In the communications sector, distribution platforms, content providers, software delivery models, media consumption patterns and monetization strategies are all in the midst of a transformation. Increasing demand by businesses and consumers for mobile data, streaming video, wireless machine-to-machine applications, SaaS solutions and online media and gaming has created strong secular tailwinds for companies that provide bandwidth. Additionally, recognition by enterprises of all sizes that managing computing resources internally is not a core competency is generating robust growth for providers of outsourced IT infrastructure and services. Avista believes that attractive opportunities currently exist to partner with outstanding management teams to create leading companies in the communications sector. Avista typically focuses on mid-sized companies with recurring revenues, low churn and clear customer value propositions. Areas of particular interest include machine-to-machine communications, data centers and infrastructure-as-a-service providers, fiber assets (metro and backhaul), cable, tech-enabled business and information services, cloud-based communications and digital media.