Haivision: Owner-Operated Growth Business at Attractive Valuation

James Emanuel of Rock & Turner presented his in-depth investment thesis on Haivision (Canada: HAI) at Best Ideas 2025.

Thesis summary:

Haivision has been led by its founder-CEO for more than two decades, growing at a 23% CAGR over sixteen years pre-IPO using just $8 million in seed funding. The company has a capital-light, service-driven model and enjoys high barriers to entry due to specialized networks and strong customer relationships.

In 2020, Haivision raised capital through an IPO to fund a couple of acquisitions and accelerate growth. Revenue has grown 62% since then. The acquisitions are expected to be value-accretive from H2 2025. The company also has two key partnerships, which have broadened the offering and paved the way for new avenues for growth. Haivision serves diverse clients, including governments, military, and blue-chip corporates (no concentration risk). Haivision supplies its own hardware and has developed industry-standard software backed by 600+ alliance members, including YouTube, Microsoft, and AWS.

Insiders own 31% of the company, with the CEO holding 14% (~20x annual compensation) and increasing his stake in the open market, aligning the interests of management with those of shareholders.

Haivision consistently delivers gross margins above 70%, trending toward 75%, demonstrating pricing power. The service is incredibly sticky and has strong recurring revenue. The company is transitioning to higher-margin cloud and software services while shedding lower-margin segments. As operating leverage takes hold, EBITDA margins appear likely to double. The recent strategic shift and acquisition costs have temporarily acted as a drag on unit economics, which has driven the market cap to less than half of the IPO value — despite the business being far stronger today.

With the company trading at slightly more than 1x revenue, Haivision offers a compelling opportunity. With rising revenues, expanding margins, and multiple expansion — plus, the company has initiated share buybacks (management citing confidence that the stock’s market valuation does not reflect true value — the business has the full set of drivers for strong future shareholder returns.

The full session is available exclusively to members of MOI Global.

Members, log in below to access the full session.

Not a member?

Thank you for your interest.  Please note that MOI Global is closed to new members at this time. If you would like to join the waiting list, complete the following form:

First name:

Last name:

Email address:

City / state / country:

Company:

How did you hear about MOI Global? Select Member referral Staff This website Media / Internet Other

If referral, please provide member's name:

Which of the following applies most closely to you? Select Investment Firm - Head Investment Firm - Analyst or PM Institutional Allocator - Firm C-Level Executive Institutional Allocator - Firm Employee Family Office - Head or Co-Owner Family Office - Employee Non-Investment Firm - C-Level Executive Non-Investment Firm - Employee Other

How do you hope to add value to the community?

Leave this field empty if you're human:

About the instructor:

James Emanuel lives and works in London, England. He is happily married and has three children. He qualified in English law having achieved a Bachelor of Laws degree with Honours (and several academic prizes along the way). He subsequently secured a post graduate Legal Practice Certificate from the Law Society of England and Wales. However, having enjoyed the academic side of law, practicing law was not what excited him. Sharing a family aptitude for mathematics and economics — his father, being a retired stockbroker and his brother an actuary — he was drawn into the world of finance, particularly investing in businesses. As an investor in some of the world’s leading businesses, he has engaged with corporate leaders and learned what success looks like. He constantly introduces constructive challenges to inform corporate decision making and has improved the fortunes of the companies in which he has a financial interest. He has also served as a special advisor to the U.K. Government in matters relating to business policy.