In public markets, the FOCUS Enterprise-Focused Telecom Technology Index (EFTTI) turned in a stellar reporting period this spring with a three month gain of 17.3%. Gains were broad-based as every single sub sector in the index was in positive territory for the period. In addition, the gains in the EFTTI handily outperformed the broader indices as the S&P 500 was up 8.9% and the NASDAQ was up 11.2% over the corresponding time frame. The story is similar for the full year period, where the EFTTI’s year-over-year increase of 23.7% compares favorably with both the 11.3% gain in the S&P 500 and the 14.6% gain in the NASDAQ. The sector has benefited from meaningful multiple expansion over the past year. The sector revenue multiple ended the period at 4.9x (up from 4.0x a year ago) and the sector EBITDA multiple ended the period at 20.5x (up from 16.5x a year ago).