Ann: Successful Placement of $0.3M and $0.1M in Convertible Notes, page-100

Norwood estimates the global voicemail upgrade/replacement to be approximately $1 billion p.a. in addressable market value. This is borne out of Norwood’s understanding1 of the current global value of voicemail maintenance revenues alone, which is understood to be on the order of $0.5 billion p.a.

Beyond the market for voicemail services, the market for Telco cloud services generally has an economic value estimated at approximately US$20 billion in 2021, growing to US$52 billion in 20262. Norwood is focused on developing new services targeting this larger market opportunity, whilst building on and leveraging its position with its successful reference platform, World Voicemail.


With all the talk currently focusing on NOR’s market cap , I thought it would be wise to take into consideration the above two paragraphs from the annual report . The first paragraph in regards specifically to voicemail upgrade / replacement and maintenance . We already know that Norwood replaced Mavenir as the incumbent for Spark New Zealand , a tier 1 telco . We also know that Paul spoke with Mavenir representatives in the UK , who were interested in knowing how Norwood could offer a competing platform with a significant cost advantage . Mavenir are the major player in this space , the estimated $1.5 billion market that they currently enjoy and their percentage share is at risk of decline , especially if Spark is any indication . Maybe investors need to consider what Mavenir value NOR at , I have no doubt we have their attention and one or two new telco deals should have management seriously considering their next step .

The second paragraph is directly in relation to the telco cloud market , estimated at US $20 billion in 2021 with exponential expected growth going forward . We are all aware that Norwood has recently partnered with Microsoft / Metaswitch , we are also aware of Microsoft’s recent takeover activity and their intentions to become a major player and provider for telcos . Metaswitch have stated that the first step telcos should proceed with in migrating to the cloud revolution logically starts with voicemail . Again investors need to consider what Microsoft value NOR at , the two or more revenue streams will be attractive . I have no doubt when push comes to shove , Microsoft will have the biggest cheque book and with the multiple streams of revenue , they will also value Norwood differently to Mavenir and more importantly , the existing market .


All in my knowledgeable opinion …..