TeleCommunication Systems, Inc. (TSYS)

TeleCommunication Systems, Inc. (TSYS) Write-up by Troy Marchand [buffett] Business Summary: TeleCommunication Systems is a technology innovator in secure, highly reliable wireless communications. Business Segments: Commercial (50% of Revenues), Government (50% of Revenues) Rationale for Owning: On a sum-of-the-parts valuation, TeleCommunication Systems seems cheap with a hidden asset worth the entire current market cap.  The 9-1-1 business is very conservatively, right now, worth $200-300M, with significant opportunities to grow in the future. The 9-1-1 business makes up roughly one-third of the Company’s revenues. Catalysts: Activists now have 2 seats on the board, and continue to push for corporate governance change/strategic…