Company Profile: F5 Networks’ Traffix Signaling Delivery Controller and BIG-IP Policy Enforcement Manager

© Analysys Mason Limited 2015

F5 Networks’ Traffix Signaling Delivery Controller and BIG-IP Policy Enforcement Manager

Company Profile

F5 Networks’ Traffix Signaling Delivery Controller

and BIG-IP Policy Enforcement Manager

February 2015

Glen Ragoonanan and Gorkem Yigit



Company summary

F5 Networks is a provider of application delivery products

and services with a broad solution portfolio including network

data and signalling traffic management, security, cloud and

application delivery controller, and serves the telecoms,

financial services, government and IT/enterprise industries.

It acquired Traffix Networks in 2012 to move into the

Diameter routing space, which enabled the vendor to expand

its footprint in telecoms and secure revenues from LTE

network investments.

This profile focuses on F5’s Traffix Signaling Delivery

Controller (SDC) and BIG-IP Policy Enforcement Manager

(PEM) products that together help communications service

providers (CSPs) address the challenges of data and mobile

signalling traffic growth in their networks, and monetise the

increasing demand for data services.

F5 has over 60 SDC and around 20 PEM CSP customers as

of January 2015.

SDC and PEM are key enablers of a range of use cases in

CSP networks. This profile looks at dynamic service chaining

with S/Gi interface simplification (see slide 7), mobile content

optimisation (see slide 8) and Voice over Wi-Fi (VoWiFi) (see

slide 9) and multi-layer end-to-end CSP network and service

security (see slide 10) use cases with both SDC and PEM.

2

Figure 1: F5 Networks company facts [Source: F5 Networks, 2015]

Founded 1996

Offices HQ in Seattle, USA

Employees 3800+ (2014)

Regional focus Worldwide

Revenue USD1.73 billion (2014)

Customers1 Top 10 global CSPs and top 5 U.S mobile

CSPs, 48 of the Fortune 50 companies, U.S

government and educational institutes

Partnerships Cisco Systems, HP, Microsoft, Oracle and

VMware

Company status Public (NASDAQ:FFIV)

SDC and PEM are NFV-ready virtual network functions

(VNFs) because they are hardware independent by design.

Their Virtual Editions can run as VNFs either on F5 purpose-

built F5 BIG-IP hardware with its carrier-grade KVM

hypervisor version (Virtual Clustered Multiprocessing

(vCMP)) or on commodity IT hardware with hypervisors

such as VMware and Citrix XenServer.

F5 uses its partner ecosystem to provide end-to-end

optimisation and monetisation solutions to CSPs.

1 F5’s significant customers have not been disclosed in this profile due to NDAs



Strategic Direction

F5 focuses on providing solutions that help CSPs:

simplify and optimise networks by ensuring interoperability

with different network protocols and signalling;

monetise traffic through context-aware layer 4-7 capabilities

and traffic management, which enables advanced service

and charging plans (together with partners) to increase

ARPU; and

secure the entire service delivery architecture to protect

against malicious behaviours.

Strategic vendor partnerships will remain key to F5’s success

in delivering end-to-end CSP solutions. F5 will develop new

technology partnerships in high growth areas including

network virtualisation management and orchestration, policy

control, analytics, IoT/M2M and cloud computing.

F5 plans to grow both its IT and telecoms revenues year-on-

year while sustaining about 25% of its total revenue from

CSPs over the next five years. It will seek opportunities to

acquire and develop new software technologies to expand its

addressable IT and telecoms markets as they integrate due to

NFV and SDN. It will also consider expanding its core

application delivery networking (ADN) portfolio to target CSPs.

Its acquisition of LineRate Systems in 1Q 2013 bolstered its

capabilities to deliver layer 4-7 SDN data centre.

Figure 2: F5 Networks value proposition for CSPs [Source: F5 Networks and

Analysys Mason, 2015]

It is positioning SDC and PEM, along with its BIG-IQ

Cloud/NFV management and orchestration solution, for

virtualised networks. Both SDC and PEM are deployed in

CSP POCs in their virtualized forms. F5 is also focusing on

developing new joint SDC and PEM use cases.

It delivers solutions and services directly and through channel

partners to increase its footprint internationally to continue its

double-digit growth.

SECURE OPTIMIZE

MONETIZE

3



Overview of F5 Networks’s solutions for mobile CSPs

4

Figure 3: F5 Networks mobile CSP solutions architectural overview [Source: F5 Networks and Analysys Mason, 2015]

PCRF

OFCS

OCS

BIG-IP Policy Enforcement

Manager (PEM)

MME

HSS

Traffix Signaling Delivery

Controller (SDC)

AAA

AS/

CSCF

GGSN/

PGW

HLR

Control plane

URL

Filtering/

Caching

Video/TCP

optimisation

WAP

Gateways

VAS/Optimisation

S6a

Ro/Gy Gr

Rx

Gx/Gy

Internet gateway Internet

DNS

BIG-IP

Global

Traffic

Manager

BIG-IP

CGNAT BIG-IP AFM

* BIG-IP Local Traffic Manager (LTM) is a standard component of all BIG-IP appliances and VIPRION chassis-based systems

F5 products focused on this profile

Other F5 CSP products

Non-F5 network elements



Product Analysys

Mason

segment

Description

Traffix Signaling

Delivery Controller

(SDC)

Service Delivery

Platforms

SDC provides Diameter signalling functions including context-aware routing, load balancing, and connectivity among all

legacy network elements, interfaces, and protocols. It also delivers reporting and analytics as well as a testing and

simulation suite to aid in infrastructure forecasting and planning.

It combines 3GPP Diameter Routing Agent (DRA), GSMA Diameter Edge Agent (DEA) and 3GPP InterWorking

Function (IWF) in a single platform and provides following core functionalities:

• Diameter router: supports over 50 diameter interfaces and provides contextual routing management and reliable

failover management for increased network performance

• Diameter load balancer: provides multiple load-balancing schemes, network management and security functions

and enables improved utilization of resources as well as scalability with cost-effective growth

• Diameter gateway with IWF: ensures connectivity and interoperability between all network elements, protocols, and

interfaces and helps CSPs reduce integration time and improve utilisation of legacy networks.

BIG-IP Policy

Enforcement

Manager (PEM)

Service Delivery

Platforms

PEM provides CSPs with a broad set of traffic classification capabilities to understand subscriber behaviour and usage

trends and manage network traffic by identifying the specific applications and services that subscribers are using. It

allows CSPs to steer application and subscriber traffic to the relevant value-added services, i.e. web caching, video

optimisation, TCP optimisation, or parental control, to increase efficiency in the network and provides reporting and

analytics capabilities. It forms part of 3GPP PCC architecture when integrated with PCRF and OCS and can enable

CSPs to deliver personalised services and charging plans.

Product summary

Figure 4: F5 Networks’ telecom software products [Source: F5 Networks, 2015]

All F5 products are available to CSPs as VNFs

PEM and SDC are telecoms-specific solutions.

5


F5 Networks’ Traffix Signaling Delivery Controller and BIG-IP Policy Enforcement Manager 6

Product Analysys

Mason

segment

Description

BIG-IP Global

Traffic Manager

(GTM)

Software

Controlled

Networking

F5 BIG-IP Global Traffic Manager (GTM) helps CSPs’ secure their DNS infrastructure through secure high-

performance DNS services and scales DNS responses geographically in order to survive volume increases and DNS

DDoS attacks, and ensure high availability of applications and services. It automatically directs users to the closest or

best-performing data center based on business policy, geolocation, and volume spikes and delivers high-performance

DNS and application services with visibility, reporting, and analysis.

BIG-IP Local

Traffic Manager

(LTM)

Software

Controlled

Networking

F5 BIG-IP Local Traffic Manager (LTM) is a standard component of all BIG-IP appliances and VIPRION chassis-

based systems and provides intelligent load-balancing and traffic management. LTM manages the flow and distribution

of all traffic passing through F5 products and ensures the security and availability of applications.

BIG-IP Advanced

Firewall Manager

(AFM)

Software

Controlled

Networking

BIG-IP AFM forms the basis of the F5 Carrier Class Network Firewall Solution which can be deployed in both S/Gi-LAN

and traditional data center use cases. When deployed at the Gi interface of 3G networks and the SGi interface of

4G/LTE networks, the S/Gi firewall solution enforces network perimeters, protects the mobility infrastructure and

mobile subscribers, and gives CSPs the scalability and flexibility for advanced service enforcement. The S/Gi firewall

solution takes advantage of F5’s intelligent services framework, which enables CSPs to consolidate additional network

and security functions such as carrier-grade NAT (CGNAT) and subscriber traffic visibility (BIG-IP PEM) on a single

platform.

Carrier-Grade

NAT (CGNAT)

Software

Controlled

Networking

CGNAT offers a broad set of tools that enable CSPs to migrate to IPv6 while continuing to support and interoperate

with existing IPv4 devices and content. It delivers tunnelling solutions with Dual-Stack Lite capabilities as well as native

network address translation solutions such as NAT44 and NAT64. It provides carrier-grade scalability by offering a high

number of IP address translations, fast NAT translation setup rates, high throughput, and high-speed logging.

Other products summary1

Figure 5: F5 Networks’ other telecom software products [Source: F5 Networks, 2015]

1 These BIG-IP products are application delivery networking products that are used in CSPs IT (data centre) and telecoms networks, except CGNAT which is a

telecoms-specific product. They are included to give a more complete view of F5’s offerings for CSPs.



Use case 1: Dynamic service chaining with S/Gi interface simplification

Business problem

CSPs are increasingly looking at NFV/SDN to deliver

personalised services faster and cost effectively, enrich

customer experience, protect revenue streams and improve

operational efficiency and resource utilisation through

increased automation in networks.

Technical solution

F5’s PEM and BIG-IQ Cloud/NFV orchestration solution can

jointly enable CSPs to provision service chains dynamically,

by automating the deployment of personalised value-add

services that are delivered through virtualised appliances

(VNFs, including video optimisation, parental controls and

URL filtering), and optimise network traffic with its layer4-7

SDN capabilities in the S/Gi-LAN interface.

F5 can streamline CSP S/Gi networks through a single

integrated platform for F5 S/Gi network functions, i.e. policy

enforcement (PEM), firewall (AFM) and CGNAT, deployed on

high performance VIPRION servers and/or as VNFs, with

centralised management of services.

Benefits

Quick and cost-effective deployment of personalised VAS

Capex/opex savings from efficient use of network resources

and reduced complexity and fragmentation in operations

7

Figure 6: F5 dynamic service chaining and S/Gi simplification use cases

[Source: F5 Networks and Analysys Mason, 2015]

Internet

PGW/

GGSN

Cloud/NFV orchestration

Video

optimization

Transparent

caching

Parental

controls URL filtering

DNS Services

GTM

Traffix SDC

Visited PLMN

OCS PCRF AAA/HSS

Policy and subscriber management

SBC CSCF

IMS and Non-IMS

SDN L4-7 SDN L4-7

Virtual Edition VIPRION

S/Gi Network S/Gi Network

PEM AFM LTM

CGNAT



Use case 2: Mobile content optimisation to support monetisation of mobile

video and OTT content

Business problem

Voice and messaging revenues are declining in most parts of

the world, while LTE is driving higher consumption of video

and other OTT content services. Optimising QoS of mobile

video and OTT content is becoming increasingly important for

CSP's top and bottom lines. CSPs need to deliver innovative

and personalised services and charging models to create

new revenue streams to sustain long-term revenue growth.

Technical solution

F5’s SDC and PEM can jointly enable the delivery of QoS-

based charging models by providing prioritised QoS on

mobile video or OTT content on a per subscriber connection

basis, while ensuring net neutrality for other users’

connection.

PEM enforces QoS policies received from the PCRF, and can

steer traffic based on the application for video optimisation or

parental control to deliver value-add services. SDC manages

signalling traffic load between PEM, PCRF, OCS and external

databases, stops unwanted signalling and interconnects the

IT systems and network.

Integration with F5’s partners’ customer portal and analytics

solutions can give end users the flexibility to choose the

services to be boosted and enable automatic adjustment of

these QoS settings on-demand.

8

Figure 7: SDC and PEM use case for mobile video and OTT content

optimisation [Source:F5 Networks and Analysys Mason, 2015]

Benefits

LTE CSPs mobile video and OTT content QoS service plans

with SDC and PEM can achieve the following benefits:

Capex and opex savings from virtualisation and efficient

signalling and traffic management

Improved customer retention and even acquisition through

high quality of experience (QoE) for video and OTT

content on empowered customers with this feature, while

maintaining net neutrality for other customers.

Video/TCP

optimisation

Caching Parental

control

BIG-IP PEM

Internet

OCS

PCRF OTT Premium

DB

Traffix SDC

PGW

Mobile access



Use case 3: Voice over Wi-Fi and VoLTE interoperability

Business problem

CSPs are increasingly looking for solutions to provide

anytime and anywhere access to their services to ensure

high quality customer experience and compete with OTT

voice and messaging services.

Apple’s iPhone 6 provides voice over Wi-Fi (VoWiFi) and

voice over LTE (VoLTE) features which allow CSPs to

develop solutions that can ensure complimentary high quality

indoor and outdoor voice quality without costly spectrum

investments. As such, seamless call handover between LTE

and Wi-Fi can be a key service differentiator for CSPs.

Technical solution

F5 SDC can interoperate multiple authentication signalling

and protocols between HSS, HLR and AAA for Extensible

Authentication Protocol (EAP) SIM based authentication on

the users smartphone (iPhone 6) on either the Wi-Fi or

mobile (LTE) network to setup the VoIP call.

SDC supports multi-vendor SIP interworking for 2G/3G with

LTE networks and F5 can work with its IMS partners to

anchor and re-route calls in a Wi-Fi to mobile handover.

PEM can ensure the voice quality of service (QoS) on both

the mobile and Wi-Fi networks, dynamically if needed.

With IMS, this may be extended for video calling as well.

9

Figure 8: SDC and PEM use case for VoWiFi and VoLTE interoperability

[Source: F5 Networks and Analysys Mason, 2015]

Benefits

Sustain voice revenues from improved indoor (Wi-Fi) and

outdoor (LTE) coverage with consistent high quality voice

experience. Provides a foundation for other advanced IMS

communications services that CSPs can monetise.

Capex/opex savings from virtualisation, and efficient

signalling/traffic management that can prevent network

congestion and outages.

BIG-IP PEM

Internet

Wi-Fi access

EAP-SIM/

AKA

Mobile access

HSS

Traffix SDC

HLR

AAA

VoLTE TAS CSCF

IMS

SIP IWF

Radius-EAP



Use case 4: Multi-layer end-to-end CSP network and service security

Business problem

The shift towards all-IP, heterogeneous and open networks

combined with the increasing software-based control with

NFV/SDN and vulnerable end-user devices require CSPs to

augment their network security to defend their networks,

services and subscribers against sophisticated attacks such

as DDoS and privacy/data theft and signalling storms.

Technical solution

F5 provides a unified, end-to-end multi-faceted security

platform that comprises its Advanced Firewall Manager

(AFM), Application Security Manager (ASM), Application

Policy Manager (APM), Global Traffic Manager (GTM), Local

Traffic Manager (LTM), Carrier Grade NAT (CGNAT) and

Traffix Signaling Delivery Controller (SDC), to protect the

CSP infrastructure, as shown in figure 9.

SDC plays a key role in protecting the LTE core for policy,

IMS and DNS services by preventing signalling storms. PEM

will act as a first level enforcement point by enabling CSPs to

block unauthorized IP/subscriber/application traffic and

access to certain URLs.

Benefits

Higher visibility and control through a common, policy-driven

and virtualised security architecture, which should enable

faster and cost-effective responses to security threats

10

Figure 9: F5 network security solutions focus areas [Source: F5 Networks

and Analysys Mason, 2015]

EPC Internet

GTM ASM

AFM

Traffix SDC

Visited PLMN IMS and Non-IMS

Policy and subscriber management

Virtual Edition VIPRION

S/Gi Network S/Gi Network

PEM AFM LTM

CGNAT

BRAS/BNG/CMTS

Data center

LTM

GTM

DNS services

F5 security focus areas

F5 security products

F5 products part of security roadmap



Date Company Description

May 2014 Defense.Net F5 acquired Defense.Net, a provider of cloud-based security services for protecting data centers and internet applications

from distributed denial-of-service (DDoS) attacks, to expand its security solutions portfolio for defense against Internet-

based DDoS attacks on networks, data centers, and applications.

September 2013 Versafe F5 acquired Versafe, a provider of web anti-fraud, anti-phishing, and anti-malware solutions, to augment its security

offerings.

July 2013 Aragon Networks The deal delivered particular technology assets from Aragon Networks.

February 2013 LineRate

Systems

F5 acquired LineRate Systems, a developer of software defined networking (SDN) services, to provide layer 7 (L7) SDN

solutions.

March 2012 Corensic F5 acquired intellectual property from Corensic to strengthen its application delivery business.

February 2012 Traffix

Networks

The acquisition enabled F5 to expand its Diameter routing, load balancing and gateway capabilities for scaling and

optimizing 3G, 4G/LTE and IMS networks.

August 2011 Crescendo

Networks

F5 acquired particular intellectual property and other technology-related assets from Crescendo Networks to enhance

layer 7 capabilities for its ADN solutions.

January 2009 Attune Systems F5 purchased file virtualisation-related intellectual property from Attune Systems to bolster its ARX product line.

Key acquisitions and mergers [1]

Figure 10a: F5 Networks’ key acquisitions and mergers, 2003-2014 [Source: F5 Networks, 2015]



Key acquisitions and mergers [2]

Figure 10b: F5 Networks’ key acquisitions and mergers, 2003-2014 [Source: F5 Networks, 2015]

Date Company Description

August 2007 Acopia

Networks

With the Acopia Networks acquisition, F5 extended its Application Delivery Network (ADN) focus to data storage with

the addition of intelligent file virtualization

September 2005 Swan Labs F5 acquired Swan Labs to have access to application-specific optimizations through Swan Labs' WANJet solution, and

advanced web application optimization technology through Swan Labs' WebAccelerator solution.

June 2004 MagniFire

Websystems

F5 acquired MagniFire, a provider of web application firewall hardware, for USD29 million to bolster its security solution

portfolio.

July 2003 Uroam F5 acquired uRoam for its FirePass/Remote Access technology that eventually developed to the F5 Access Policy

Manager



Customer Country F5 product Scope

BASE Company Belgium Traffix SDC The CSP implemented Traffix SDC to support its LTE launch in 2013 and address signalling challenges

with increasing smartphone and data usage.

CITIC Singapore Traffix SDC CITIC has deployed the Traffix SDC Diameter solution to optimize its internet protocol exchange (IPX)

service.

M1 Singapore Traffix SDC M1 has deployed the Traffix SDC to optimize mobility management in its LTE home network and provide

high quality LTE roaming services.

Oi Brazil Traffix SDC Oi chose Traffix SDC to manage its LTE network signalling and deliver roaming services.

Tier 1 CSP EMEA Traffix SDC The CSP deployed SDC to perform Diameter Edge Agent (DEA) to support LTE roaming as well as

Diameter Routing Agent (DRA) to route S6a and S9 traffic from MME to HSS.

Tier 1 CSP NA Traffix SDC The CSP deployed SDC as a DRA to optimise Gx traffic between PGWs, DPI and PCRFs, and Sh traffic

between PCRF and HSS.

Tier 1 CSP LATAM Traffix SDC The CSP deployed SDC to perform Diameter Edge Agent (DEA) for roaming and Diameter Routing Agent

(DRA) to optimise signalling traffic (S6a, Gx and Gy) for MME, PGW, PCRF, HSS and OCS.

Tier 1 CSP APAC Traffix SDC The CSP deployed SDC to perform Diameter Edge Agent (DEA) for roaming and Diameter Routing Agent

(DRA) to optimise signalling traffic (S6a,Gx,Gy,Gf/S13) for MME, HSS, EIR-SS7, PGW, PCRF and OCS.

F5 Traffix SDC customers

Figure 11: F5 Networks’ Traffix SDC customers [Source: F5 Networks, 2015]




Fixed CSP APAC BIG-IP PEM

The CSP is using PEM to classify different applications and services, and apply different policies based

on the service and subscriber. The CSP is also deploying F5’s suite of BIG-IP products including

Application Delivery Controller (ADC) functionality, Carrier-Grade NAT (CGNAT) and DNS capabilities

within a unified platform.

Fixed CSP APAC BIG-IP PEM The CSP is using PEM to provide bandwidth-on-demand services to its subscribers to create new

revenue streams.

Tier 1 CSP APAC BIG-IP PEM

The CSP deployed PEM to intelligently steer video traffic to a video optimization platform during peak

traffic hours, while bypassing the video optimization platform during off-peak hours. This helped the CSP

increase ARPU while optimizing network resources during peak hours.


This CSP deployed PEM to rate-limit and throttle specific applications that were causing an increase in

network congestion.


The CSP deployed PEM to provide application and subscriber bandwidth control policies in addition to

providing the ability to insert specific content and toolbars onto subscribers devices, thereby providing

subscribers with targeted ads plus the ability to get and modify relevant information about their plans

using the specific toolbar on their device.

F5 BIG-IP PEM customers [1]

Figure 12a: F5 Networks’ BIG-IP PEM customers [Source: F5 Networks, 2015]




Tier 1 CSP EMEA BIG-IP PEM The CSP deployed BIG-IP PEM to provide intelligent traffic steering of relevant traffic to different VAS

platforms and is also leveraging PEM to provide a URL filtering and parental control solution.

Tier 2 CSP EMEA BIG-IP PEM

The CSP is using PEM to detect whether subscribers are coming in from a 3G tower or a 4G LTE tower

and apply different policies to those subscribers, including applying specific TCP Optimization algorithms

based on the radio access tower, which optimizes the traffic and provides a greater QoE and faster

download speeds for subscribers.

F5 BIG-IP PEM customers [2]

Figure 12b: F5 Networks’ BIG-IP PEM customers [Source: F5 Networks, 2015]



Analysis: strengths, weaknesses, opportunities and threats

16

Strengths

It has a strong enterprise heritage and has been successful

in CSPs’ data centres, ISP and core networks.

SDC is a market leading Diameter solution that can ‘glue’

together complex multi-technology, multi-vendor CSP

networks and it is enhanced by PEM for signalling traffic

optimisation.

It can provide carrier-grade NFV versions of all its solutions

as well as deliver SDN at layer 4-7, which positions it as a

strong network virtualisation vendor to CSPs.

Weaknesses

F5 is dependent on partners to develop complete CSP-

focused end-to-end solutions, which could be limiting its

visibility as delivery partners also resell its competitors’

solutions.

Its overall brand strength as a core network vendor is under

developed.

In spite of its strong NFV capabilities, F5 has weakly

engaged CSPs to increase its NFV/SDN visibility and gain

market traction.

Opportunities

SDC and PEM with F5’s other ADN solutions are key

enablers of mobile content delivery networks (CDNs) as LTE

promotes video optimisation and monetisation opportunities

NFV/SDN are bringing IT and telecoms closer together, and

this can be an opportunity for F5 to make its core application

delivery networking (ADN) portfolio more attractive to CSPs.

Can ease upcoming complexities of Apple’s iPhone 6 dual

VoWiFi and VoLTE features in its main market (USA) as well

as future advanced IMS communication services.

Threats

Ericsson, Huawei and Oracle are significant threats to F5

PEM and SDC as they can provide more complete solutions

than F5 in Diameter routing, policy management and

charging.

Major NEPs can deliver integrated end-to-end policy and

charging solutions, which limits PEM’s market opportunity.

Allot, Sandvine and Procera provide NFV-ready network

intelligence and traffic steering solutions with strong market

presence, which creates an entry barrier to PEM.



About the authors

Glen Ragoonanan (Principal Analyst) is the lead analyst for Analysys Mason's Infrastructure Solutions, Service

Delivery Platforms and Software-Controlled Networking research programmes. He joined Analysys Mason in 2008

and has worked as a consultant on projects on next-generation IT and telecoms networks, systems and

technologies for incumbents, new entrants, private companies, regulators and public-sector clients. His primary

areas of specialisation include operations and business support systems (OSS/BSS) solution architecture and

integration for business process re-engineering, business process optimisation, business continuity planning,

procurement and outsourcing operations and strategies. Before joining Analysys Mason, Glen worked for Fujitsu,

designing, delivering and managing integrated solutions. Glen is a Chartered Engineer and project management

professional with an MSc from Coventry University.

Gorkem Yigit (Research Analyst) is part of the Telecoms Software research team, contributing to the Software

Controlled Networking, Service Delivery Platforms, Infrastructure Solutions and Service Assurance programmes. He

started his career in the telecoms industry with a graduate role at a leading telecoms operator, before joining

Analysys Mason in late 2013. He has also written an academic paper about market acceptance of cloud enterprise

resource planning (ERP) software and he earned a cum laude MSc degree in Economics and Management of

Innovation and Technology from Bocconi University (Milan, Italy).

17



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