Archive for category: M&A

You are here: / / M&A
, , , ,

COS Systems förvärvar Fiber Flow och inleder ett strategiskt partnerskap med Vinnergi, vilket skapar Nordens ledande plattform för fiberoperatörer

Förvärvet skapar Nordens starkaste erbjudande för fiberoperatörer genom att kombinera Vinnergis breda expertis inom utveckling och drift av fibernät med COS Systems ledande mjukvaruplattform som stärks ytterligare genom förvärvet av Fiber Flow.

Umeå, Sverige, 8 september 2026 — COS Systems och Vinnergi inleder ett strategiskt partnerskap. Som en del av affären förvärvar COS Systems mjukvaran Fiber Flow från Vinnergi och dess dotterbolag Bitvis. Fiber Flow provisionerar idag över 400 000 aktiva abonnenter i närmare 30 nät i Norden.

400 000+
Aktiva abonnenter som provisioneras i Fiber Flow
~30
Nordiska nät som använder plattformen
6
Produkter i COS portfölj, inklusive COS Fiber Flow

Därför går COS Systems och Vinnergi ihop

Bolagen kommer från varsitt håll. Vinnergi är ett ledande konsultbolag inom energi, fastighet och telekom som säljer och implementerar Fiber Flow på den nordiska marknaden, med en särskilt stark position i Sverige. COS Systems är ett renodlat mjukvarubolag med rötterna i Umeå som vuxit globalt och idag är den ledande BSS/OSS-leverantören för öppna nät i Nordamerika för både kommunala fibernät och de största operatörerna, s.k. Tier 1:s.

“För nära 20 år sedan byggde vi den första versionen av COS för svenska stadsnät och tog sedan plattformen till Nordamerika. Sedan dess har vår produktportfölj utökats med produkter som löser aktuella utmaningar för våra kunder, bland annat förenkla konsolidering av olika nät och en effektivare hantering av installationer och reparationer ute i fält med integrerad kunddialog. Partnerskapet med Vinnergi och förvärvet av Fiber Flow är starten på en större satsning på den europeiska marknaden och vårt kombinerade erbjudande av tjänster och mjukvara är unikt”

Mikael Philipsson, VD, COS Systems

Så påverkas Fiber Flows kunder

Efter affären tar COS Systems över ansvaret för att vidareutveckla Fiber Flow som en del av den bredare plattformen. Vinnergi fortsätter att fronta kunderna med försäljning, implementation, integration och support. I samband med partnerskapet får Vinnergi tillgång till hela COS Systems portfölj.

“Vi har utvecklat Fiber Flow tillsammans med de svenska stadsnäten, det arbetet kommer fortsätta precis som tidigare. Samma kontaktpersoner, samma avtal och samma support. Vi kommer nu också att bredda vårt erbjudande genom COS Systems portfölj. För vi är mer än en teknikkonsult, vi är integratören som finns i våra kunders vardag. Genom partnerskapet kan vi nu ta det arbetssättet till fler nät i Norden och Europa, helt i linje med vår strategi.”

Pierre Wallgren, VD, Vinnergi

Om COS Systems

COS Systems levererar en molnbaserad BSS/OSS-plattform för stadsnät, tjänsteleverantörer och kommunikationsoperatörer. Plattformen är modulariserad och integreras med kringliggande system för att automatisera driften av bredbandsnät. Med moduler för allt från dörr-till-dörr försäljning, tjänsteportal och kundportal och installationer till ärendehantering, automatiserad tjänsteaktivering och fakturering erbjuder COS en komplett lösning för att optimera driften av fibernät. Resultatet är ökad försäljning, minskade driftskostnader och nöjdare kunder. Portföljen omfattar COS Business Engine, COS Wholesale Engine, COS FSM, COS Prospector, COS Marketplace och numera även COS Fiber Flow.

Om Vinnergi

Framtidsintegratören Vinnergi är en svensk teknikkonsult som bygger smartare infrastruktur inom telekom, energi och fastighet. Vi tar ansvar hela vägen, från beslut till drift. Bland kunderna finns nätägare, mobiloperatörer, energibolag, kommuner och fastighetsägare. Verksamheten är organiserad i fyra affärsområden: Communicate för fasta och mobila nät, Power för elkraft och förnybar energi, Living för fastighetsteknik och fysisk säkerhet, samt Construction för totalentreprenad inom samhällskritisk infrastruktur. Vinnergi har huvudkontor i Linköping och kontor på ett tjugotal orter. Koncernen omsätter cirka 900 miljoner kronor och sysselsätter över 600 personer. Bolaget är delvis medarbetarägt och huvudägare är Polaris.

Vanliga frågor

Vad har COS Systems förvärvat?

COS Systems har förvärvat mjukvaran Fiber Flow från Vinnergi och dess dotterbolag Bitvis. Fiber Flow är en BSS/OSS-plattform för fiberoperatörer och provisionerar idag över 400 000 aktiva abonnenter i närmare 30 nät i Norden.

Vad förändras för Fiber Flows kunder?

Ingenting förändras i den dagliga driften. Vinnergi fortsätter att fronta kunderna med försäljning, implementation, integration och support. Samma kontaktpersoner, samma avtal och samma support gäller som tidigare.

Vem vidareutvecklar Fiber Flow nu?

COS Systems tar över ansvaret för att vidareutveckla Fiber Flow som en del av den bredare plattformen.

Är det här ett förvärv av Vinnergi?

Nej. Vinnergi fortsätter som fristående teknikkonsult. COS Systems har förvärvat mjukvaran Fiber Flow. Bolagen har inlett ett strategiskt partnerskap där Vinnergi får tillgång till hela COS Systems portfölj.

Vilka produkter ingår i COS Systems portfölj?

Portföljen omfattar COS Business Engine, COS Wholesale Engine, COS FSM, COS Prospector, COS Marketplace och numera även COS Fiber Flow.

Ladda ner pressmeddelandet (PDF)

Kontakt

COS Systems
Mikael Philipsson, VD
mikael.philipsson@cossystems.com
+46 70 843 10 43
Vinnergi
Pierre Wallgren, VD
pierre.wallgren@vinnergi.se
+46 70 939 69 64

Kontakta oss
/by
, , , ,

COS Systems Expands Global Fiber Software Leadership with Fiber Flow Acquisition and Strategic Partnership with Vinnergi

The transaction creates the Nordic region’s leading software platform for broadband operators combining Vinnergi’s network expertise and local delivery organization with COS Systems’ cloud-based BSS/OSS and network automation platform.

West Palm Beach, FL, September 8, 2026 — COS Systems and Vinnergi today announced a strategic partnership. As part of the agreement, COS Systems has acquired the Fiber Flow software platform from Vinnergi and its subsidiary Bitvis. Fiber Flow is one of the major BSS/OSS platforms in the Nordics and manages more than 400,000 active subscribers across nearly 30 networks in the Nordic region.

400,000+
Active subscribers managed on Fiber Flow
~30
Nordic networks running the platform
6
Products in the COS portfolio, including COS Fiber Flow

What Fiber Flow adds to the COS Systems platform

Fiber Flow strengthens COS’s current capabilities within network management and provisioning, especially for Active Ethernet access equipment. Today the dominant technology on most markets is PON, but there are still a lot of Active Ethernet networks deployed. COS’s capability to bring full automation to these networks and streamline a transition from Active Ethernet to PON is greatly enhanced with the acquisition.

Why COS Systems and Vinnergi are partnering

The two companies bring complementary strengths to the partnership. Vinnergi is a leading Swedish engineering and technology consulting company with extensive experience in fiber network development and operations. It sells and implements Fiber Flow throughout the Nordic market and has a particularly strong position in Sweden.

COS Systems is a dedicated software company founded in Umeå that has expanded globally. Today, COS Systems is a leading BSS/OSS provider in North America, serving municipal broadband networks, regional service providers and major Tier 1 carriers.

“Nearly 20 years ago, we built the first version of COS for Swedish Open Access networks and later brought the platform to North America. Since then, we have expanded our portfolio to address some of the industry’s most important challenges, including consolidating different networks and improving how installations and repairs are managed in the field. The partnership with Vinnergi and the acquisition of Fiber Flow mark the beginning of a broader investment in the European market.”

Mikael Philipsson, CEO, COS Systems

What changes for Fiber Flow customers

Following the transaction, COS Systems will assume responsibility for the continued development of Fiber Flow as part of its broader software platform. Vinnergi will remain the customer-facing partner in the Nordic market, providing sales, implementation, integration and support. Through the partnership, Vinnergi will also gain access to the full COS Systems product portfolio.

“We’ve developed Fiber Flow together with Sweden’s municipal networks, and that work will continue exactly as before. Same points of contact, same agreements, and same support. We’re now also expanding our offering through COS Systems’ portfolio. Because we’re more than a technology consultancy — we’re the integrator embedded in our customers’ everyday operations. Through the partnership, we can now take that approach to more networks across the Nordics and Europe, fully in line with our strategy.”

Pierre Wallgren, CEO, Vinnergi

About COS Systems

COS Systems provides a cloud-based BSS/OSS platform purpose-built for broadband operators. Operators choose COS Business Engine to run full retail ISP operations: subscriber management, billing and provisioning; or COS Wholesale Engine to orchestrate multi-provider Open Access networks. COS FSM and COS Prospector extend the platform with automated field service management and door-to-door demand aggregation, so operators can sell faster, scale better, and automate everything. The portfolio comprises COS Business Engine, COS Wholesale Engine, COS FSM, COS Prospector, COS Marketplace and now also COS Fiber Flow.

About Vinnergi

Vinnergi is a Swedish technology consultancy building smarter infrastructure across telecom, energy and property. The company takes end-to-end responsibility, from decision to operation. Customers include network operators, mobile operators, energy companies, municipalities and property owners. The business is organised into four areas: Communicate for fixed and mobile networks, Power for electricity and renewable energy, Living for building technology and physical security, and Construction for turnkey delivery of critical infrastructure. Vinnergi is headquartered in Linköping with offices in around 20 locations. The group turns over approximately SEK 900 million and employs more than 600 people. The company is partly employee-owned; its majority owner is Polaris.

Frequently asked questions

What has COS Systems acquired?

COS Systems has acquired the Fiber Flow software platform from Vinnergi and its subsidiary Bitvis. Fiber Flow is a BSS/OSS platform for broadband operators. It manages more than 400,000 active subscribers across nearly 30 networks in the Nordic region.

What changes for existing Fiber Flow customers?

Nothing changes in day-to-day operations. Vinnergi remains the customer-facing partner in the Nordic market and continues to provide sales, implementation, integration and support. Points of contact and agreements stay the same.

Who develops Fiber Flow now?

COS Systems assumes responsibility for the continued development of Fiber Flow as part of its broader software platform.

Is this an acquisition of Vinnergi?

No. Vinnergi remains an independent technology consultancy. COS Systems acquired the Fiber Flow platform only. The two companies have entered a strategic partnership, and Vinnergi gains access to the full COS Systems product portfolio.

Does COS Systems support Active Ethernet provisioning?

Yes. Fiber Flow provisions Active Ethernet access equipment directly, and that capability now belongs to COS Systems. PON dominates new builds, but large Active Ethernet estates remain in service and still have to be operated. The acquisition brings automated Active Ethernet provisioning into the COS platform alongside PON, so an operator can run both from one system and migrate from Active Ethernet to PON without changing platforms.

What products make up the COS Systems portfolio?

The portfolio comprises COS Business Engine, COS Wholesale Engine, COS FSM, COS Prospector, COS Marketplace and now also COS Fiber Flow.

Download the press release (PDF)

Press contacts

COS Systems
Mikael Philipsson, CEO
mikael.philipsson@cossystems.com
+46 70 843 10 43
Vinnergi
Pierre Wallgren, CEO
pierre.wallgren@vinnergi.se
+46 70 939 69 64

Get in Touch with us!
/by
, ,

ISP Consolidation Whitepaper: Consolidate Operations, Keep Local Brands

Most broadband acquisitions merge everything at once. Network, systems, staff and brand. The cost savings arrive late. The churn arrives immediately.

This whitepaper sets out a different sequence. Consolidate network operations first, because that is where duplicated cost sits. Leave the acquired brand, its customer relationships and its billing stack running, because that is where revenue sits. Migrate systems later, per network, on the acquirer’s timetable.

It is written for infrastructure investors, acquiring ISPs and the operators being acquired.

Why full-stack integration costs more than it saves

Full migration of one ISP into another is slow, expensive and a management distraction. Plans run optimistic. Costs run over. Savings land later than modeled.

Two costs are routinely underpriced in the model. The first is brand equity. A local provider’s name carries trust built over years, and that trust does not transfer to a national brand on the day the sign changes. The second is migration churn. Forced moves require retention pricing to hold customers, and they still lose some.

Both costs land at the worst possible moment. Revenue dips exactly when the deal model says it should rise.

A better playbook: consolidate operations, keep the brands

Separate the layers. Take cost out of network operations. Protect revenue in the customer relationship. The whitepaper covers five moves.

Unify network operations

One shared NOC, one set of processes and tools. Immediate cost reduction. Customer-facing teams stay small, local and unchanged.

Keep each billing stack at first

No rip-and-replace on day 1. Staff keep the tools they know. Systems migrate in a controlled sequence later.

Lift take-rates through choice

Multiple ISP brands on shared infrastructure means cross-sell across every market in the portfolio. More choice raises penetration.

Shorten time to market

Deferring the customer and IT migration means going live sooner. Revenue starts earlier while operational cost falls in the background.

Profitability improves twice

First from retained revenue and cross-sell. Then from phased system consolidation that lowers unit cost without a churn event.

What an open access structure gives the acquirer

Open access decouples infrastructure from services. Multiple ISP brands run on a single network, with clean separation between the network owner and the service provider.

That structure serves the buyer’s thesis directly. Shared infrastructure and shared field operations lower operating cost per paying subscriber and raise utilization of capital already sunk into the build. Keeping the brands avoids the day 1 revenue shock. Deferring the IT migration protects cash flow.

European operators have run networks this way for two decades. North America is applying the same model to a different problem: one operator, many acquired networks.

This is not theoretical. AT&T sells retail service on PRIME FiBER’s network in Arizona, which runs on COS Wholesale Engine. The open access layer is already carrying Tier 1 retail traffic.

Who should read it

Infrastructure investors evaluating a roll-up, and modeling what penetration the portfolio can reach and how fast.

Acquiring ISPs deciding how much of an acquired operator to absorb, and in what order.

Operators being acquired who want a case for keeping their brand, their team and their customer relationships intact.

Get the whitepaper

ISP Consolidation Success: Streamlining Operations While Preserving Local Brands. PDF, no cost.


Frequently asked questions

Can an acquired ISP keep its own brand and billing system?

Yes. A wholesale layer above the acquired network takes over provisioning, ticketing and wholesale settlement. The acquired operator’s retail brand, customer portal and billing stack keep running. System consolidation then happens in phases rather than as one cutover.

Why do broadband acquisitions lose customers after integration?

Most integration churn traces to billing and support failure at cutover. Customers receive an unfamiliar bill or an incorrect plan, or reach an agent who cannot see their record. Forced brand and portal changes compound it by altering the subscriber experience at the same moment.

Does keeping multiple ISP brands raise operating cost?

Not where the cost actually sits. Duplicated cost is concentrated in network operations, field operations and licensing, and those consolidate under a shared NOC regardless of how many retail brands sit above. Brand and customer relationship are cheap to keep and expensive to replace.

How does multi-brand operation affect take-rate?

Multiple providers on one network give the subscriber a real choice of package, price point and provider. That raises the share of passed premises that connect, which is the financial case for consolidation in the first place.

What is an open access network operator?

An open access network operator owns and runs the fiber infrastructure and sells wholesale access to multiple retail service providers. It does not sell broadband subscriptions itself. Responsibility for the network and for the customer relationship sit in separate organizations.

Which COS product supports multi-network consolidation?

COS Wholesale Engine. It manages service locations, multi-vendor provisioning, RSP API integrations and wholesale billing across acquired networks, without forcing migration off the systems already running. COS Systems has been certified to ISO 27001 since May 2026.

Do Tier 1 providers sell on open access networks?

Yes. AT&T sells retail service on PRIME FiBER’s network in Sun City, Arizona, which runs on COS Wholesale Engine. Open access lets a network owner carry national and regional retailers on the same infrastructure.

Read more on consolidation

American Broadband Consolidation: The Investment Playbook Reshaping Fiber Networks — the strategic playbooks by operator type, and the three paths open to an ISP.

What’s Really Driving the Biggest Moves in American Broadband — the 11 investment theses behind the current wave of deals.

The Network Utilization Strategy — why penetration, not passings, decides the return.

Altnet Consolidation: The Integration Bill Nobody Priced In — the same problem in the UK market, with published integration timelines.

To discuss how this applies to a specific portfolio, get in touch.

/by
, ,

Altnet Consolidation: The Integration Bill Nobody Priced In

Consolidation & M&A

By Ashley Poling, VP Business Development, COS Systems · 2 September 2026

Abstract sphere of converging fibre network connections, illustrating altnet consolidation onto a single wholesale layer

UK altnet consolidation is not slowing because fibre stopped being valuable. It is slowing because buyers cannot absorb what they acquire.

AlixPartners put it in one line this summer: anyone can buy fibre, but almost no one can integrate it. That diagnosis was written for the American market. It describes the UK more precisely.

Why is UK altnet consolidation slowing down?

The capital is available and the assets are cheap. The constraint has moved to operations.

CityFibre put over 400 roles at risk in January 2026 and a further 200 in July, citing consolidation moving slower than anticipated. Netomnia put around 100 staff on notice in the same month. Both are consolidators, not targets. Neither is short of funding.

ISPreview’s tracker counts 3 announced deals in 2026 against 6 in 2025. Valuation disagreement is the reason usually given. Absorption capacity is the reason usually left out.

What does the take-up gap actually cost a consolidator?

Ofcom’s Telecoms Access Review statement of 17 March 2026 records altnet take-up averaging around 18% against approximately 38% for Openreach. That 20-point gap is the whole thesis of consolidation. Buy the passings, raise the penetration, take the margin.

The gap is also wider than the average suggests. Point Topic’s Q1 2026 figures put Toob at 36% and Community Fibre at 32%, with Netomnia at 17% and Trooli at 8%. G.Network was serving roughly 25,000 customers across a network reported at 255,000 premises when it filed for administration in January 2026.

Enders Analysis puts sustainable profitability somewhere near 40% penetration. The largest altnets lost £1.5bn in 2024 on around £9bn of debt, with financing costs averaging 121% of revenue.

So the acquirer’s business case is a penetration case. Every month of integration delay is a month the acquired network keeps running at its old take-up.

How long does it take to integrate an acquired altnet?

Published UK evidence gives a range of roughly 7 to 20 months, and only for the customer-facing layer.

CityFibre reported integrating Connexin within 7 months. FullFibre merged Zzoomm’s operational, commercial and technology systems inside about 9 months, retiring the BeFibre brand and migrating those customers. Netomnia agreed to buy Brsk in June 2024; Brsk customers were not notified of the YouFibre migration until February 2026, with phased migration running through the first half of that year.

Freedom Truespeed took the honest route and said so publicly. On completion in April 2026 the group stated there would be no immediate change to service delivery, with systems, processes and teams integrated over time.

Three brands, three timetables, one platform question underneath all of them.

Why does OSS/BSS decide the timetable?

Because the network merges on paper long before the systems do.

Two altnets with the same technology rarely share a product catalogue, a service definition, an address model or a provisioning workflow. PXC described its own altnet onboarding problem as a patchwork quilt of disparate technologies, varying OSS/BSS maturity and inconsistent taxonomies. That is a wholesale aggregator describing the same heterogeneity a buyer inherits on day one.

INCA’s Wholesale Standards Initiative exists for this reason. Max Fernando, who chairs it, framed the problem directly: retail ISPs have pointed out the costs and complexity associated with needing to onboard new networks.

Standardising the wholesale interface helps the ISP above. It does nothing for the operator holding 4 incompatible back offices below.

What does the buyer’s own stack have to absorb?

Most diligence examines the target. The harder question is what the buyer can run.

Three things have to work on the first day after cutover. Provisioning has to reach the acquired network without two systems both believing they control a live service. The first bill after integration has to reach the right customer on the right plan. Support has to see plan, order and network status for a subscriber whose records came from somewhere else.

Billing is where this becomes expensive. Recon Analytics, analysing 1.47 million US survey responses between 2022 and 2025, found that 35.8% of customers who called about a billing issue intended to leave, against 18.8% who did not need to call. Migration cutover is exactly when billing breaks.

Churn at the moment of integration is the most expensive churn there is. It arrives precisely when the penetration case is supposed to start paying.

Can you consolidate systems without migrating subscribers?

Yes, and the sequencing is the entire argument.

Rip-and-replace treats cost consolidation and revenue protection as one project. They are not. Cost sits in duplicated operations, licences and teams. Revenue sits in the subscriber relationship: the brand they signed up with, the customer portal they log into, the bill they recognise.

A wholesale layer above the acquired networks separates the two. The acquired operator keeps its brand and its customer portal. Its billing stack keeps running. Provisioning, ticketing and wholesale settlement move first, because those are invisible to the subscriber and expensive to duplicate. Subscriber migration happens later, per network, on the buyer’s timetable.

Profitability then improves twice. First from retained revenue and cross-sell across every brand in the group. Then from phased system consolidation that lowers unit cost without a churn event.

This is not a new mechanism. Running many service providers over shared infrastructure, with clean separation of commercial and operational responsibility, is how Nordic municipal networks have worked for 2 decades. Consolidation reverses the direction: 1 operator, many networks. The machinery is the same.

What consolidators should ask before the next deal

The CMA’s Phase 2 statutory deadline on nexfibre and Substantial falls on 15 December 2026. That decision shapes whether the UK ends with 3 wholesale platforms or 2. Either way, the deals continue and the tail of roughly 80 altnets keeps shrinking.

One question separates buyers who compound from buyers who stall. Not what is it worth. How many networks can we run before something breaks?

That number is a capability, and it can be built before the next term sheet.

COS Wholesale Engine is the wholesale layer described above. It sits over acquired networks as a normalisation layer for provisioning, ticketing, wholesale billing and reporting, without forcing migration off the systems already running. It is in live production with wholesale operators in North America, and COS Business Engine runs live operations for broadband operators in Sweden and Finland. COS Systems has been certified to ISO 27001 since May 2026.

See how COS Wholesale Engine handles multi-network operations

The same argument, applied to the US market and the brand and take-rate case behind it, is set out in full in our whitepaper: ISP Consolidation Success: Streamlining Operations While Preserving Local Brands.

Frequently asked questions

What is post-acquisition OSS/BSS integration?

Post-acquisition OSS/BSS integration is the work of making an acquired network’s operational and business support systems function alongside the buyer’s own. It covers provisioning, service activation, ticketing, billing and reporting. It is usually the longest task in a broadband merger and the one that determines when synergies arrive.

How long does altnet integration take in the UK?

Published UK examples range from roughly 7 months to over 20. CityFibre reported integrating Connexin within 7 months. Netomnia’s acquisition of Brsk was agreed in June 2024, with customer migration to YouFibre beginning in early 2026. Timelines depend on how far subscriber migration is attempted alongside system consolidation.

Why do broadband acquisitions lose customers after integration?

Most integration churn traces to billing and support failure at cutover. Customers receive an unfamiliar bill, an incorrect plan or a support agent who cannot see their record. Forced brand and portal migration compounds this by changing the subscriber experience at the same moment.

Can an acquired ISP keep its own brand and billing system?

Yes. A wholesale layer above the acquired network can take over provisioning, ticketing and wholesale settlement while the acquired operator’s retail brand, customer portal and billing stack continue to run. System consolidation then happens in phases rather than as a single cutover.

What is the altnet take-up gap?

The altnet take-up gap is the difference between the proportion of passed premises connected on altnet networks and on Openreach. Ofcom’s Telecoms Access Review statement of March 2026 recorded around 18% for altnets against approximately 38% for Openreach. Closing that gap on acquired networks is the core financial case for consolidation.

How many altnets are left in the UK?

Around 80 remain active, from roughly 100 at the 2023 peak, according to ISPreview’s consolidation tracker and KPMG’s 2025 analysis. No regulator publishes an authoritative count. Analysts including Enders and KPMG expect the market to settle around Openreach, VMO2/nexfibre, CityFibre and a tail of smaller and niche operators.

COS Systems at Connected Britain 2026

COS Systems CTO Sajan Parikh takes this argument to the panel “Making consolidation a reality: integration and value creation” in Theatre 2 on 10 September at 12:40 BST. Read the announcement.

/by