Optiva’s Mission: What do we do?
We create mission critical billing software that is secure, reliant, intuitive, and adaptable to:
• meet continually emerging customer monetization opportunities; and
• enrich digital connectivity across the world and advance global society.
Optiva’s Vision: How do we do it?
We deliver a highly performant revenue management platform that provides customers both the freedom to innovate and agility to offer clients their choice of personalized digital service plans and payment options.
On behalf on the board of directors of Optiva Inc. (“Optiva“), please join us virtually at our annual meeting of shareholders of Optiva to be held on June 27, 2022 at 1:00 p.m. (Eastern time).
Optiva is on a journey to becoming a market leader in the BSS domain. At the onset of the year, Optiva’s focus was on two things: (1) providing high quality service and support to renew and strengthen our relationships with existing customers, and (2) defining and executing against our 5G product roadmap to address the market requirements of the next generation of customers.
In a year marked by the ongoing COVID-19 pandemic, the Optiva team stepped up to ensure our customers could continue to provide the vital communication services that the people of the world depend on to keep us connected. Since the start of the pandemic, Optiva’s in-service BSS products have proven resilient in their design, and with our renewed investment we have achieved a significant improvement in the quality and delivery of our customer support and services. We are incredibly proud of our employees and leadership team.
Recent R&D efforts have produced the most progress in product development in Optiva’s history. Under the direction of our Chief Technology Officer, Matt Halligan, the advancement of our product Roadmap has progressed by leaps and bounds. The market is taking notice, as evidenced by the growing number of telco operators of all sizes testing and evaluating our cloud offerings. With our core products refreshed, and cloud platform in production, the table is set for Optiva to be a leading partner for those operators across the globe that are looking for an innovative BSS provider that operates with agility, while bringing demonstrated experience and the five nines performance that Telcos demand.
Optiva’s Leadership, lead by CEO John Giere, established a Mission Vision Values Framework, which is shaping our corporate culture and how we work. The framework provides each team member with clear objectives and an understanding of how their individual objectives are directly linked and contribute to company-wide goals. Additionally, given R&D-led innovation is at the core of Optiva’s growth strategy, the company has now opened three R&D Centres of Excellence in Belfast, Northern Ireland, Bengaluru, India, and Osijek, Croatia, where team members can live and breathe the culture together.
While the impact of the corporate initiatives will take several quarters to be fully realized, financial prudence resulted in significant operating margin improvements. Despite the revenue decline (down 14% to $65.2M) attributed to known customer departures, Adjusted EBITDA margin increased to 29% in 2021 compared to 10% in the prior year, resulting in an EBITDA of $18.6M compared to $7.7M in 2020.1
In addition to improved financial performance, we are focused on putting in place the people, processes, support systems and technology that will enable us to scale our business efficiently. As a result of the focused accomplishments, I am confident Optiva can now serve as a platform for growth both organically and inorganically to the benefit of all stakeholders. Shareholders can be assured that in this pursuit, management and the board are committed to creating shareholder value utilizing a disciplined approach to allocating capital to investments that meet our internal hurdle rates.
Our accomplishments this year and our ambitions for the future are made possible by our tremendous team across the world. Their professionalism and dedication are the foundation for everything we have and will accomplish. The next chapter in Optiva’s history begins now, and we’re excited about what we can accomplish together.
The Management Information Circular attached to this letter provides information on the compensation for directors and executive management, our governance practices, directors to be elected at the meeting and certain other items to be voted upon as set out in the notice of meeting.
If you are unable to attend the virtual meeting, we encourage you to exercise your right to vote by completing the enclosed form of proxy, or if applicable, the voting instruction form and returning it within the deadline indicated thereon to ensure your vote is counted as part of the process.
On behalf of the Board and the entire organization, we appreciate your continued support.
Chair of the Board, Optiva Inc.
1Adjusted EBITDA and EBITDA are non-IFRS measures. For definitions and reconciliations of non-IFRS financial measures to their most directly comparable IFRS financial measures, see Schedule II.