The FOCUS Telecom Technology Index (TTI) continued its pattern of alternating gains and losses. This past three months saw a positive upswing as the sector gained 6.1%. While a solid gain, it still lagged the broader indices as the S&P 500 was up 10.9% and the NASDAQ was up 12.5% over the same time frame. The TTI is also in positive territory for the last twelve months with a gain of 5.8%. However, this compares unfavorably to both the S&P 500 and the NASDAQ, which gained 28.4% and 40.5%, respectively, over the past year. Sector multiple performance was mixed. The revenue multiple increased from 2.3x a year ago to 2.4x currently, while the EBITDA multiple fell from 12.9x to 11.6x over the past year.


Richard Pierce has more than 10 years of investment banking experience advising middle market clients on a variety of mergers and acquisitions and capital raising transactions. Mr. Pierce’s primary emphasis has been on serving clients in the telecommunications industry.