Technology, Media and Telecoms (TMT) is a sector defined by constant innovation and change, with the importance of digital technology felt by enterprises and consumers around the world. The industry and businesses involved are highly complex and dynamic. Advent has been a longstanding investor in TMT attracted by the sector's pool of opportunities, attractive growth drivers and cash-generative models. Over the past four years, Advent has been active in the global TMT space, making four acquisitions, including Oberthur Technologies, KMD, P2 Energy Solutions and UNIT4.
Typically, companies within the TMT sector have high growth rates and they respond to secular trends not cyclical trends, meaning we are able to find interesting deal opportunities even in markets with challenging economic climates. Their global nature and multiple layers of value creation fit well with Advent's investment model. Software businesses, in particular, show consistent performance due to high customer switching costs, recurring revenue streams and excellent cash flow generation. The operational leverage of most software companies also enables accretive follow-on M&A, and we believe the software sub-sector offers dynamic exit options.
Through ongoing strategic reviews, we target market-leading companies with clear value creation plans and strong earnings growth potential, often through international or inorganic expansion. Our main sourcing themes are based around the increasing penetration and adoption of social, mobile, analytics and cloud technologies. Our investments in UNIT4, P2 Energy Solutions and KMD all benefit from these trends.
Beyond our core themes, together with our operating partners, we continuously assess new trends and areas where we believe our unique operational and strategic insights can turn potential into sustainable earnings growth. In 2013, we focused on five sourcing areas: Enterprise resource planning (ERP) software, which addresses the increasing drive for efficiency in modern enterprises; engineering software, which addresses the growing sophistication in energy and infrastructure decision analysis; banking and finance software, which addresses the increasing complexity and compliance requirements in the financial services industry; information and analytics, which offers productivity and enhanced decision-making tools; and lastly, the internet, which is a fast-moving economy with increasingly mature investment opportunities with operational improvement potential.