Mainstream telecom operators have had a hard time monetizing heavy investment over the last 10 years, resulting in less attractive profiles for investors. However, in the midst of a depressed sector, the B2B telecom sub-segment offers highly attractive growth opportunities and deserves greater attention from investors in our opinion. As corporates digitalize, technological migrations are opportunities for alternative B2B players to take market share from incumbent operators and deliver double-digit organic growth. Adjacent services such as cloud or cybersecurity, as well as new technologies such as VoIP, unified communications, fibre and SD-WAN, are all challenging legacy services and providers and opening opportunities for smaller players. M&A is set to continue in the sector as investors look for recurring revenue and growth. At the same time, all B2B operators are seeking to accelerate their development, gain scale in distribution or with their services portfolio, and seize the growth opportunities presented by technology transformation.