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Independent Voice of Customer Evidence

Customer Narrative Development
The Independent Voice That Flanks the Press Cycle

Using independent operator voice to build an unassailable narrative for the raise. Established before the press cycle defines it for you.

Subject
NGA 911
Adviser
PEAKPowered by Crossover Research
Date
March 2026
In Partnership With
PEAK Technology Partners
The Story Is Already Being Written — The Question Is Who Controls the Evidence
Strong fundamentals and clean financials are the foundation — they are not the narrative. In a competitive raise process, a story vacuum becomes the narrative. Buyers fill gaps with assumptions. Investors arrive pre-primed by what they already read. The only counter is independent, third-party customer evidence that cannot be sourced or re-framed by outside opinion.
When the Narrative Is Written For You
→Third-party accounts reach investors before the teaser does
Buyers arrive primed by what they already read, not operating performance. First impressions are set by the most recent story in circulation, not whoever built the better business.
→Every IC meeting opens with “I saw that piece about…”
Without independent data as a counter-narrative, management spends the entire process on reputation repair instead of value creation. Defensive conversations erode credibility and time.
→No independent voice exists to counter the prevailing narrative
An outside narrative goes unchallenged in every diligence conversation where the only counter-evidence is what management says about itself. That is the most expensive credibility gap in a process.
When You Own the Evidence First
→20+ PSAP directors on record — independent voices that cannot be sourced or re-framed
Independent customer evidence is the only asset in a raise process that cannot be sourced, challenged, or re-framed by outside opinion. It is collected on your terms, in your timing, before anyone starts asking.
→Investor conversations open with proof, not press corrections
When the first document a buyer reads is a validated customer study, the narrative frame is set by operators — not by assumption. Pre-answered objections turn the hardest questions into the strongest proof points in the room.
→The financial story and the customer story become one
NGA is printing dollars. The operating fundamentals are there. Evidence collected now turns “strong performance despite bad press” into “market-leading platform with customer proof.” That is a different multiple.
01
Product Intelligence

NEXiS Platform Architecture Analysis

Cloud-native 911 infrastructure serving PSAPs nationwide. Displacement means replacing ESInet routing, call-handling compliance, AI integrations, and all state interconnects simultaneously.

Infrastructure Layer
NEXiSCore — ESInet Backbone
Active-active multi-region ESInet. NENA i3-compliant, zero single points of failure. The backbone all NG911 services ride on.
  • NENA i3 Certified
  • Active-Active
  • Zero SPOF
Execution Layer
NEXiSConnect + NEXiSText
Full NG911 call-handling: voice, video, photo, Text-to-911, Real-Time Text, and pre-answer caller intelligence.
  • Text-to-911
  • Multimedia
  • RTT Capable
AI Layer
AI Integration + NEXiSAnalytics
Cloud-native integration hub connecting third-party providers to NGA’s certified stack. No changes to the ESInet core.
  • AI-Native
  • Real-Time
  • Translatable
Platform Strategy
NEXiSLifeline + NEXiSEdge + NEXiSMessage
988 Lifeline routing expands the mandated footprint beyond 911. NEXiSEdge reduces PSAP hardware overhead.
  • 988 Compliant
  • Edge-Ready
  • SAMHSA Adjacent
The platform is defensible. The customer narrative and government-mandate resilience case have not been independently validated yet — and without third-party evidence, investors will price the perceived risk rather than the actual moat.
02
Valuation Risk Factors

Government dependency + competitive displacement risk is the market’s primary pricing mechanism

Multiple Compression
~−25%
Gov’t Tech SaaS · 2024–25
iGov’t-adjacent SaaS has re-rated meaningfully. Companies without an evidence story absorb the full discount.
Buyer Scrutiny
~−65%
M&A Deal Volume · vs. 2021 Peak
iEvery unanswered diligence question and every unanswered press narrative becomes a price chip in negotiation.
Narrative Premium
2–3×
Evidenced Story · vs. Narrative Void
iCompanies with independent third-party evidence consistently outperform peers where the narrative is defined by press coverage alone.
01
Is the revenue model structurally recurring, or grant-dependent?
Government-adjacent revenue without contract lock-in proof gets flagged as appropriation risk, not SaaS quality.
02
Does AI deepen platform lock-in, or is NGA just the next Intrado?
NENA certification depth must be validated externally to be credible in diligence.
03
Can you prove operator impact and platform stickiness with outside evidence?
Management-asserted results don’t close the narrative discount. Independent operator evidence converts diligence into a premium multiple.
How We Close Each Gap
01
Establish the platform as certified infrastructure, not a tool
02
Prove the platform is mission-critical and irreplaceable
03
Let PSAP directors validate mission-critical impact independently
04
Tie customer evidence directly to a compelling raise narrative
Every investor objection answered with independent evidence.
03
Investor Q&A

Investor Objections

Government Budget Dependency and Revenue Concentration

Critical

“Your entire revenue model depends on government appropriations and 911 surcharge fees. When a state legislature diverts surcharge revenue or a PSAP loses a budget battle, your contract can disappear. This isn’t a recurring revenue story — it’s a government dependency story.”

General PartnerInfrastructure-Focused PE$3B AUM
R
Rebuttal
Surcharge diversion is a headline risk, not an execution risk. Multi-year ESInet contracts and FCC reporting requirements create structural protections that single-year budget volatility cannot easily override.
!
Evidence Gap
Contract stickiness and switching barriers have not been independently measured. Renewal intent data from active operators is the direct close.

“Motorola Solutions owns a meaningful share of the PSAP market. AT&T has FirstNet and existing state contracts. Intrado has been in this space for 20 years. When an NGA contract comes up for re-bid, what stops a Motorola rep from writing a lower number and winning on price? I’ve seen this movie in public sector tech before.”

Managing DirectorTech-Focused PEFormer Public Sector CIO
R
Rebuttal
Integration depth creates transition friction that commodity pricing cannot overcome. Migrating from NGA requires rebuilding ESInet routing, carrier interconnects, and dispatch workflow state from scratch.
!
Evidence Gap
No third-party data on PSAP switching intent or incumbent evaluation history exists. One VoC module closes this permanently.

“The NG911 mandate has been a ‘next two years’ story since 2012. Congress allocated $109M a decade ago and the transition is still incomplete in most states. What makes you confident the federal funding pipeline your growth depends on actually materializes at a pace that supports your projections?”

VP of InvestmentsInfrastructure PE$6B AUM
R
Rebuttal
Federal delay was a headwind when the market was voluntary — it is now a tailwind. Every year of delay concentrates procurement volume into a window where NENA certification depth is the primary differentiator.
!
Evidence Gap
PSAP migration urgency is currently management-asserted. Independent operator timelines convert the thesis into a validated pipeline signal.

“You’re selling to 6,000 individual county and municipal governments, each with their own procurement process, RFP timeline, and political dynamic. The economics of one-by-one government sales never work at scale. How do you build a SaaS-like growth flywheel on top of what is essentially a municipal contract business?”

Deal LeadGrowth EquitySaaS-native background
R
Rebuttal
The distribution model is consolidating, not fragmenting. State ESInet contracts aggregate dozens of PSAPs under one vehicle — a first win becomes a replicable reference architecture.
!
Evidence Gap
Cooperative procurement satisfaction and peer referral intent have not been independently collected. VoC data validates the land-and-expand GTM thesis.

“RapidSOS is integrating AI directly into the 911 call stack. Carbyne is doing next-gen call handling. If AI-native PSAP platforms become the standard, NGA’s traditional cloud ESInet could become legacy infrastructure faster than anyone expects. You could be the next Intrado if you’re not careful.”

PrincipalTech-Focused Growth EquityAI-first investment thesis
R
Rebuttal
NGA is the certified platform AI layers connect to — not the platform they replace. NENA i3-compliant ESInet certification is not replicable by application-layer competitors. RapidSOS and Carbyne route through NGA's infrastructure.
!
Evidence Gap
PSAP perception of NGA as modern vs. legacy-adjacent has not been independently measured. A VoC module on innovation confidence and competitive evaluation confirms or challenges this directly.

“Public sector software is notoriously hard to reprice. Your customers are government agencies with fixed budgets and procurement rules. What’s the NRR story here? Can you actually expand revenue per PSAP over time, or is this a flat-rate renewal machine with no meaningful upsell motion?”

Operating PartnerPE FundFormer SaaS CFO
R
Rebuttal
The upsell architecture is built into the federal mandate roadmap. Each NEXiS module addition is triggered by a compliance milestone, not a discretionary budget decision.
!
Evidence Gap
Multi-product expansion intent has not been independently validated. VoC data on module addition likelihood provides the NRR quality evidence buyers require.

“The 988 and crisis response angle is interesting, but SAMHSA funds a completely different vendor ecosystem than 911 appropriations. You’re asking public safety agencies to trust an NG911 company with behavioral health routing. That’s a credibility gap, not just a product gap.”

Deal LeadHealthcare-Aligned Growth Equity$2B AUM
R
Rebuttal
The 988 opportunity is certified infrastructure, not clinical competition. NGA provides the compliant routing layer clinical operators need — not the clinical service itself.
!
Evidence Gap
988-adjacent PSAP directors have not been surveyed on NGA’s Lifeline credibility. A targeted VoC cohort within the 988 rollout footprint validates the adjacency thesis.

“On March 14th, the California OES sent NGA 911 a termination letter. The state fired your client after Californians paid significant sums for an upgrade that produced outages, misrouted calls, and a 12-hour 911 blackout in Tuolumne County. Why would we write a check when the state of California just sent one demanding its money back?”

Deal LeadInfrastructure PENBC Bay Area reader
R
Rebuttal
One termination, in the most complex NG911 deployment in the country, does not represent platform performance. California involved a multi-contractor state-directed architecture and a procurement dispute — what non-CA operators experience is the question that only they can answer.
!
Evidence Gap — Key Priority
This is the single most important evidence gap in the raise. Renewal intent and “would you recommend NGA” data from non-CA operators is the only credible counter-narrative. Third-party voice can substitute for management assertion here.

“NBC reported that one of your own engineers said the California system ‘didn’t seem ready’ and that he wouldn’t trust it with his own family’s emergency. You had insiders saying this internally while it was being put into production. That’s not a PR problem — that’s a culture and QA problem. How am I supposed to underwrite that risk?”

Operating PartnerPE FundFormer software CTO
R
Rebuttal
Internal dissent during a high-pressure deployment is evidence of a functioning QA culture, not systematic failure. VoC establishes that where the platform ran without California’s constraints, operators trust it under real emergency load and would not switch.
!
Evidence Gap
No independent data on PSAP director confidence in NGA’s technical leadership or deployment methodology. Third-party operator confidence scores are the only credible counter to an anonymous engineer quote.
04
Press Narrative Risk

The California Coverage — Each Claim Mapped to a Rebuttal

Click any row to expand the rebuttal and evidence position.

HIGH “Outages, misrouted calls, busy signals at first CA 911 centers — local officials explicitly blaming NGA.” ›
First-live integration complexity ≠ platform-wide performance Evidence Gap: PSAP uptime data
Rebuttal Position

Early-stage deployments on legacy-to-IP migrations carry inherent complexity. “First live” issues at a handful of PSAPs do not represent platform-wide performance across NGA’s full deployment base.

Evidence Gap

No independent PSAP operator data on uptime and reliability across non-California deployments. Customer voice from stable, mature deployments counters the geographic narrative.

HIGH “CA’s multi-hundred-million NG911 upgrade paused and years behind schedule — state says design introduced unnecessary risk to dispatchers.” ›
State agency procurement dispute, not independent technical finding Evidence Gap: Multi-state deployment confidence
Rebuttal Position

California’s NG911 initiative involved a state-led design process with multiple contractors and regulatory bodies. “Behind schedule” language originated in state agency memos, not independent technical assessment.

Evidence Gap

PSAP director confidence in NGA’s deployment methodology has not been independently collected across other states. A breadth-of-deployment VoC dataset directly rebuts the single-state framing.

HIGH “Tuolumne County: 12-hour outage, residents couldn’t reach 911. State senator questioned the reliability and safety of the system.” ›
Political visibility ≠ root-cause determination Evidence Gap: SLA data outside CA
Rebuttal Position

Single-incident attribution in complex infrastructure deployments must be carefully scoped. A senator publicly questioning a contractor is not an independent technical finding establishing NGA as the cause.

Evidence Gap

No independent documentation of uptime and reliability SLA performance across the NGA customer base outside California. This is the most important evidence gap in the narrative risk picture.

CRITICAL “March 14, 2026: CA OES formally terminates NGA’s contract. Florida: project ‘on the brink of collapse’ per telecom director.” ›
Non-CA customers renewing + expanding is the only counter ▶ Evidence Gap: HIGHEST PRIORITY
Rebuttal Position

Contract terminations in government procurement are as much about political accountability and liability management as technical performance. The strongest counter is evidence that non-CA customers are actively renewing, expanding, and recommending the platform.

Evidence Gap — Highest Priority

This is the evidence gap the entire VoC study exists to close. Renewal intent, NPS, and “would you recommend NGA to another jurisdiction” from non-CA operators are the only credible counter-narrative available.

HIGH “Internal engineer messages: system ‘didn’t seem ready.’ One engineer said he would not trust it with his own family’s emergency.” ›
Anonymous pre-launch concern vs. 20 PSAPs on the record Evidence Gap: Live operator confidence
Rebuttal Position

Engineering teams raising pre-launch concerns is a feature of a functioning QA process. VoC establishes that where the platform ran in production, real 911 professionals trust it with real emergencies.

Evidence Gap

No independent data on active PSAP operator confidence in platform reliability under live emergency load. An anonymous engineer quote is the loudest voice in the room until 20 PSAP directors say otherwise on the record.

CONTEXT
The business is printing dollars. The operating fundamentals are intact. The problem is that without independent, third-party customer evidence on record, every investor conversation starts with the NBC Bay Area reporting as the baseline. The VoC study does not exist to defend the California situation — management does that directly. It exists to ensure that the 20+ PSAPs running NGA successfully outside California have a voice in the room before any buyer sets their price.
05
Evidence Architecture & Objection Playbook

Where Customer Evidence Enters the Raise Process

Customer evidence mapped to every section of the raise. Toggle between the evidence map and the objection playbook below.

CIM Section Evidence Integration Scope
Exec Summary
20+ PSAP directors on record establish the customer voice before any investor opens a search engine
Full Study
Product
PSAP-validated uptime, response improvement, operational reliability scores — proof, not feature claims
Ops & Outcomes
Competitive
Switching friction evidence and “impossible to replicate” PSAP director verbatims
Competitive Position
Financial
Address government dependency narrative, support NRR assumptions and upsell projections
Revenue Quality
Risk Factors
PSAPs evaluated alternative platforms and remained on NGA — proactive displacement rebuttal
Displacement Risk
Press Risk
CA termination counter-narrative: Non-CA renewal intent, NPS, and “would recommend” scores from active PSAP customers. The only evidence that overrides the NBC Bay Area baseline.
Q9 Q12 Q15
Management
PSAP director confidence in NGA leadership, platform reliability, and operational time-to-value
Leadership Trust
Gov’t Dependency
“Revenue disappears when budgets get cut.”
Multi-year ESInet contracts + legal obligation to provide 911 service creates structural recurrence.
Incumbent Risk
“Motorola writes a lower number next bid.”
Migration complexity and operational data rebuild cited as harder than any price differential.
Mandate Delay
“Federal funding gets delayed again.”
Pent-up PSAP urgency compounds with every year of delay. The backlog is the market.
AI-Native Threat
“RapidSOS or Carbyne displaces NGA.”
AI-native vendors build to NGA’s certified NENA backbone — they don’t replace it.
NRR Ceiling
“Government contracts don’t upsell.”
988 + analytics + module expansion follow the federal mandate roadmap. Predictable, not discretionary.
Distribution
“PSAP-by-PSAP is not scalable.”
State ESInet + cooperative contracts aggregate dozens of PSAPs under a single procurement win.
06
Evidence Roadmap

Evidence Production Timeline

Four-phase sprint from panel recruiting through raise-ready deliverable. The study goes to the source — including California — to build the independent record the press cycle cannot override.

01
Week 1 Respondent Recruiting & Panel Design
Recruit 20–25 PSAP directors and 911 coordinators across all active deployments — including California operators. The press narrative originated in that market; the rebuttal must too.
▸ panel confirmed — structured interviews begin
02
Weeks 1–2 Mission Criticality & Operational Performance
Operator-rated uptime, incident reliability, and platform confidence across all deployments. California operators are included — their direct testimony is the only credible answer to reporting sourced from anonymous insiders.
▸ operator testimony collected — commercial & competitive probes begin
03
Weeks 2–3 Competitive Position, GTM & Renewal Intent
Switching cost, renewal intent, competitive evaluation history, and "would you recommend NGA to another jurisdiction" — the five commercial dimensions that close every investor objection on the CA narrative.
▸ all interviews complete — scoring and synthesis
04
Weeks 3–4 Scoring, Synthesis & Raise-Ready Packaging
Curated verbatim library, scored KPI dashboard, and raise-ready deliverable. Every evidence artifact maps to a named press claim and investor objection — the independent record management cannot manufacture on its own.
Deliverable Package
Everything needed to counter the press narrative at every stage of the raise — from teaser through IC.
25+
Presentation Slides
20+
PSAP Directors on Record
8
Study Dimensions
5
Press Claims Rebutted
3
Weeks to Delivery