Mawer Investment reports 1,540,208 Sangoma shares (SANG) — 4.64% stake

Rhea-AI Filing Summary

Mawer Investment Management Ltd. reports beneficial ownership of 1,540,208 common shares of Sangoma Technologies Corp. That holding represents 4.64% of the class based on 33,216,981 common shares outstanding as of December 31, 2025, per the filing. The filing is an Amendment No. 8 to a Schedule 13G/A and is signed by Portfolio Manager Jeff Mo on April 6, 2026.

Key Figures

Beneficially owned shares: 1,540,208 shares Percent of class: 4.64% Shares outstanding: 33,216,981 shares

3 metrics

Beneficially owned shares 1,540,208 shares Amount reported as beneficially owned by Mawer

Percent of class 4.64% Percent of common shares represented by Mawer's holding

Shares outstanding 33,216,981 shares Common shares outstanding as of December 31, 2025

Key Terms

Schedule 13G/A, Beneficially owned, Sole dispositive power, Sole voting power

4 terms

Schedule 13G/A regulatory

"Amendment No. 8 ) SANGOMA TECHNOLOGIES CORP Common Shares"

A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.

Beneficially owned financial

"Amount beneficially owned: 1,540,208 (b) Percent of class: 4.64%"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

Sole dispositive power regulatory

"Sole power to dispose or to direct the disposition of: 1,540,208"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

Sole voting power regulatory

"Sole power to vote or to direct the vote: 1,540,208"

Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 8)

Sangoma Technologies Corp

(Name of Issuer)

Common Shares

(Title of Class of Securities)

80100R408

(CUSIP Number)

03/31/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 80100R408

1

Names of Reporting Persons

Mawer Investment Management Ltd.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

ALBERTA, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,540,208.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 1,540,208.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,540,208.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.64 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: Based upon 33,216,981 Common Shares of Sangoma Technologies Corporation (the "Issuer") outstanding as of December 31, 2025, as reported in the Issuer's Interim Management Discussion and Analysis filed with the Securities and Exchange Commission on February 4, 2026.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Sangoma Technologies Corp
(b)	Address of issuer's principal executive offices: Bay-Adelaide Centre, 333 Bay St. Suite 3400, Toronto, Ontario, Canada, M5H 2S7
Item 2.
(a)	Name of person filing: Mawer Investment Management Ltd.
(b)	Address or principal business office or, if none, residence: 600, 517 - 10th Avenue SW Calgary, Alberta, Canada T2R 0A8
(c)	Citizenship: Canada
(d)	Title of class of securities: Common Shares
(e)	CUSIP No.:
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 1,540,208
(b)	Percent of class: 4.64%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 1,540,208
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 1,540,208
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Mawer Investment Management Ltd.

Signature:	/s/ Jeff Mo
Name/Title:	Jeff Mo, Portfolio Manager
Date:	04/06/2026

FAQ

What stake does Mawer Investment hold in Sangoma (SANG)?

Mawer Investment holds 1,540,208 shares, equal to 4.64% of SANG. The percentage uses an outstanding share base of 33,216,981 common shares as of December 31, 2025 cited in the filing.

Does Mawer have voting or disposition control over the SANG shares?

Yes — Mawer reports sole voting and sole dispositive power over 1,540,208 shares. The filing lists 1,540,208 as sole voting power and sole dispositive power, with no shared powers reported.

Is Mawer considered an activist or over-5% holder for Sangoma?

Mawer is not above the 5% threshold; it reports ownership of 4.64%. The filing is labeled "Ownership of 5 percent or less of a class," indicating routine large-investor disclosure rather than a >5% control filing.

When was the Schedule 13G/A amendment filed and who signed it?

The amendment (Amendment No. 8) is signed by Jeff Mo, Portfolio Manager, on April 6, 2026. The filing lists Mawer Investment Management Ltd. as the reporting person with its Calgary address provided.

What outstanding share count does the filing use for its percentage calculation?

The filing bases the 4.64% figure on 33,216,981 common shares outstanding as of December 31, 2025. That outstanding count is cited from the issuer's Interim MD&A referenced in the filing.