Operating Partner & Strategic Advisor

Consulting & Interim Management

Strategy, investment & management across TMT in EMEA & Africa. 20+ years of hands-on expertise combining strategic advisory, operational execution, and regulatory mastery.

✓ 90+ missions across 15+ countries ✓ 20+ years TMT expertise
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The Economics of Alpha

We treat TMT Value Creation as an Economic Science. Our approach bridges three critical dimensions: Wiley Valuation methodologies, Public Policy frameworks, and Technical Reality.

With 20+ years of advisory experience across EMEA and Africa, we combine strategic advisory, operational execution, and regulatory expertise to unlock hidden value in telecommunications, digital infrastructure, and financial services. We deploy the McKinsey Valuation Framework, LRIC/LRAIC cost analysis, and Blue Ocean Strategy to redefine competition and create sustainable value.

Every engagement is built on rigorous economic analysis, deep sector knowledge, and hands-on delivery — bridging the gap between strategy consulting and investment banking.

Economics of Alpha Expertise Depth & Complexity Alpha (Excess Returns) Commoditized EXXING Zone α Expertise Threshold

Beyond the expertise threshold, returns accelerate — where EXXING operates

Integrated Value Creation STRAT V NATION BUILDER FIN FINANCIER EXEC OPERATOR Strategy · Finance · Execution — seamlessly integrated

€2Bn+ Value Created

Across 90+ missions in TMT, fintech, and digital infrastructure

Avg Mission
€4.4M
Success Rate
98%
Repeat Clients
73%
Expert Days
4000+
30 Years Experience
90+ Missions
25+ Countries
100% TMT & Digital

Our Capabilities

01

Strategic Advisory & Valuation

Market analysis, competitive positioning, and enterprise valuation using McKinsey Wiley frameworks, DCF/multiples modeling, and Blue Ocean Strategy. We size opportunities and build the economic case for action.

  • DCF & Multiples Valuation (EV/EBITDA, EV/Revenue)
  • WACC & Sensitivity Analysis
  • Market Sizing & Competitive Mapping
  • Blue Ocean & Strategic Repositioning
Valuation & Cost Analysis Grid WACC Cost of Capital Weighted Average ROCE Return on Capital Employed LRIC Economic Cost Long Run Incremental ABC Activity-Based Costing
02

Transaction Support & M&A

End-to-end transaction advisory from commercial due diligence through deal structuring and negotiation. Vendor and buy-side mandates across TMT, fintech, and digital infrastructure.

  • Vendor & Buy-Side Due Diligence
  • Financial Modeling & Deal Structuring
  • Synergy Identification & Integration Planning
  • Fundraising & Investor Relations
M&A — 5-Phase Process 1 2 3 4 5 Origination Due Diligence Negotiation Closing PMI 100 Days End-to-end transaction management
03

Operational Execution & Interim Management

Hands-on delivery through interim C-suite roles (CFO, COO, D-CEO), 100-day transformation plans, PMI execution, and organizational redesign. We bridge strategy and results.

  • Interim CFO, COO & CEO Mandates
  • 100-Day Plans & Quick Wins
  • Post-Merger Integration & Carve-Outs
  • Organization Design & Capability Building
Operational Excellence Framework KPIs Performance Dashboards P&L Margin Analysis & Optimization Org Design & Capability Process Reengineering & Automation
04

Regulatory & Policy Advisory

Deep regulatory expertise in telecom licensing, spectrum allocation, LRIC/LRAIC cost modeling, and public policy economics. We navigate complex regulatory environments across EMEA and Africa.

  • Licensing & Spectrum Strategy
  • LRIC/LRAIC Economic Cost Modeling
  • Stakeholder & Government Relations
  • Policy Impact & Fiscal Analysis
Regulatory & Licensing Process Regulatory Analysis Market assessment & framework review Application Preparation Documentation & compliance filing Submission & Advocacy Stakeholder engagement & lobbying Negotiation & Award Terms structuring & license grant Compliance & Renewal Ongoing obligations & monitoring

Capability Spotlight

AI & Digital Transformation

Embedding artificial intelligence and digital technologies into TMT strategy, operations, and regulatory frameworks — from boardroom vision to frontline execution.

🧠

Strategic AI

AI-driven strategy development for TMT operators: use-case prioritization, ROI modeling, and transformation roadmaps aligned with business objectives.

  • AI Readiness Assessment
  • Use-Case Prioritization & Roadmap
  • Data Monetization Strategy
⚙️

Operational AI

Deploying AI/ML into core telecom and digital operations — network optimization, predictive maintenance, customer analytics, and process automation.

  • Network AI & Predictive Ops
  • Customer Intelligence & Churn ML
  • Process Automation (RPA + GenAI)
⚖️

Regulatory AI & Ethics

Navigating the regulatory implications of AI in telecoms and digital services — data governance, algorithmic compliance, and policy frameworks.

  • AI Governance Frameworks
  • Data Protection & GDPR/LNPDP
  • Ethical AI Advisory for Boards

Capability Spotlight

Finance, Planning & Costing

Deep financial engineering for TMT operators — from advanced cost modeling and regulatory accounting to pricing strategy and profitability optimization.

Advanced Cost Modeling

LRIC, LRAIC+, and Activity-Based Costing models for telecom regulators and operators — setting interconnection rates, wholesale prices, and cost benchmarks.

  • LRIC / LRAIC+ Bottom-Up Models
  • ABC & Top-Down Cost Allocation
  • International Benchmarking

Regulatory Accounting

Designing and auditing separated accounts, transfer pricing frameworks, and regulatory financial reporting for incumbent operators and regulators.

  • Separated Accounts Design
  • Transfer Pricing & Compliance
  • Regulatory Financial Reporting

Pricing & Profitability

Economic pricing models for mobile, broadband, and enterprise services — margin analysis, elasticity modeling, and competitive pricing intelligence.

  • Service-Level P&L Analysis
  • Demand Elasticity & Tariff Design
  • Competitive Pricing Intelligence

Capability Spotlight

Digital & Smart Cities

Advising governments, regulators, and infrastructure players on smart city strategy, digital infrastructure master plans, and e-government transformation across Africa and EMEA.

🏙️

Smart City Strategy

End-to-end smart city master plans — IoT architecture, connectivity layers, public-private partnership frameworks, and investment structuring for municipalities.

  • Smart City Master Plans
  • IoT & Connectivity Architecture
  • PPP & Investment Structuring
🌐

Digital Infrastructure

National broadband plans, fiber and data center feasibility, submarine cable landing strategies, and universal service fund optimization for emerging markets.

  • National Broadband Strategy
  • Fiber & Data Center Feasibility
  • Universal Service Fund Advisory
🏛️

E-Government & Digital Inclusion

Digital government transformation programs — citizen platforms, digital identity, mobile money integration, and inclusive digital policy for emerging economies.

  • Digital Government Platforms
  • Digital Identity & Mobile Money
  • Digital Inclusion Policy

Track Record: 14 Major Engagements

INWI — 3rd Operator License Morocco

Morocco €300-500M 2004-2009

Member of INWI launch team. Led license strategy, competitive positioning, and regulatory negotiations for Morocco's 3rd mobile operator. Foundational work enabling €800M-1Bn enterprise value creation.

INWI — Long-Term Advisory & Value Creation

Morocco €800M-1Bn 2005-2020

Sustained advisory partnership through operator maturity. Strategic guidance on enterprise segment positioning, operational excellence, and value capture. De facto advisor to C-suite across growth phases.

Intelcia — VDD & M&A Strategy

Multi-country €200-300M 2013

Comprehensive vendor due diligence and acquisition strategy for BPO platform. Financial modeling, operational assessment, synergy identification across 5 markets.

Level 4 Networks — FiberCo Tunisia

Tunisia €30-50M 2018-2019 D-CEO Role

Interim Deputy CEO (DGA) for fiber operator launch. Business plan development, financial modeling, network rollout strategy, and operational infrastructure establishment for market entry.

GE Capital / 3i — DSL Operator Buy-Side DD

EMEA €50-100M 2001

Comprehensive due diligence for broadband operator acquisition. Technical assessment, revenue modeling, regulatory pathway analysis for private equity investor.

Galileo Partners — Belarus Operator Buy-Side DD

Eastern Europe €30-50M 2002

Buy-side due diligence for operator investment. Commercial assessment, competitive dynamics, regulatory risk evaluation for growth market entry.

SNCF-TD / Cegetel — Fiber Valuation

France €50-100M 1996

Strategic fiber asset valuation. DCF modeling, competitive benchmarking, and infrastructure valuation framework for telecommunications infrastructure stake.

ONA Maroc — Telecom Entry Feasibility

Morocco €100-200M 2003

Strategic feasibility study for telecom sector entry. Market analysis, competitive landscape assessment, licensing pathway evaluation for major conglomerate.

WANA — International Hubbing Due Diligence

MENA €10-20M 2005

Due diligence for international hubbing infrastructure. Technical and commercial assessment for regional telecommunications hub expansion.

BUTEC/ENGIE Morocco — PMI & Interim CFO

Morocco 1,500 Employees 2023-2024 CFO

Interim CFO for utility company restructuring. Led financial transformation, cost optimization, operational reengineering, and stakeholder management during PMI phase.

SADV/OCP — VSAT & 3RP Studies

Morocco Multiple Studies 2015-2022

Multi-year regulatory and infrastructure studies for mining operator. Satellite (VSAT) licensing assessment, 3G/4G/5G roadmap development, spectrum allocation strategy.

Tunisie Telecom — Tower Valuation & Advisory

Tunisia Strategic Asset 2021

Comprehensive tower asset valuation and monetization strategy. Assessed towerco carve-out feasibility, build-to-suit options, and financial structuring alternatives.

ARTCI Ivory Coast — Long-Term Regulatory Advisory

Ivory Coast Sustained Partnership 2015-2024

Decade-long partnership with telecom regulator. Strategic guidance on spectrum policy, licensing framework, competitive dynamics across mobile, fiber, and satellite sectors.

World Bank Tunisia — Digital Infrastructure Advisory

Tunisia Development Finance 2017-2018

Strategic advisory for development finance institution. Broadband expansion assessment, regulatory framework evaluation, financing models for rural connectivity.

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Sector Expertise

Deep domain knowledge across TMT, digital infrastructure, and financial services

5G & Networks

Telecom Infrastructure

5G, 4G, TETRA, VSAT, Satellite LEO — we advise on infrastructure investments, spectrum strategy, and operator excellence.

5G Deployment Spectrum Strategy

SaaS & Cloud

Software & Cloud Computing

Enterprise SaaS, Cloud Infrastructure, AI/ML — we support growth-stage and scale-up companies through capital raising and strategic positioning.

Enterprise SaaS Cloud Infrastructure

Payments & Fintech

Payment Systems & Finance

Payment processing, Digital wallets, Blockchain — we advise on payments innovation, cross-border expansion, and regulatory compliance.

Payment Processing Digital Wallets

BPO & Offshoring

Business Process Outsourcing

Nearshoring, Offshoring, Contact Centers — we guide BPO companies through digital transformation and market expansion.

Contact Centers IT Services

Smart City

Urban Technology

IoT, Smart Infrastructure, Connected Cities — we advise on smart city projects, public-private partnerships, and technology integration.

IoT Infrastructure Smart Grids

IT & AI

Information Technology & AI

Artificial Intelligence, Machine Learning, Data Analytics — we support AI-driven companies through growth capital and strategic advisory.

AI/ML Platforms Data Analytics

Tower & Fibre

Network Infrastructure

Telecom towers, Fiber networks, Dark fiber — we advise on infrastructure consolidation, tower companies, and fiber deployment.

Tower Companies Fiber Networks

Media & Content

Entertainment & Distribution

Streaming platforms, Content production, AdTech — we guide media companies through digital transformation and platform economics.

Streaming Platforms Content Production

Who We Serve

Bridging the gap across the TMT ecosystem — from investors to operators to regulators

Private Equity & Investors

We help PE funds, DFIs, and institutional investors identify, evaluate, and capture value in TMT assets across emerging markets.

Commercial Due Diligence
Valuation & Investment Thesis
M&A Target Screening

Corporate & Operators

Hands-on value creation for telecom operators, TowerCos, BPOs, and technology companies navigating growth, restructuring, or transformation.

100-Day Plan Execution
Carve-out & PMI
Turnaround Management

Public Sector & Regulators

Advisory to governments, regulators, and development institutions on telecom policy, spectrum allocation, digital inclusion, and infrastructure economics.

License Acquisition & Regulatory Strategy
Public Affairs & Stakeholder Engagement
E-Government & Digital Inclusion

Client Testimonials

"EXXING transformed our strategic roadmap from concept to execution. Their ability to combine economic rigor with operational reality is rare and invaluable."

CEO, Leading Telecom Operator
Morocco

"From licensing strategy to operational execution, EXXING guided every step of our market entry. They understood both the finance and the ground realities."

Managing Director, Private Equity Fund
Europe

"EXXING's hands-on operational approach and sector depth made them an extension of our team. Results delivered, relationships built, and trust earned."

Investment Director, Development Bank
Africa

Methodological Foundations

Our proprietary approaches are grounded in world-class strategic thinking and economic rigor. We build on proven frameworks from leading institutions and adapt them to the unique realities of emerging TMT markets.

The Blue Line Imperative

Kevin Kaiser & David Young

Wharton School of Business

We help TMT leaders focus on real value creation instead of vanity metrics. By distinguishing between value-creating and value-destroying activities, we align strategic decisions with long-term shareholder returns.

Application

Performance management, capital allocation, and value-based leadership.

Valuation (McKinsey)

Koller, Goedhart & Wessels

Strategic & Financial Analysis

The gold standard for corporate valuation. We deploy DCF, multiples, and real options analysis to provide investors with defensible, market-tested valuations for telecom and infrastructure assets.

Application

M&A due diligence, portfolio valuation, and investment thesis validation.

Economic Cost Analysis

LRIC, Activity-Based Costing

Regulatory Economics

We use forward-looking economic cost methodologies (LRIC/LRAIC) to model efficient network costs, ensuring regulatory pricing reflects true infrastructure economics rather than historical accounting.

Application

Regulatory tariff modeling, interconnection pricing, and universal service costing.

CFI Best Practices

Corporate Finance Institute

Financial Modeling Standards

We adhere to CFI's rigorous financial modeling standards, ensuring our analyses meet institutional-grade quality for credit committees, investment boards, and regulatory authorities.

Application

Financial modeling, sensitivity analysis, and investment memoranda preparation.

Blue Ocean Strategy

Based on Kim & Mauborgne's framework, we help TMT companies escape saturated "red ocean" markets by creating uncontested market space. Our approach identifies opportunities for value innovation where competition becomes irrelevant.

Strategic Canvas Analysis
Mapping competitive factors to identify differentiation opportunities and value curves.
Four Actions Framework
Eliminate, Reduce, Raise, Create — systematic approach to value innovation.
TMT Applications
MVNO strategies, TowerCo models, convergence plays, and digital service innovation.

Four Actions Framework

ELIMINATE
Which factors should be eliminated?
REDUCE
Which factors should be reduced?
RAISE
Which factors should be raised?
CREATE
Which factors should be created?

Kim & Mauborgne, INSEAD

4-Step Payout Decision

1
Project Cash Flows
Forecast operating cash flows
2
Set Capital Structure Target
Optimal debt-to-equity ratio
3
Estimate Surplus Cash
Cash available for distribution
4
Decide Payout Method
Dividends vs Share Repurchases

McKinsey Valuation Framework

Capital Structure & Shareholder Returns

Based on McKinsey's Valuation framework, we help TMT companies optimize their capital structure and payout policies.

Optimal Leverage Analysis
Telecom Operators (2-3x), TowerCos (4-6x), Tech/Software (0-1x).
Dividend Policy Design
Sustainable payout ratios and progressive dividend strategies.
ALPHA Standard Market PERCEIVED BARRIER Complex Market

Complexity Arbitrage

In emerging markets, complexity is often seen as a risk. We view it as an asset class. By mastering the intersection of regulatory uncertainty, technological leaps, and operational friction, we unlock "Alpha" where others see only barriers.

Turning regulatory hurdles into competitive moats
Leveraging technology gaps for leapfrog growth

"We don't just borrow frameworks — we adapt them. Our expertise lies in translating global best practices into actionable strategies for markets where data is scarce, regulation is evolving, and execution is everything."

— EXXING Strategy Team

International Presence

Engagements delivered across 4 continents

Europe (missions)

France, Switzerland, Belgium, Luxembourg

ARCEP, CDC — project-based
North Africa

Morocco, Tunisia, Algeria

inwi, OCP, ANRT, LEVEL4
Sub-Saharan Africa

Ivory Coast, Chad, Rwanda, DRC

Ignite Power, World Bank
Middle East

UAE, Saudi Arabia

Confidential mandates
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Latest Insights & Articles

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M&A

De-risking Cross-Border Telecom M&A

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Digital Infrastructure

Sovereign AI as Economic Policy

Governments are weaponizing AI investment as strategic policy. We explore the policy incentives, investment dynamics, and implications for TMT infrastructure and digital economy.

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