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KORE Customer Base is a Competitive Advantage
KORE's customer base is a true competitive advantage. In fact, it is because of the 3600 customers we have that I say we are a comprehensive growth platform pure play IoT diversified across industries and across use cases. Now, obviously, 3600 customers is a lot for a relatively small company. And that's because while about 500, customers give us 80% of our revenue, so no real concentration there from a customer standpoint, that still leaves over 3000 customers that are in this long, small tail. Those are important customers, because many of them will be hugely successful in the IoT space going forward, and therefore will grow with us. Now, here's another fun fact, these 3600 customers were really largely conductivity as a service customers are cast customers. For us. That was our legacy business. And some of these customers have been with us a long time. We have only over these last three years as we have transformed our company to really position it for growth in this decade of IoT, this 2021 to 2030 decade as I call it from 12 billion devices to 75 billion connected IoT devices. It's really over the last three years that we've introduced new managed services and analytics businesses. It's really over these last three years that we've transformed from an IoT connectivity business, to an IoT connectivity solutions and analytics business. And so long story short, there is a tremendous cross sell opportunity here, less than 200 of our customers but multiple services, meaning more than one service more than connectivity from us last year in 2020. As we really learn as an organization, how to position our services and sell those cross sell opportunity into into these 3600 customers, frankly, we don't need to add many customers to hit the base case revenue forecast that we've put out there. The $414 million revenue for 2025 that we've put out in our in our documents, is really what I would call the base case. If you layer in the m&a excitement, if you layer in new customer growth, new pre configured solutions growth that we're investing into now, we think the upside case could actually well be closer to a billion dollars over a similar timeframe. But the excitement of having an installed base that can alone drive, the five year forecast we have put out is fairly clear. You know a lot of a lot of companies forecast a lot of new customers and new business, we're saying we can get it from what we already have. We're also increasingly focused in five sectors, five sectors that, frankly, have more than 80% of the IoT market in terms of dollars spend. So we think we're focused on the right places, the right use cases, connected health fleet management, asset monitoring, industrial IoT, and communication services are those five sectors, our customer base, those 3600 customers I talked about, are growing at 20% on their own, because they're all in the IoT markets, on average, they're growing at 20%. And as long as we serve them, well, we will grow right with them. And it is an unbelievable pleasure to have and privileged to have that kind of a customer base to use as a solid part of our competitive advantage and as a part of our growth platform.