Research Note

November 2022 Mavenir’s Rage Against The (RAN) Machine is paying off

November 2022

Abstract

By Stéphane Téral, Stelyana Baleva

Just back from Dallas where U.S. cloud-native network software champion Mavenir successfully conducted its analyst event—on November 16 and 17—with massive insight into the state of its business, which remains driven by its solid global IMS legacy performance but is gradually being augmented by its prowess in packet core, open RAN software and radio unit (RU) hardware. Case in point: 2021 packet core revenue tripled YoY and the open RAN software and hardware portion of Mavenir’s 2021 total revenue jumped to 19% from a mere 7% in 2020. Over the past 3 years or so, Mavenir has made phenomenal progress and is now playing in the major league: Deutsche Telekom has deployed Mavenir’s cloud-native 5G core in its domestic network—which was until now a mixed Ericsson and Huawei territory, and Dish is building its open 5G RAN nationwide network with Mavenir’s central unit (CU) and distributed unit (DU) software suite, running on AWS and VMware, respectively. Mavenir must be doing something right.

If Mavenir were a heavy metal/punk rock band, it would fall in the Rage Against the Machine category, which is an American band founded in 1991 that became famous for its shocking fusion of hip-hop and metal and resolute political messages delivered with a lot of energy and yet a genuine attitude. Since its 2018 strategic announcement that it would start an open RAN business to challenge the establishment and bring the novel architecture to the masses on a global scale, Mavenir has stayed the course on both its open RAN rhetoric and its flawless execution. Make no mistake, this is gigantic hard work, and we could certainly feel the pressure the executive team has on its shoulders to deliver. At the end of the day, the investment is colossal: an injection of $500M in 2021 and a fresh round of $255M so far this year.

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