Kaleido Intelligence has just dropped its newest Roaming Vendor Hub, and this year’s edition lands with more weight than ever. Not only is it the most extensive assessment of global roaming vendors to date—it’s also one of the clearest signs of just how fast the roaming and travel connectivity market is evolving.

If you’ve been following the space, you already know that roaming isn’t just about wholesale minutes or legacy interconnect anymore. It’s become a high-stakes ecosystem of signalling security, IPX routing, 5G standalone interoperability, travel eSIM enablement, and AI-driven analytics. And for operators, MVNOs, and travel eSIM providers, choosing the right partners is now a strategic decision—not a functional one.

Last year, Kaleido assessed 70 companies. This year, that number climbed to 80—a clear reflection of both the sector’s momentum and the growing complexity of global roaming. From IPX providers and signalling security vendors to MVNEs powering travel eSIMs, the roaming ecosystem has never been more crowded, ambitious, or innovation-driven. And with new scoring categories and a tougher threshold for earning “Champion” status, vendors had to work even harder to stand out.

And with Kaleido raising the score required to reach “Champion” status, the companies that made it to the top this year had to deliver across every category: technology, performance, innovation, customer value, and forward-looking capability.

This isn’t just a ranking update — it’s a snapshot of an industry undergoing one of its most significant transitions in a decade.

A New Scoring Threshold—and 16 Companies Make Champion Status

One of the biggest changes in this year’s Hub is the revised scoring framework. To be named a Kaleido Champion, vendors now need a minimum score of 14 out of 15—up from last year’s threshold of 12. In other words, “good” isn’t enough anymore. Only the companies delivering excellence across product depth, innovation, execution, and technical capability made the cut.

Sixteen vendors reached that level. These include names that consistently dominate roaming conversations—1Global, BICS, BroadForward, Cellusys, Comfone, T Wholesale, ENEA, eSIMGo, iBASIS, MACH TOMIA, Mobileum, Orange Wholesale, Syniverse, Telefónica Global Solutions, Telna, and Vodafone Procure & Connect.

These companies earned Champion recognition across categories such as Steering of Roaming, Sponsored Roaming, Roaming Hubs, IPX, Roaming Analytics, Clearing & Settlement, Roaming Fraud Management, Signalling Security, Roaming Testing, and—for the first time—Travel eSIM MVNE.

Travel connectivity continues to evolve fast, and the addition of the Travel eSIM category signals something important: roaming innovation is no longer isolated to MNOs and wholesalers. New players, new models, and new expectations are reshaping what “roaming” even means.

The Top Performers by Category

Among the Champion vendors, several stood out as the number 1 leader in their respective categories. The accompanying infographic from Kaleido highlights the ranking visually, but a few standout recognitions were echoed loudly by vendor executives.

Quotes from top-ranked Champion vendors

• Cellusys celebrated its #1 ranking in Steering of Roaming and strong showings in signalling security and analytics.

“We are extremely proud to achieve the #1 ranking in Kaleido Intelligence’s Steering of Roaming vendor hub. This milestone underscores our unwavering focus on innovative solutions and affirms our leadership position in the market. Furthermore, our Champion assessment in both Signalling Security and Roaming Analytics is a powerful validation that Cellusys is regarded as a true thought leader setting the standard for visibility and control of mobile network.”

• Telna secured the #1 position in Travel eSIM Enablement. Founder Gregory Gundelfinger described the recognition as validation of Telna’s long-term strategy to build programmable, scalable global connectivity.

“Being recognised as the No. 1 Champion in Travel eSIM Enablement is a clear validation of Telna’s long-term strategy. We’ve built a programmable connectivity platform that gives operators the flexibility, scale and control they need to compete in a rapidly shifting market. This acknowledgment from Kaleido reinforces our position as a trusted partner for the future of global connectivity.”

• Mobileum pointed to trust and innovation as key differentiators, with CMO Bernardo Galvao Lucas highlighting their strong operator partnerships globally.

“Kaleido’s recognition reflects the trust our customers place in Mobileum and it’s a testament to our relentless focus on innovation, customer success, and delivering measurable value to telecom operators worldwide.”

• Orange Wholesale International earned the #1 ranking in Sponsored Roaming, positioning the company firmly as a global reference point for high-quality roaming enablement.

“Orange Wholesale confirms its leadership in the international roaming market by achieving the status of No. 1 Champion Vendor for Roaming Sponsor in Kaleido’s prestigious ranking. This recognition reflects the excellence of our roaming services, our technical expertise, and our ability to support our operator partners around the world. This leading status reflects our ongoing commitment to providing superior mobile connectivity solutions and reinforces our position as a benchmark in the international telecommunications ecosystem.”

• Comfone took the #1 spot for Roaming Hubs, with Key2roam praised for its mix of experience, technical capability, and customer support.

“Comfone appreciates the “No. 1 Champion Vendor in Roaming Hub” ranking in Kaleido’s competitive product intelligence assessment of service providers in the roaming industry – it clearly demonstrates that Comfone’s Key2roam Roaming Hub is leading the industry, combining a wealth of experience with technical expertise and unparalleled customer support. Our goal is to also provide a premier Roaming Hub service to our customers, and this assessment is confirmation that we indeed do this.”

Syniverse and BICS Lead the Market Overall

While several companies topped individual categories, Syniverse and BICS continue to dominate the holistic roaming vendor landscape. Syniverse once again ranked #1 overall across all product segments—for the fifth year in a row—and earned top marks for IPX and Data & Financial Clearing. CEO Andrew Davies framed it as confirmation of their long-standing role in keeping global roaming functional and reliable, especially as 5G SA accelerates. Kaleido Roaming Vendor Hub 2025

BICS also placed strongly across nearly every scoring area, reinforcing its market position as one of the most comprehensive roaming and wholesale platforms globally. Alongside Orange Wholesale and Vodafone Procure & Connect, BICS continues to present a one-stop, integrated approach — a strategy that seems increasingly important as operators look for simplicity in an environment that’s becoming more complex.

High Flyers Show a Market With Real Depth

Beyond the 16 Champions, Kaleido recognised 39 companies as High Flyers—vendors that deliver strong, well-rounded offerings and show clear momentum. High Flyers aren’t yet at the Champion level, but they out-innovate, outperform, and out-execute in ways that make them highly competitive partners. In many cases, these are the companies pushing the next wave of roaming solutions: smaller, more specialised, and sometimes more agile.

It’s worth noting that High Flyers are often the vendors experimenting with AI-driven roaming analytics, fraud prevention automation, network orchestration, and 5G SA-ready signalling layers. These could be tomorrow’s Champions.

What This Year’s Vendor Hub Really Tells Us

This year’s report is about more than rankings—it’s a snapshot of an industry in accelerated transition. According to Kaleido’s Nitin Bhas, the momentum toward AI-powered optimization, 5G standalone roaming, and next-generation signaling security is unmistakable. Vendors are moving quickly, and the competitive gap between innovators and slow movers is widening.

From Alertify’s perspective, there are a few meaningful takeaways:

The rising importance of travel eSIM MVNEs

The inclusion of Travel eSIM Enablement as a scored category is a subtle but powerful signal. As demand for digital-only travel connectivity soars, MVNEs and service enablers like Telna, eSIMGo, and others are no longer niche players—they are essential infrastructure. This shift mirrors trends seen from GSMA reports, BEREC roaming studies, and insights from industry forums like MVNO Nation. BTW, eSIM Go was recognized as a “Champion Vendor” in the same domain.

Established giants still matter—but agility is the new currency

Syniverse, BICS, Comfone, and Orange Wholesale continue to lead, but many of the most interesting innovations are coming from smaller or more specialized companies. Travel eSIM players, cloud telecom enablers, and programmable connectivity platforms are becoming indispensable.

5G SA roaming is the next big battleground

Kaleido’s research highlights that vendors investing early in 5G Standalone interoperability, signalling security, and QoS-driven roaming analytics are positioning themselves for long-term relevance.

Consolidation of platforms is accelerating

The vendors performing best tend to offer end-to-end platforms rather than single-product solutions. That’s consistent with what we’ve seen at events like Mobile World Congress and Capacity Europe: operators want fewer vendors, not more.

Travel connectivity is now officially part of mainstream roaming strategy

The travel eSIM sector is no longer outside the roaming conversation; it is shaping it. Retail eSIM adoption is accelerating globally, and operators are seeking flexible wholesale partners who can integrate roaming, eSIM enablement, analytics, and monetization into a single stack.

Real competition is healthy

With 80 companies assessed and score thresholds raised, Kaleido’s 2025–2026 Hub confirms that roaming innovation is alive and kicking. A crowded field forces everyone—legacy giants and new-wave players alike—to move faster.

Building trust is still the ultimate differentiator

Innovation matters, but reliability, transparency, and long-term partnership continue to win deals. That’s echoed across vendor comments—and consistent with feedback seen in operator surveys from TM Forum and GSMA Intelligence.

A note for travel eSIM users

As travel connectivity becomes more sophisticated, these Vendor Hub results can indirectly help travellers identify which brands are backed by credible, scalable, and technically robust partners—even when the consumer-facing eSIM brands aren’t listed directly.

Conclusion: A Roaming Market Entering Its Most Transformative Phase Yet

This year’s Kaleido Vendor Hub makes something very clear: we’ve entered a new era of roaming. The traditional borders between roaming, wholesale connectivity, programmable telecom, and travel eSIM are blurring—and the competition is fiercer than ever.

On one side, long-established players like Syniverse, BICS, Comfone, and Orange Wholesale are proving they still have the scale, trust, and technical sophistication to lead. On the other hand, companies like Telna, eSIMGo, BroadForward, and the newer generation of travel eSIM MVNEs are challenging the status quo with agility, cloud-native infrastructure, and innovation-first strategies.

Reliable sources like GSMA, BEREC reports, and findings from Capacity Media all point to the same underlying trend: the future of roaming will require interoperability, security, flexibility, and automation at levels the industry hasn’t needed before. Vendors that can deliver all four—consistently—will shape the next decade of global connectivity.

The 2025–2026 Vendor Hub isn’t just another ranking. It’s a signal that the market is shifting faster than ever, and the players who embrace that pace—backed by real technological depth—are the ones pulling ahead.