January 2013

Redknee to Acquire Nokia Siemens Networks (NSN)

ReportBusiness
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Support position(BSS)
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Assets
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Stratecast Analysis by
Karl Whitelock
Troy Morley

OSS/BSS Global Competitive

Strategies (OSSCS)
Volume 14, Number 01
 Redknee to Acquire Nokia Siemens Networks (NSN)
Business Support Systems (BSS) Assets

Introduction1
The communications industry is shifting focus from the delivery and monetization of network-based
access to business models that offer advanced multi-source services delivered via an always-
improving broadband network connection. This change in direction is now placing a heavy burden
on many organizations to update their business strategies.
A change in strategy certainly applies to the communications service provider (CSP) sector, as
traditional voice and text-based services continue to show negative growth. A strategic adjustment
applies to the network equipment manufacturer (NEM) market, as several factors have come
together to drive down prices, and even demand, for certain types of technology. A redirection in
business focus is also needed in the OSS and BSS marketplace, where mergers and acquisitions over
the past two years have significantly redefined the supplier landscape. And, new OSS BSS suppliers
have come to life in an attempt to better meet todays rapidly changing business requirements.
Typically, when a company acquires all or a part of another, certain business and market conditions
drive the event. For example, the acquired company is in need of a capital infusion; or the acquiring
company views an opportunity to remove a smaller and, often, more agile competitor (the acquired
company) from its target market; or it is the right time to augment the acquiring companys assets
with those from the acquired company, to take its solution offering to a new levelone plus one
equals three or more thinking. While there are several additional reasons that can spark merger and
acquisition (M&A) activity, rarely is the acquiring company smaller than the acquired one. When
such an event happens, it is time to take notice of the motivation and business drivers behind it.
This report focuses on why a relatively small, Toronto-based business support systems (BSS)
supplierRedkneewas successful in acquiring key parts of the Nokia Siemens Networks (NSN)
BSS portfolio. 2, 3 It will explain why NSN found Redknee the best suitor for its BSS assets; and how
NSN views this transaction as a win, not just for Redknee, but for the customers that Redknee gains
from the deal. The report also answers why this acquisition is important for the industry as it
provides insight into the plans the new company has for moving ahead.
1 In preparing this report, Stratecast conducted interviews with representatives of the following company:
Redknee Lucas Skoczkowski, CEO
Redknee Chris Newton-Smith, VP Marketing
Please note that the insights and opinions expressed in this assessment are those of Stratecast and have been developed
through the Stratecast research and analysis process. These expressed insights and opinions do not necessarily reflect the
views of the company executives interviewed.
2 Redknee is a public communications software company, based in Toronto, Canada, and traded on the Toronto Stock

Exchange under the symbol RKN. The companys software provides retail billing, mobile money, mobile marketing,
next generation data and content services, wholesale billing and customer care solutions to CSPs around the world.
Redknee reported financial results for fiscal year 2012 of $57 million, from a customer base of 97 CSPs in 50 countries.
3 Nokia Siemens Networks (NSN) is a global provider of telecommunications network equipment and OSS BSS

solutions. Based in Helsinki, Finland, the company has operations in 150 countries worldwide, with an employee base of
approximately 60,000 personnel. NSN is comprised of the former Siemens AGs COM division (excluding its Enterprise
business unit) and Nokias Network Business Group. While NSN is a public company, it is reported as part of Nokia,
under the symbol NOK1V on the Helsinki Stock Exchange and under the symbol NOK on the NYSE. Nokia and NSN
2012 revenues were reported on January 24, 2013. NSN 2012 revenue was 13.8 billion, or approximately $17.7 billion.
OSSCS 14-01, January 2013 Stratecast | Frost & Sullivan, 2013 Page 2
Analysis of the Industry: Why Redknee, and Why Now?
Customers are asking for a relatively simple to articulate, yet complex to provide, set of needs to be
met by the communications marketplace. These needs apply not just to consumers, but to enterprise
and business customers as well. For example, all customers want
anywhere broadband access. They ask for usage plans to run the To satisfy current customer
newest user device that is both affordable and sensible. They needs, it will take real-time
want apps that make life better, simpler and more systems. This means instituting
understandable for them; in addition to using video pricing strategies that involve
communication and social media as an alternative to traditional real-time and policy-enabled
voice and text messaging. They want network access alternatives rating & charging for all
and a continuous wave of cool new stuff that holds their customers, not just for prepay or
attention in the form of new device technology, new solution postpaid groups, which are
options, new apps, and even new ways to sign up or bill for the payment method designations
services they consume. with little focus on how to
effectively meet customer needs.
Customers want usage transparency to know when to cut back
before exceeding a data plan limit, so as to avoid a grossly larger- Stratecast believes that future
than-normal bill. business successfor not just
the changing communications
Employees also want access to corporate information from marketplace, but business in all
personal devices, to better facilitate a work-life balance. They industriesrests with how
want the personal information stored on these devices to remain quickly the end-to-end
personal and safe from employer access or wiping. Employers, monetization, customer
on the other hand, want a split of charges between personal and experience, and partner
company usage of these devices, along with a viable means for compensation processes can be
keeping corporate information secure. 4 addressed whenever business
The secret sauce lies in solutions that incorporate a number of change occurs.
critical functions to meet todays new business realities,
including:
Real-time usage data collection
Policy-enabled real-time rating & charging
Near real-time usage analysis, to offer customers additional retail opportunities
Display of charges whenever a customer event completes
Partner notification of content usage
All of these functions must work together flawlessly in todays fast developing, real-time service
enablement reality.
Understanding these basic needs, Redknee presently offers a range of billing-related offerings within
its TCB solution, which is a fully convergent billing system supporting postpaid, prepaid & hybrid

4For additional insight concerning secure mobile containersa software enclave hosted on an end-users mobile device,
which isolates and protects corporate data used and stored along with the business operations conducted on that
deviceplease see Stratecast report SPIE 2012-44 Securing the Mobile Experience with Containers, December 7, 2012. For
more information on how to obtain this Stratecast report or any other Stratecast or Frost & Sullivan report, contact your
account executive or email to inquiries@stratecast.com.
OSSCS 14-01, January 2013 Stratecast | Frost & Sullivan, 2013 Page 3
subscribers. It enables billing across all servicesmobile, broadband, and fixed linethrough a
single modular, convergent solution. TCB's rating module (URCS) supports both real-time rating
and near real-time rating for offline events. TCB is sold today through a traditional license model, as
a term license, or as a fully managed, cloud-based solution hosted at Redknee remote sites.
While Redknee provides its TCB portfolio to address the needs of 97 CSP customers
throughout the world today, it approached NSN more than 10 months ago to discuss a
partnership for providing NSN customers with a cloud-based billing solution option.
Through these discussions, NSN worked with Redknee to craft the terms of an agreement
that would not only allow Redknee to provide NSN billing customers a cloud-based billing
overlay to their existing rating & charging solutions, but NSN would transfer its billing
assets and corresponding customers to Redknee through a purchase agreement.

Details of the Deal

The proposed Redknee acquisition of NSNs business support systems was announced on
December 5, 2012, through a joint-company press release. 5 Redknee receives NSNs key BSS assets,
along with 130 customers and 1,200 NSN employees. In exchange, Redknee expects to finance the
transaction through a combination of cash on its balance sheet and debt facilities. Such debt facilities
are subject to conditions, and will be entered into on, and subject to, closing of the acquisition. The
total consideration paid by Redknee for the NSN BSS assets will include 15 million in cash at
closing, plus a maximum of 25 million for certain performance-based cash earn-outs expected to be
paid over 12 to 36 months post-closing. The acquisition is expected to close after appropriate
regulatory and shareholder agreements during the first half of 2013.
Every two years, Stratecast prepares a market-share analysis and forecast for the key billing functions
of mediation, rating & charging, other core billing, policy management, interconnect and settlements
and partner management. A new edition of the billing report series is currently in preparation. Based
on the Stratecast research process, NSN has been identified as one of the top 10 global billing
solution suppliers, with billing revenue far in excess of what the acquiring company, Redknee,
publicly reported in its last filing. 6
Stratecast analysis of the reasoning by NSN to sell its billing assets to Redknee requires a deep look
at the overall CSP billing solution market, which will be provided in a later section of this report.

What Redknee Receives, and What Stays with NSN

Redknee will acquire certain, but not all, of NSNs BSS assets. The acquired assets are:
NSN charge@once unified charging and billing solution
NSN charge@once mediate Convergent Mediation for data charging
NSN Policy Control Server 5000 (PCS 5000)
NSN Railway @vantage GSM-R Intelligent Network (IN) solution

5 For the full press release see http://www.redknee.com/about_us/news_events/news_releases/news12051201.aspx.

6 Redknee, also identified as an end-to-end global billing solution supplier through the Stratecast research process,
reported 2012 fiscal year (ending September 30th) revenue of $57 million.
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Not included in the asset sale to Redknee are the following NSN BSS solution components:
Portions of the NSN Integrated Policy and Charging Control solution including:
o Subscriber Profile Repository based on the NSN One-NDS subscriber data
management system
o Deep packet inspection (DPI) and policy control enforcement function (PCEF)
provided through the NSN Flexi Intelligent Service Node and NSN Flexi
Network Gateway.
NSN charge@once mediate Convergent Mediation for standalone mobile broadband
customers. This solution, though identical to the NSN charge@once mediate Convergent
Mediation for data charging solution, is specifically focused on bringing together the mobile
broadband and data core network components from NSN with installed other vendor
billing systems in operation with certain NSN customers. This mediation solution is not
included in the Redknee asset acquisition.
NSN CEM on Demand solution
Short descriptions of the NSN BSS assets that Redknee will acquire with the acquisition deal are
detailed below.

NSN charge@once unified charging and billing solution

The NSN charge@once unified (rating & charging engine) offers rating and charging of content,
events and sessions in circuit and packet-switched networks, independent of payment method. It is a
modular, scalable and flexible product, which uses a customer-centric approach. It provides open
interfaces for integration with a CSPs existing charging and billing environment. It covers the
telecom layer, and is prepared for integration with enterprise layer systems (CRM, ERP) by
providing telecom layer access functions.
The NSN charge@once unified rating & charging billing engine, in addition to the NSN
charge@once mediate Convergent Mediation for data charging offering, are parts of the NSN
charge@once unified charging and billing solution. As NSN explained to Stratecast, this suite of
products provides flexible, scalable, and highly reliable rating & charging and balance management
across all networks, services, and payment methods.
The NSN charge@once unified charging and billing solution can be deployed in multiple
configurations including: 7
Online prepaid charging
Online convergent prepaid and postpaid charging
Online and off-line convergent prepaid and postpaid charging
It delivers account and balance management functions, including account hierarchy, charge
redirection and sponsored charging, in addition to full customer notification and top-up capabilities.

7 Insight concerning the NSN charge@once unified charging and billing solution was originally published in Stratecast
report OSSCS 12-14, Global CSP Billing Part 4: Rating & Charging and Other Core Billing Functions Market Forecast and Supplier
Assessment, December 2011, p 50-51.
OSSCS 14-01, January 2013 Stratecast | Frost & Sullivan, 2013 Page 5
The solution is also an integral part of the NSN Integrated Policy and Charging Control solution,
the companys policy management offering.
NSN further explained to Stratecast that the NSN charge@once unified charging and billing
solution is not only modular, as previously implied, but embraces a technical architecture, built on
Java, and an Oracle relational database structure. Over 550 million end-customers are now addressed
by the NSN charge@once unified charging and billing solution.

NSN charge@once mediate Convergent Mediation for data charging

NSN explained to Stratecast that the NSN charge@once mediate Convergent Mediation for data
charging solution acts as a mediator component that provides the necessary data conversions and
protocol-level integration between network elements or other systems. It is viewed as an integration
tool that can be used to integrate any type of system through its generic data collection and
processing capabilities. 8
The charge@once mediation solution is a fully convergent solution; it not only supports the
traditional billing mediation function, but can also be deployed to cover: online mediation; policy
control; OSS mediation; and extract, transform, and load (ETL) for data warehouse and business
intelligence applications. It is designed to meet specialized functionality, availability, and scalability
requirements from the charging, billing, enterprise and OSS domains. NSN reports over 130
deployments of the solution worldwide.
The NSN charge@once mediate Convergent Mediation for data charging solution addresses the
needs of both online and off-line charging via its off-the-shelf support for many leading protocols
and data formats. Its data analysis and transformation capabilities include:
Data collection, correlation, aggregation, routing, filtering, and load balancing
Data formatting, translation and loading
Data consolidation from any number of sources
The NSN charge@once mediate Convergent Mediation for data charging platform is provided
through an OEM relationship with DigitalRoute. It was combined with additional NSN software
extensions to give the solution its full functional capabilities.

NSN Policy Control Server 5000 (PCS 5000)

NSN explained to Stratecast that the NSN Integrated Policy and Charging Control solution covers
intelligence gathering, policy management, policy enforcement, subscriber data management, and
online charging. 9 Key components of this solution are:
Online rating & charging provided through the NSN charge@once unified charging and
billing solution

8 Insight concerning the NSN convergent mediation solution was originally published in Stratecast report OSSCS 12-11,
Global CSP Billing Part 3: Mediation Market Forecast and Supplier Assessment, October 2011, p 42.
9 Insight concerning the NSN policy control server 5000 (PCS 5000) was originally published in Stratecast report OSSCS

13-01, Global CSP Billing Part 5: Policy Management (Policy Reference) Market Forecast and Supplier Assessment, January 2012, p.
47-48.
OSSCS 14-01, January 2013 Stratecast | Frost & Sullivan, 2013 Page 6
 Policy control and management, also known as policy control reference function (PCRF)
within the 3GPP mobility standards, is addressed by the NSN Policy Control Server 5000
(PCS 5000)
Subscriber Profile Repository based on the One-NDS subscriber data management system
Deep packet inspection (DPI) and policy control enforcement function (PCEF) provided
through the NSN Flexi Intelligent Service Node and NSN Flexi Network Gateway
While Redknee will not acquire the NSN One-NDS subscriber data management system, nor will it
acquire the NSN Flexi Intelligent Service Node and the NSN Flexi Network Gateway, a key part of
the integrated NSN policy management solution that will become a part of the Redknee acquired
assets is the NSN PCS 5000 product. It is a convergent policy server that supports both fixed and
mobile access networks. It is a 3GPP compliant PCRF, supporting the following roles:
3GPP PCRF
ETSI TISPAN SPDF & RACF
Convergent Policy Server
Cable Policy Server
WiMAX Policy Server
PCRF for LTE
As NSN explained to Stratecast, an integrated approach to policy management involving a tight
integration between the PCRF and a real-time rating & charging engine such as the NSN
charge@once unified charging and billing solution enables a variety of use cases, including:
Fair Use Policy per subscriber or per service type
Monthly subscription with volume cap and restricted speed when the limit is reached
Daily Bundles with usage cap
Cost Control
Bill Shock Prevention
Bandwidth on Demand
Application or Subscriber prioritization
Charging by QoS: traffic prioritization in case of congestion
Different wallets with parental or superior control
Different wallets for business or private use of a service associated with different QoS and
related charges
NSN reported that approximately 62 customers have deployed or were in proof of concept (POC)
trials with the NSN Integrated Policy and Charging Control solution through October 2012.
Because the PCS 5000 is an integral part of the end-to-end NSN Integrated Policy and Charging

OSSCS 14-01, January 2013 Stratecast | Frost & Sullivan, 2013 Page 7
Control solution, NSN will OEM the PCS 5000 component from Redknee for all future integrated
policy management solution offers it may provide.

NSN Railway @vantage GSM-R Intelligent Network (IN) Solution

The NSN GSM-R is a mature solution for the communication challenges facing railway operators,
especially high-speed passenger-carrying trains. It comprises various components that are utilized in
this and other NSN solutions. These components are flexible and designed to interplay and
interconnect with one another. They include:
Nokia mobile switching center (MSC)
Nokia Gateway GPRS Support Node (GGSN)
Nokia Serving GPRS Support Node (SGSN)
Nokia Base Station Controller (BSC) and Transcoder and Rate Adaption Unit (TRAU)
NSN Base Transceiver Station, known as the NSN FlexiBTS
NSN FlexiHopper family of microwave radios integrated directly into the BTS
NSN Short Message Service Center (SMSC)
The final component in the NSN Railway GSM-R offering is the NSN Railway @vantage GSM-R
Intelligent Network (IN) solution. It is part of the Redknee BSS acquisition process.
This solution is dedicated to railways, being geographically redundant and specially tailored to
meeting the GSM-R functional requirements. It possesses all European Integrated Railway Radio
Enhance Network (EIRENE) features and others also specific to railways. These include an
Acknowledgement Center (ACKC) integrated into the INwhich is a direct interface to railway
positioning elements, allowing enhanced Location Dependent Addressing (eLDA) calls with exact
train position and onboard functional calling.
The GSM-R IN solution is based on the NSN charge@once unified charging and billing platform,
with specialized functions added to address the necessary GSM-R standards specification. Once the
Redknee BSS acquisition finalizes, NSN will OEM the NSN Railway @vantage GSM-R Intelligent
Network (IN) solution from Redknee for all future NSN GSM-R railway communications offers.

Stratecast Analysis of How Redknee Won the Deal

In mid-2011 Nokia and NSN announced a major change in business strategy; one that would bring
the future direction of the company sharply focused on the mobile broadband market. 10 With the
sale of key parts of the NSN BSS solution suite to Redknee, along with the sale of NSNs optical
network business to Marlin Equity Partners, NSN signaled its intent to change. 11

10 See June 15, 2012 press release, Nokia Sharpens Strategy and Provides Updates to Its Targets and Outlook,
http://press.nokia.com/2012/06/14/nokia-sharpens-strategy-and-provides-updates-to-its-targets-and-outlook/.
11See December 3, 2012 press release, Nokia Siemens Networks Reaches Agreement to Sell Optical Networks Business to
Marlin Equity Partners, http://www.nokiasiemensnetworks.com/news-events/press-room/press-releases/nokia-siemens-
networks-reaches-agreement-to-sell-optical-networks-business-to-marlin-equit.
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With Nokia and NSN focused on the mobile broadband market, the 130 billing customers that
Redknee receives from the acquisition are many of the same customers that Nokia and NSN will
target with the organizations new mobile broadband strategy. As a result, Stratecast believes all
other network equipment manufacturers (NEMs) would be viewed by NSN as direct competitors to
this strategy. Hence, Alcatel-Lucent, Cisco, Ericsson, Huawei, Juniper, NEC and ZTESoft
were not viewed by NSN as the right fit for this deal.
Stratecast further believes other large BSS companies that could have acquired the NSN BSS assets,
but were also judged as not the best fit by NSN, include the following:
Amdocs There would likely be significant business model conflict with NSN customers
Comverse Comverse is presently very focused on its recent re-launch on NASDAQ,
following several years of internal financial tumult caused by mismanagement steps of the
former executive team
CSG International CSG previously acquired global billing solution supplier Intec in 2011,
which brought CSG out from its deep concentration on just the cable billing world and into
the global real-time billing market, with full end-to-end convergent billing capabilities
NEC-NetCracker NetCracker acquired the billing assets of Convergys in March 2012,
and is heavily involved with sorting out its own going-forward business strategy with these
acquired assets and customer base
Oracle While global, with several CSP core customers, Oracle would view the NSN billing
assets as redundant to its own real-time, policy-driven convergent billing solution
SAP SAP received a real-time rating & charging asset when it acquired Highdeal,
approximately four years ago, which was adapted to meet the real-time billing needs of
multiple industries. Stratecast believes SAP would find the NSN billing assets too industry-
specific to work within its multi-industry business strategy.
Stratecast believes there were other potentially well-suited billing suppliers that may have worked
well with NSN; however, it is evident that Redknee started discussions with NSN concerning the
opportunity to partner, and the deal blossomed from there.
While it is likely that NSN went through its best suitor analysis and discussion with multiple
companies, in addition to Redknee, the best suitor selection process involved multiple steps tied to
product compatibility, support for employees, geographical customer overlap, and related business
needs. At the end of this analysis, NSNs final selection choice was Redknee. As the company
explained to Stratecast, the key values NSN appreciated in Redknee were:
Redknees overall customer focus and track record of meeting its customers needs
Redknees commitment to support installed customer solutions, and provide product
support for those solutions, as long as CSP customers want them
Redknees management team experience in working with dispersed human resources for not
only sales, but customer support and R&D
The companys strong understanding of the customer market it would be managing as the
NSN customer base transfers to Redknee
Minimized overlap in geographical customer spread
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 Redknees commitment to keep all NSN employees, in order to maintain customer
relationship integrity at all levels, including R&D, sales & support, and senior level
management
Complementary Redknee functionality offered as a cloud-based solution to augment existing
NSN billing capabilities
Desire by Redknee to maintain and expand the NSN strategic partner alignment, to build an
extended ecosystem beyond Accenture, Microsoft, and Tech Mahindra.

Redknee Plans after the Acquisition Becomes Final

While business plans often change, parts of any companys business remain steadfast. Redknee
explained to Stratecast that it has never lost a convergent billing customer in its company history. It
attributes this success to listening to its customers and making sure that the company delivers on its
customer promises. Following the acquisition, Redknee believes
it will be able to continue its customer satisfaction success, tied Stratecast believes that, as with
to the following business focus areas: any acquisition, there will be
challenges. It is apparent that
Create high value for each customer investing in the NSN was more interested in the
new companys billing solution capabilities, by best fit of its billing customer
specifically listening to customer needs and delivering needs to the acquiring company
on those needs than it was in obtaining the
Encourage customer interaction through management highest transaction value for the
team visits, to bring to light new product functionality sale of its billing assets. While
needs, and to address critical business operations the short-term value of this deal
requirements may not appear to be the most
fruitful to NSNs bottom line, the
By retaining the entire NSN billing solution sales, long-term win for NSN comes
support and management teams, build on the existing through its continued ability to
customer base by capitalizing on their relationships with work with satisfied customers in
key customers support of its mobile broadband
Focus on reoccurring revenue, which will include full strategy. These customers now
SaaS offerings and not just change request streams. This depend upon the new Redknee to
strategy will be critical for providing future on-premises provide them with billing
and cloud-based functionality. solution functionality, as they
continue to work with NSN for
By retaining all R&D teams in all locations, accelerate their mobile broadband
new product development, solution integration, and infrastructure needs.
support for changing market requirements
Stratecast believes that, as with any acquisition, there will be challenges. It is apparent that NSN was
more interested in the best fit of its billing customer needs to the acquiring company than it was in
obtaining the highest transaction value for the sale of its billing assets. While the short-term value of
this deal may not appear to be the most fruitful to NSNs bottom line, the long-term win for NSN
comes through its continued ability to work with satisfied customers in support of its mobile
broadband strategy. These customers now depend upon the new Redknee to provide them with
billing solution functionality, as they continue to work with NSN for their mobile broadband
infrastructure needs.
OSSCS 14-01, January 2013 Stratecast | Frost & Sullivan, 2013 Page 10
 Stratecast
The Last Word
With major updates, improvements, and changes in broadband network technology; smart devices;
regulations; and convergence with other industries; the focus of business today is no longer about
just network connectivity. Redknee has recognized this change; and, with the assets it will gain from
NSN, will focus its attention to better enabling its customers customer experience realignment.
Realignment, in this case, meaning much more than just working to improve internal business
processes and systems tuned to the same business model that has moved the communications
industry for well over 100 years. It is now about:
Enhancing the end-customer experience with real-time pricing offers, promotions, and
discounts
Driving new revenue by monetizing innovative services that can be applied to not just
consumers or small businesses, but also to the unique needs of enterprise customers seeking
to add mobility services to the goods and services they provide to their customers
Making the smart device experience a positive event for a CSPs customers, which are
quickly becoming engaged at multiple levels, including enterprise use of machine-to-machine
solutions and business-to-business (B2B) models
Helping CSPs better support customer opportunities through real-time understanding of
customer usage beyond just network capacity
Stratecast believes Redknee will be well positioned to address each of these rising business
challenges. With Redknees new leadership role in the industry, by revenuefor most of the
key billing functions, including mediation and policy-enabled rating & chargingthe
company should continue as a major player in the real-time customer enablement process.
This is critical, given that the new Redknees service provider customers are facing
challenges from external market drivers, the needs of their customers, and continued
pressure to satisfy internal business requirements.

Karl M. Whitelock
Director Global OSS BSS Strategy
Stratecast | Frost & Sullivan
kwhitelock@stratecast.com

Troy M. Morley
Industry Analyst OSS BSS Global Competitive Strategies
Stratecast | Frost & Sullivan
tmorley@stratecast.com

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OSSCS 14-01, January 2013 Stratecast | Frost & Sullivan, 2013 Page 12
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