But they are fully committed and frankly could have funded by yesterday or today, when we signed. The really the only reason to delay, and by the way, we’re delighted that we are the first investment, I believe, in Searchlight Capital’s new fund. And just between the timing of them closing that fund and cash becoming available, and so forth, we’ve said, okay, let’s just separate out the sort of definitive agreements, the signing from the closing. I suspect it won’t take but a few days for that to happen. There are no conditions anticipated. And just look, just a couple of words on Searchlight, if I could. Again, just a fabulous sort of forward leading stance they’ve had since we first met them. Don’t know how much people know about them, but they’ve got about $12 billion in assets under management, and well over half of that is in the telco, so the telecommunications media space.
So they’re very knowledgeable in the space. Their vote of confidence means that much more than sort of generic money, if you will, right? Because this is very strategic, very savvy money in the telco space. And we’re looking forward to welcoming two of their members to our Board. I’ve got to know both of those members reasonably well here over the last few weeks and months. And we couldn’t be more excited about how much difference I think they’re going to make to a growth mindset around here.
Lance Vitanza : Yeah, no, that’s great. I’m very familiar with Searchlight in particular and so congratulations again. Maybe just to turn to if we could to the global sales pipeline on Slide 10, and my question there is, you’ve got the $740 million of opportunities. It seems as though it’s spread out amongst a good number of opportunities but I’m wondering if we think that just sort of like, does the 80/20 rule apply there? I mean, is it the case that you have, maybe it’s not 80/20. But is there a lot of concentration within the size of those opportunities that still remain to potentially close? Or is it really — is it just a lot of more $2 million to $4 million contracts? And that’s, I guess, one question. And then the other question related to the funnel is, would it be possible to talk a little bit about, you have the arrows there from the qualification and evaluation stage, sort of at the beginning of the process, all the way down to the beta site stage, which is pretty close to when you’re actually going to win the business.
How would you sort of describe where the bulk of the $740 million sits? Is it really evenly spread throughout those four categories? Or is it more at the beginning of the process more at the end of the process? I’m just trying to get a sense of how we should think about what you’re going to be able to announce closing on over the next, call it, two to four quarters? Thanks.
Romil Bahl: Yeah, that’s a fantastic question. And look, I actually appreciate the question, because it’s starting to become such a big set of numbers, right? Where it’s 1700 opportunities and three quarters of a billion dollars of sort of potential estimated TCV that breaking it out a little bit, I think makes it more meaningful, more digestible and so on. And the first thing I’ll tell you is let’s just talk size, right? Not that size s everything, Lance, right? But size, I mean, is kind of important for us. Because, again, like six years ago, when I arrived at the company, we had really relatively small deals, small customers in general, I mean, obviously, we were about a third of the size or so of what we are today, anyway.
But today, right, we have over 230 of these deals. So call it less than 1500 under $0.5 million, and the rest are over $0.5 million, right? About 100 between $0.5 million and a $1 million, another 100 between $1 million and $5 million, and then about 16 that are above $5 million and below $10 million and another 16 above $10 million. I don’t think I’ve ever seen 16 deals, about $10 million in the funnel. I have a feeling that the first four years of my being in this company, we didn’t have 16 in total, right, that were about $10 million. So in the next — that’s what’s exciting about the kind of enterprise readiness, the maturity of our solutions, the kinds of conversations we’re now having, the kinds of problems we’re now solving. And IoT has disappointed because it started in this very regional, right?
Let’s start with a pilot here, let’s start with this there. Now it’s starting to go global. And when you start to go global, you start to talk big dollars. And we’re basically, we would argue, the top player of helping our customers solve the global problem with our multi, multi, multi on the one hand, with our eSIM offer on the other. Another couple of ways to slice and dice the funnel that I find helpful, I hope you do. We’ve done remarkably well at staying pretty stable around this sort of 60/40 mix of new customers versus existing customers. Remember, this funnel is new business. So it’s, right, it’s obviously if I have an existing piece of business and the sales guy goes and so, we signed that business, we may treat that every bit as a deal with that kind of discipline.
But it’s existing revenue, right? So it’s not really new. So we don’t, we don’t report out externally to you guys, what I call existing, existing, right? But new business at existing customers, and then of course, new customers by definition, no matter what you sell them, is new revenue. And it’s been consistently at about 60/40 new to existing, that’s good to see because that tells you those new customer dollars coming in. Another interesting thing, of course is, we’ve made no bones about the fact over the last year, actually almost two years now, we have been singularly more focused on the IoT Connectivity business, right? We like the Managed Services business. This is not, not saying anything bad about my team, they’re a dedicated, fantastic team.
