A productized, ultra-high-margin telecom billing platform moving up from mid-market wins to Tier‑1 contracts—where execution discipline can unlock a meaningful re-rating.
Overview
Cerillion Plc is a London-based provider of mission-critical telecom software focused on billing, charging, and CRM within a broader BSS/OSS “lead-to-cash” platform. Founded via a 1999 MBO from Logica, it has expanded to ~70 installations across ~45 countries. FY2025 revenue was £45.4m, split across Software (£24.4m; 54%), Services (£19.0m; 42%), and Other (£1.9m; 4%). Software is the high-margin growth engine (licenses, support/maintenance, and the Skyline SaaS platform), while Services embeds Cerillion operationally and often precedes recurring software revenue. The company’s productized delivery model competes effectively against larger bespoke-heavy vendors (e.g., Amdocs/Netcracker), enabling best-in-class profitability (FY2025 adj. EBITDA margin 50.9%) and strong financial resilience (debt-free; ~£34.4m net cash). A landmark Tier‑1 European contract and record pipeline signal a potential step-change in market position.