchMetrics** – Real-time **anomaly detection engine** using multivariate analysis to identify business and IT risks in streaming data environments—used in eCommerce, fintech, and telcos. --- ### **Revenue Model & Business Strategy** Subex has transitioned from a traditional **license + services model** to a **subscription-based SaaS and managed services model**, resulting in a highly stable and recurring revenue stream. #### **Revenue Streams:** 1. **Software Licensing** – Per-subscriber or per-transaction (declining share). 2. **Annual Support Contracts** – Recurring, tied to licenses. 3. **Professional Services** – Implementation, upgrades, migration. 4. **Managed Services** – High-margin, **predictable revenue**, long-term customer engagement (e.g., UK-hosted managed billing for Dutch operator). > **Recurring Revenue:** ~70% (up from 60% in 2023), with >98% customer retention and **100% renewal rate** across key contracts. #### **Go-to-Market & Growth Drivers:** - **AI-First Strategy**: Embedding GenAI and AI agents across all product lines. - **Cross-Sell & Upsell**: Leveraging existing CSP relationships to expand into **fintech, OTT, and enterprise services**. - **Strategic Partnerships**: With **Google, Snowflake, KPMG, Tech Mahindra, Spire**, and hyperscalers. - **Standardization on HyperSense**: All new products and legacy modernizations are migrating to the AI platform. - **Regulatory Tailwinds**: Rising KYC, data privacy, and telecom security mandates (e.g., RBI, GDPR) are fueling demand for IDcentral and Sectrio. --- ### **Recent Milestones (FY25 – Nov 2025)** - ✅ **Extended strategic partnerships** with Tier-1 operators in **Europe, APAC, and Africa**, including a **$5.6M 5-year deal** with an APAC CSP for end-to-end RAFM. - ✅ Secured **AI-first Fraud Management deployment** with a European telco across Sweden, Estonia, Latvia, and Lithuania. - ✅ Deployed **unified MVNO and wholesale billing platform** in the Netherlands under 100% managed services. - ✅ Launched **FraudZap™**—a modular, low-cost fraud detection suite for smaller operators and MVNOs. - ✅ **Gartner Magic Quadrant recognition** for AI in CSP Operations—validating innovation leadership. - ✅ Piloting **Subex AI Agents** with global Tier-1 operators, showcasing autonomous decision-making in fraud and assurance use cases. - ✅ Contributed to **TM Forum AI standards**, launched **fraud risk APIs with hyperscalers**, and embedded **GenAI into internal engineering workflows**. --- ### **Leadership & Vision** Under **MD & CEO Nisha Dutt**, Subex has undergone a strategic reorientation to become a **leading global Telco AI and Digital Trust enabler**. The company's vision centers on: - **Autonomous Telecom Operations** powered by AI. - **Trust as a Service**: Helping telcos become **trusted digital identity and security providers**. - **AI Agents as the Future**: Moving beyond automation to **intelligent, self-learning systems** that anticipate threats and optimize business outcomes. --- ### **Summary: Key Investment Highlights** | Category | Subex Positioning | |--------|------------------| | **Core Focus** | Telecom AI, Digital Trust, Business & Fraud Assurance | | **Platform** | HyperSense (AI-native, no-code, SaaS-ready) | | **AI Maturity** | GenAI and Agentic AI deployed in production | | **Customer Base** | 300+ installations, 75% of top 50 global CSPs | | **Revenue Model** | 70% recurring, shifting to subscription/managed services | | **Growth Avenues** | AI agents, OTT/fintech fraud, digital identity (IDcentral), OT security (Sectrio) | | **Innovation Recognition** | Gartner Magic Quadrant, TM Forum collaboration, patent in edge-based optimization | | **ESG & Governance** | Zero debt, strong cash flow, focus on digital ethics and privacy |