Drake Star Acts as Exclusive Financial Advisor to EXFO on the Sale of its Adaptive Assurance Division to NumoData, a Portfolio Company of Teleo Capital

Teleo Capital-backed company emerges from EXFO to deliver service assurance, next-generation AIOps, and autonomous network operations for communications service providers. 

New York, November 5, 2025 – Teleo Capital Management, a US-based private equity fund targeting lower middle market enterprise software, tech-enabled services and health care IT businesses, has announced the acquisition of one of EXFO’s divisions and the launch of NumoData, a newly formed independent global software company.

Drake Star acted as the exclusive financial advisor to EXFO on this transaction for the sale of EXFO’s Adaptive Service Assurance (ASA) business.

"We would like to thank James Turino and the Drake Star team whose sector knowledge, expert advice, and dedication helped drive this successful outcome for all parties," said Philippe Morin, EXFO CEO.

The NumoData press release announcing the transaction said: "The newly independent company is positioned to transform network operations through AI-powered intelligence for communications service providers (CSPs) and enterprises. This builds on its existing strong service assurance customer base, partnerships, and technology. Telecom industry expert Mary O’Neill has been appointed Chief Executive Officer to lead the company’s innovation and growth strategy.

With significant investment in AI readiness and next-generation capabilities, NumoData’s data-agnostic platform delivers agentic AI-driven troubleshooting, semantic digital twins, and advanced AIOps that support complex, multi-domain environments, from RAN to core to edge. This enables intelligent fault diagnosis, proactive anomaly detection and automated remediation that reduces operational costs while enhancing network performance and user experience."

James Turino, Managing Partner at Drake Star, commented: "We are very excited to be involved in the sale of EXFO’s market leading assurance division and the launch of NumoData. It has been a privilege to work with EXFO and our express thanks to the entire team that has made this transaction happen."

Drake Star Team: James Turino, Peter Cox

For further inquiries, please contact:

James Turino

Managing Partner | Drake Star

james.turino@drakestar.com | +1 212 508 7108

About EXFO

EXFO develops smarter test, measurement, and monitoring solutions for the global communications industry. We are trusted advisers to fixed and mobile network operators, hyperscalers and leaders in the manufacturing, development and research sector. They count on us to deliver superior visibility and insights into network performance, service reliability and user experience. Building on 40 years of innovation, EXFO’s unique blend of equipment, software and services enable faster, more confident transformations related to 5G, cloud-native and fiber optic networks.

For more information, visit: www.exfo.com. 

About Teleo Capital

TELEO Capital is a lower middle market private equity firm that looks to invest in opportunities where its strategic thought, operational resources, and capital base empower management to perform and execute their business plan. TELEO brings a successful track record of executing corporate carve-outs, recapitalizing broken balance sheets, acquiring founder-owned companies, and implementing buy and build strategies for its portfolio companies. TELEO targets opportunities in the technology & software, healthcare IT, business services, and industrial sectors. The firm is headquartered in Boise, ID with an additional office in Los Angeles, CA.

For more information, visit: www.teleocapital.com. 

About NumoData

NumoData is an independent global software company specializing in AI-powered network intelligence, AIOps, and advanced analytics for communications service providers and enterprises. Formed in 2025 following the sale of EXFO’s Adaptive Service Assurance business and backed by Teleo Capital, NumoData is investing in the future of network operations through generative AI, autonomous operations, and predictive analytics across mobile, broadband, and private 5G networks. With a proven foundation built over 17 years and strategic partnerships with industry leaders, NumoData serves global Tier 1 and Tier 2 CSPs from its US headquarters and regional offices around the world.

For more information, visit: www.numodata.com. 

About Drake Star 

Drake Star is an award-winning global tech investment bank that has completed over 500 transactions since 2003. The Drake Star global team of experienced professionals and senior advisors across offices in New York, Munich, London, Paris, Los Angeles, San Francisco, Berlin, and Dubai* focuses on mergers & acquisitions and corporate finance services worldwide in Software/SaaS, HR Tech, Digital Services, FinTech, Digital Media, Industrial Tech, Consumer & Retail Tech and Mobility & Sustainability.

Drake Star is the marketing name for the global investment bank Drake Star Partners Limited and its subsidiaries and affiliates. In the USA, all securities are transacted through Drake Star Securities LLC. In the USA, Drake Star Securities LLC is regulated by FINRA and is a member of SIPC. Drake Star UK Limited (FRN 942020) is an appointed representative of Razlin Ltd (FRN 730805), which is authorized and regulated by the FCA. © 2025 Drake Star Partners Limited.

For more information, visit: www.drakestar.com.

*Partner Office