Gamma operates in the UK market for corporate voice and data connectivity. The group sells mainly through reseller “Channel Partners” (numbering almost 1,000) and Gamma is geared up to support and assist these (generally small) organisations in building their bases of end customers. Advances in technology are driving companies to adopt new platforms, where Gamma has a competitive offering. We initiate coverage with above-consensus estimates, and in this note detail our reasons for this optimism.