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1、Business ServicesMarket UpdateQ3 2022Macro Drivers2Macroeconomic Labor EnvironmentUnemployment RateLabor ParticipationData as of September 30,2022Source:St.Louis FRED7.0%3.7%0.0%5.0%10.0%15.0%20.0%25.0%Jan-17Apr-17Jul-17Oct-17Jan-18Apr-18Jul-18Oct-18Jan-19Apr-19Jul-19Oct-19Jan-20Apr-20Jul-20Oct-20Ja
2、n-21Apr-21Jul-21Oct-21Jan-22Apr-22Jul-22(U-6)Total Unemployment Rate(U-2)Headline Unemployment Rate62.4%59.5%60.0%60.5%61.0%61.5%62.0%62.5%63.0%63.5%64.0%Jan-17Apr-17Jul-17Oct-17Jan-18Apr-18Jul-18Oct-18Jan-19Apr-19Jul-19Oct-19Jan-20Apr-20Jul-20Oct-20Jan-21Apr-21Jul-21Oct-21Jan-22Apr-22Jul-22Labor Fo
3、rce Participation RateLabor participation rate hasnt recovered to pre-COVID levels and has meaningfully decreased since 2000.Increased dependent care demands,unemployment benefits and optionality for gig work during the pandemic have had lingering effects on labor participationCommonly reported head
4、line unemployment rate is currently sitting in the full employment range while the more comprehensive total unemployment rate,including discouraged workers among other categories,implies a more challenging labor market3Macroeconomic Consumer EnvironmentData as of September 30,2022Source:St.Louis FRE
5、D8.2%0.0%1.0%2.0%3.0%4.0%5.0%6.0%7.0%8.0%9.0%10.0%Jan-17Apr-17Jul-17Oct-17Jan-18Apr-18Jul-18Oct-18Jan-19Apr-19Jul-19Oct-19Jan-20Apr-20Jul-20Oct-20Jan-21Apr-21Jul-21Oct-21Jan-22Apr-22Jul-22(2.4%)-4.0%-3.0%-2.0%-1.0%0.0%1.0%2.0%Jan-17Apr-17Jul-17Oct-17Jan-18Apr-18Jul-18Oct-18Jan-19Apr-19Jul-19Oct-19Ja
6、n-20Apr-20Jul-20Oct-20Jan-21Apr-21Jul-21Oct-21Jan-22Apr-22Jul-22Inflation Rate(%Change YoY)Consumer Sentiment(%Change YoY)Given high inflation and increased economic volatility,consumer sentiment has degraded since the start of 2022 and is back near the bottom of COVID sentimentSharply rising inflat
7、ion,driven by gas and food prices,have begun to diminish consumer purchasing power with a direct impact to discretionary spending4Macroeconomic Financial EnvironmentData as of September 30,2022Source:St.Louis FREDEffective Fed Funds RateHigh Yield Option-Adjusted SpreadTreasury Yield Spread2.6%0.0%0
8、.5%1.0%1.5%2.0%2.5%3.0%Jan-17Jan-18Jan-19Jan-20Jan-21Jan-22-0.4%-1.0%-0.5%0.0%0.5%1.0%1.5%2.0%Jan-17Jan-18Jan-19Jan-20Jan-21Jan-225.5%0.0%2.0%4.0%6.0%8.0%10.0%12.0%Jan-17Jan-18Jan-19Jan-20Jan-21Jan-22To combat persistently high inflation,the Federal Reserve has continued to utilize rate increases to
9、 tighten economic conditionsCommonly cited measure for the steepness of the yield curve,the 10-2 treasury spread,is now negative which has historically preceded recessionsWidening of the high yield spread over US treasuries suggests declining macroeconomic conditionsPublicly Traded Companies66.0 x8.
10、0 x10.0 x12.0 x14.0 x16.0 x18.0 x20.0 xOct-19Oct-20Oct-21Cascadia Capital Services IndexS&P 50060%80%100%120%140%160%180%Oct-19Oct-20Oct-21Cascadia Capital Services IndexS&P 500The Services Sector Performed In-Line With the MarketData as of September 30,2022Source:Capital IQ;Cascadia Capital Service
11、s Index is a proprietary market cap-weighted index;multiples reflect the median of the index constituents,excluding multiples less than zero or greater than 70 x10.7xCascadia Capital Services Market Index EBITDA Multiple The Cascadia Services Market Index performed in-line and closed the valuation g
12、ap with the broader market as high growth sector valuations have come down-Custom software development and management consulting sub-verticals have held up during the recent market declines while BPO&managed services lagged the broader market-Recent strength in private markets M&A for assets with te
13、chnical capabilities has continued while environmental consulting services activity has grown Middle-market private equity activity wont match the highs seen during 2021,but will remain elevated to the values seen in 2018 through 2020-Due to macro-uncertainty,PE firms are looking to shift risk to se
14、llers through deal structure-PE exit volume has declined creating a dearth of available assets for strategic acquirors,presenting an opportunity for business of scale+3%Cascadia Capital Services Market Index increase from pre-COVID high+15%Cascadia Capital Services Market Index growth over the last
15、3 years3-Year Share Price Performance3-Year TTM EBITDA MultiplesBy the Numbers7Services Sector Equity Market Deep Dive3-Year Share Price Performance Services Sector Sub-VerticalsShare Price Performance3-YQ3 22BPO&Managed Services+38%(14%)Cascadia Capital Services Index+15%(10%)Diversified IT Service
16、s+5%(13%)Information Services+16%(6%)Marketing&Comm.Services+17%(8%)S&P 500+22%(8%)Software Development+80%+10%Staffing&Recruiting(9%)(4%)Management Consulting+39%(3%)Value-Added Resellers(8%)+15%Data as of September 30,2022Source:Capital IQ0%50%100%150%200%250%300%350%400%Oct-19 Jan-20 Apr-20 Jul-2
17、0Oct-20 Jan-21 Apr-21 Jul-21Oct-21 Jan-22 Apr-22 Jul-22BPO&Managed ServicesDiversified IT ServicesInformation ServicesManagement ConsultingMarketing&Communication ServicesValue-Added ResellersCascadia Capital Services IndexS&P 500Custom Software DevelopmentStaffing&Recruiting8Publicly Traded Service
18、s CompaniesData as of September 30,2022Source:Capital IQ;multiples less than zero or greater than 70 x are considered not meaningful(NM)BPO&Managed Services($in millions)PriceEnterpriseMarket LTMRevenue GrowthLTM MarginsLTM MultiplesCompany09/30/22ValueCapRevenueEBITDA1YR3YRGrossEBITDARevenueEBITDAC
19、apita plc$0.28$1,304$467$3,743($201)(5.6%)(6.4%)19.7%(5.4%)0.3xNMeClerx Services Limited$17.51$805$869$290$8833.7%16.9%40.0%30.4%2.8x9.1xExlService Holdings,Inc.$147.36$4,970$4,872$1,262$21722.9%10.0%37.4%17.2%3.9x22.9xFPT Corporation$3.37$3,658$3,701$1,685$32221.0%15.5%38.9%19.1%2.2x11.4xGenpact Li
20、mited$43.77$9,392$8,031$4,246$67111.1%9.0%35.3%15.8%2.2x14.0 xHCL Technologies Limited$11.46$29,997$31,019$12,078$2,58311.6%9.0%36.6%21.4%2.5x11.6xInfosys Limited$17.37$70,936$72,860$17,530$4,15417.6%12.3%30.2%23.7%4.0 x17.1xMindtree Limited$38.82$6,018$6,404$1,495$30235.1%18.2%29.9%20.2%4.0 x19.9xN
21、IIT Limited$3.86$370$519$187$3741.1%17.8%49.2%19.6%2.0 x10.1xRimini Street,Inc.$4.66$340$408$394$5112.6%13.9%63.8%13.0%0.9x6.6xTata Consultancy Services Limited$36.92$131,168$135,101$25,505$6,59216.6%10.8%43.0%25.8%5.1x19.9xTech Mahindra Limited$12.39$10,258$10,894$5,968$93721.1%10.3%32.7%15.7%1.7x1
22、0.9xTTEC Holdings,Inc.$44.31$3,046$2,092$2,372$2909.9%14.7%24.9%12.2%1.3x10.5xWipro Limited$4.85$25,155$26,512$10,475$1,90122.1%12.5%28.4%18.1%2.4x13.2xWNS(Holdings)Limited$81.84$3,852$3,936$1,152$19720.2%11.8%35.0%17.1%3.3x19.5xZensar Technologies Limited$2.60$505$588$571$7421.0%3.0%19.4%12.9%0.9x6
23、.8xMean19.5%11.2%35.3%17.3%2.5x13.6xMedian20.6%12.0%35.1%17.7%2.3x11.6xCustom Software Development($in millions)PriceEnterpriseMarket LTMRevenue GrowthLTM MarginsLTM MultiplesCompany09/30/22ValueCapRevenueEBITDA1YR3YRGrossEBITDARevenueEBITDACI&T Inc$9.39$1,325$1,248$354$6065.2%0.0%34.5%16.9%3.7x22.1
24、xEPAM Systems,Inc.$362.19$19,635$20,778$4,462$75046.9%29.7%33.4%16.8%4.4x26.2xEndava plc$80.63$4,357$4,487$796$16446.7%31.5%33.3%20.6%5.5x26.5xGlobant S.A.$187.08$7,608$7,815$1,552$28952.9%39.0%38.0%18.6%4.9x26.4xThoughtworks Holding,Inc.$10.49$3,537$3,264$1,225($82)36.0%0.0%26.1%(6.7%)2.9xNMMean49.
25、5%20.0%33.0%13.3%4.3x25.3xMedian46.9%29.7%33.4%16.9%4.4x26.3x9Publicly Traded Services Companies(contd)Data as of September 30,2022Source:Capital IQ;multiples less than zero or greater than 70 x are considered not meaningful(NM)Diversified IT Services($in millions)PriceEnterpriseMarket LTMRevenue Gr
26、owthLTM MarginsLTM MultiplesCompany09/30/22ValueCapRevenueEBITDA1YR3YRGrossEBITDARevenueEBITDAAccenture plc$257.30$158,827$162,755$61,594$11,45521.9%12.5%32.0%18.6%2.6x13.9xAllgeier SE$26.48$456$301$463$4820.9%(7.0%)17.7%10.3%1.0 x9.6xAtos SE$8.00$3,775$887$11,476$4380.0%(0.5%)1.5%3.8%0.3x8.6xBechtl
27、e AG$36.41$4,941$4,588$5,825$40513.4%4.4%17.5%7.0%0.8x12.2xCapgemini SE$162.29$33,175$27,914$21,051$2,77818.6%13.6%26.3%13.2%1.6x11.9xCGI Inc.$75.74$19,779$17,542$9,804$1,7214.8%1.9%30.6%17.6%2.0 x11.5xCognizant Technology Solutions Corporation$57.44$28,993$29,742$19,253$3,49210.6%5.4%36.7%18.1%1.5x
28、8.3xDXC Technology Company$24.48$9,608$5,627$15,831$2,963(8.8%)(8.0%)21.9%18.7%0.6x3.2xInternational Business Machines Corporation$118.81$153,191$107,307$59,680$12,15927.3%(8.5%)54.0%20.4%2.6x12.6xNEC Corporation$31.97$11,473$8,712$22,237$2,173(1.2%)0.8%29.2%9.8%0.5x5.3xNTT DATA Corporation$12.90$20
29、,773$18,086$19,416$3,26410.9%6.5%26.6%16.8%1.1x6.4xPerficient,Inc.$65.02$2,639$2,250$852$16326.5%17.1%38.4%19.2%3.1x16.1xPersistent Systems Limited$39.80$3,012$3,042$805$13543.7%23.6%25.5%16.7%3.7x22.4xReply S.p.A.$105.51$3,764$3,925$1,754$24922.6%14.2%17.2%14.2%2.1x15.1xSoftcat plc$13.26$2,561$2,63
30、5$1,813$17319.5%15.7%21.6%9.5%1.4x14.8xSopra Steria Group SA$127.97$3,380$2,590$5,121$46510.7%4.5%13.6%9.1%0.7x7.3xMean15.1%6.0%25.7%13.9%1.6x11.2xMedian16.0%4.9%25.9%15.5%1.5x11.7xInformation Services($in millions)PriceEnterpriseMarket LTMRevenue GrowthLTM MarginsLTM MultiplesCompany09/30/22ValueCa
31、pRevenueEBITDA1YR3YRGrossEBITDARevenueEBITDAcomScore,Inc.$1.65$376$152$374$45.2%(3.1%)46.5%1.1%1.0 xNMCoStar Group,Inc.$69.65$25,472$28,320$2,058$60413.8%16.8%81.8%29.3%12.4x42.2xDun&Bradstreet Holdings,Inc.$12.39$8,958$5,375$2,214$70913.5%15.6%68.6%32.0%4.0 x12.6xExperian plc$29.65$30,453$27,068$6,
32、288$1,82117.1%9.0%39.5%29.0%4.8x16.7xFactSet Research Systems Inc.$400.11$16,880$15,196$1,844$62615.9%8.7%52.8%34.0%9.2x26.9xFair Isaac Corporation$412.01$12,249$10,404$1,363$5520.5%7.0%78.6%40.5%9.0 x22.2xForrester Research,Inc.$36.01$682$683$525$6411.4%8.4%58.8%12.2%1.3x10.7xGartner,Inc.$276.69$24
33、,726$21,884$5,102$1,18816.5%8.0%69.4%23.3%4.8x20.8xInforma plc$5.79$8,600$8,289$2,683$68651.0%(7.8%)33.9%25.6%3.2x12.5xMoodys Corporation$243.11$51,429$44,622$5,968$2,7062.9%9.9%71.7%45.3%8.6x19.0 xMorningstar,Inc.$212.32$9,936$9,020$1,819$34517.6%19.8%58.1%19.0%5.5x28.8xNielsen Holdings plc$27.72$1
34、5,272$9,976$3,535$1,0763.0%(18.2%)63.7%30.4%4.3x14.2xThomson Reuters Corporation$103.28$53,157$49,937$6,524$1,7175.7%4.5%35.6%26.3%8.1x31.0 xVerisk Analytics,Inc.$170.53$30,046$26,766$3,047$1,4045.4%7.0%65.3%46.1%9.9x21.4xMean12.8%6.1%58.9%28.1%6.2x21.5xMedian12.4%8.2%61.2%29.1%5.2x20.8x10Publicly T
35、raded Services Companies(contd)Data as of September 30,2022Source:Capital IQ;multiples less than zero or greater than 70 x are considered not meaningful(NM)Management Consulting($in millions)PriceEnterpriseMarket LTMRevenue GrowthLTM MarginsLTM MultiplesCompany09/30/22ValueCapRevenueEBITDA1YR3YRGros
36、sEBITDARevenueEBITDABooz Allen Hamilton Holding Corporation$92.35$14,793$12,220$8,624$9399.3%7.8%23.4%10.9%1.7x15.8xCBIZ,Inc.$42.78$2,674$2,188$1,279$19824.3%11.3%17.2%15.5%2.1x13.5xCRA International,Inc.$88.74$820$636$569$682.7%9.8%30.2%12.0%1.4x12.1xFTI Consulting,Inc.$165.71$5,904$5,594$2,857$330
37、8.0%9.5%31.1%11.5%2.1x17.9xHuron Consulting Group Inc.$66.25$1,676$1,290$1,006$11120.2%6.6%30.0%11.0%1.7x15.1xICF International,Inc.$109.02$2,703$2,049$1,619$1523.4%4.5%36.5%9.4%1.7x17.7xInformation Services Group,Inc.$4.76$270$227$284$357.1%1.9%40.3%12.3%1.0 x7.8xThe Hackett Group,Inc.$17.72$502$56
38、1$291$5514.9%3.8%38.3%18.9%1.7x9.1xWavestone SA$43.29$825$866$522$9312.6%6.3%26.1%17.7%1.6x8.9xMean11.4%6.8%30.4%13.2%1.7x13.1xMedian9.3%6.6%30.2%12.0%1.7x13.5xMarketing&Communication Services($in millions)PriceEnterpriseMarket LTMRevenue GrowthLTM MarginsLTM MultiplesCompany09/30/22ValueCapRevenueE
39、BITDA1YR3YRGrossEBITDARevenueEBITDABlueFocus Intelligent Communications Group Co.,Ltd.$0.63$1,332$1,566$5,176$77(23.4%)12.9%6.0%1.5%0.3x17.4xDentsu Group Inc.$28.41$7,772$7,512$8,602$1,7170.0%0.0%0.0%0.0%0.9x4.5xHakuhodo DY Holdings Inc$7.04$2,172$2,629$6,758$668(24.1%)(14.2%)42.8%9.9%0.3x3.3xHarte
40、Hanks,Inc.$11.15$109$78$199$196.1%(7.0%)18.0%9.5%0.5x5.8xKin and Carta plc$1.95$358$347$234$2763.6%9.9%45.5%11.5%1.5x13.3xNext Fifteen Communications Group plc$8.69$931$855$733$10458.8%27.7%24.3%14.2%1.3x8.9xOmnicom Group Inc.$63.09$17,028$12,924$14,268$2,3532.2%(1.6%)19.4%16.5%1.2x7.2xPublicis Grou
41、pe S.A.$47.95$15,137$12,042$13,372$2,24216.3%8.2%43.1%16.8%1.1x6.8xQuinStreet,Inc.$10.50$475$562$582$80.6%8.5%9.2%1.4%0.8x57.1xS4 Capital plc$1.62$1,102$898$1,037$10377.6%0.0%81.9%9.9%1.1x10.7xThe Interpublic Group of Companies,Inc.$25.60$12,765$10,010$9,413$1,70410.3%3.7%22.3%18.1%1.4x7.5xViad Corp
42、$31.58$1,407$651$914$77405.2%(11.3%)4.4%8.4%1.5x18.3xWPP plc$8.36$15,427$9,027$16,312$1,8416.9%4.0%17.2%11.3%0.9x8.4xMean52.0%2.3%27.3%10.6%1.0 x13.0 xMedian8.6%1.9%20.8%10.6%1.1x8.4x11Publicly Traded Services Companies(contd)Data as of September 30,2022Source:Capital IQ;multiples less than zero or
43、greater than 70 x are considered not meaningful(NM)Staffing&Recruiting($in millions)PriceEnterpriseMarket LTMRevenue GrowthLTM MarginsLTM MultiplesCompany09/30/22ValueCapRevenueEBITDA1YR3YRGrossEBITDARevenueEBITDAAdecco Group AG$27.93$8,048$4,610$23,102$9957.9%(2.3%)21.0%4.3%0.3x8.1xASGN Incorporate
44、d$90.37$5,141$4,537$4,360$49218.3%5.3%29.7%11.3%1.2x10.4xBarrett Business Services,Inc.$78.00$461$553$1,012$5610.9%2.7%22.1%5.6%0.5x8.2xHeidrick&Struggles International,Inc.$25.99$255$513$1,132$12449.3%16.4%23.0%11.0%0.2x2.1xKelly Services,Inc.$13.59$455$516$5,009$1075.6%(3.1%)19.9%2.1%0.1x4.2xKforc
45、e Inc.$58.65$1,164$1,180$1,667$11812.1%8.0%29.7%7.1%0.7x9.9xKorn Ferry$46.95$2,399$2,506$2,737$52833.4%12.1%28.9%19.3%0.9x4.5xManpowerGroup Inc.$64.69$4,218$3,347$20,740$7534.5%(0.8%)17.3%3.6%0.2x5.6xRandstad N.V.$43.71$8,733$7,993$27,740$1,26418.1%3.7%20.6%4.6%0.3x6.9xResources Connection,Inc.$18.0
46、7$581$610$826$10024.1%4.6%39.8%12.1%0.7x5.8xRobert Half International Inc.$76.50$7,907$8,248$7,160$1,04130.8%6.5%42.7%14.5%1.1x7.6xTrueBlue,Inc.$19.08$656$624$2,320$11317.9%(2.1%)26.4%4.9%0.3x5.8xMean19.4%4.2%26.8%8.4%0.5x6.6xMedian18.0%4.1%24.7%6.3%0.4x6.4xValue-Added Resellers($in millions)PriceEn
47、terpriseMarket LTMRevenue GrowthLTM MarginsLTM MultiplesCompany09/30/22ValueCapRevenueEBITDA1YR3YRGrossEBITDARevenueEBITDAAlten S.A.$111.49$3,907$3,786$3,508$39534.9%10.9%21.0%11.3%1.1x9.9xCancom SE$23.89$603$841$1,329$940.4%(4.9%)33.5%7.1%0.5x6.4xCDW Corporation$156.08$27,786$21,109$22,932$1,86416.
48、4%10.4%18.2%8.1%1.2x14.9xComputacenter plc$21.54$2,431$2,439$8,661$33631.9%14.3%12.2%3.9%0.3x7.2xDustin Group AB(publ)$3.96$849$448$2,411$10480.7%25.1%14.4%4.3%0.4x8.2xePlus inc.$41.54$1,249$1,117$1,863$17114.3%10.1%24.3%9.2%0.7x7.3xInsight Enterprises,Inc.$82.41$4,068$2,892$10,408$44720.3%14.0%15.0
49、%4.3%0.4x9.1xTD SYNNEX Corporation$81.19$11,494$7,710$61,707$1,638178.9%39.5%6.1%2.7%0.2x7.0 xMean47.2%14.9%18.1%6.4%0.6x8.7xMedian26.1%12.5%16.6%5.7%0.4x7.7x12Publicly Traded Services Companies(contd)Data as of September 30,2022Source:Capital IQ;Cascadia Capital Services Index values reflect the me
50、dian of the index constituents,multiples less than zero or greater than 70 x are excluded from median calculations-1-Y RevenueGrowth3-Y RevenueGrowthLTM GrossMarginLTM EBITDAMarginLTM RevenueMultipleLTM EBITDAMultipleBPO&Managed Services20.6%12.0%35.1%17.7%Software Development46.9%29.7%33.4%16.9%Div
51、ersified IT Services16.0%4.9%25.9%15.5%Information Services12.4%8.2%61.2%29.1%Management Consulting9.3%6.6%30.2%12.0%Marketing Services8.6%1.9%20.8%10.6%Staffing&Recruiting18.0%4.1%24.7%6.3%Value-Added Resellers26.1%12.5%16.6%5.7%CC Services Index14.9%8.0%29.7%13.0%S&P 50015.5%6.9%34.9%20.1%11.9x10.
52、7x7.7x6.4x8.4x13.5x20.8x11.7x26.3x11.6x2.6x1.7x0.4x0.4x1.1x1.7x5.2x1.5x4.4x2.3xSelected Relevant Transactions14Selected Q3 2022 TransactionsData as of September 30,2022Source:S&P Capital IQ,Mergermarket,ChannelE2E,Pitchbook,451 Research;Business Services M&A Activity includes acquisitions of all IT
53、outsourced services companies(e.g.,BPO,software development,staffing)and IT services&distribution companies(systems integration,consulting,web and email marketing,VARs)tracked by 451 ResearchAnnounced DateTargetBuyerBuyer TypeDeal Value($M)EV/RevenueEV/EBITDATarget Description9/30/2022PE-Backed-Soft
54、ware development services.9/30/2022Private Equity-Strategy consulting.9/29/2022Strategic$650.4-Systems integration&managed IT services.9/29/2022PE-Backed-Software development services.9/29/2022Strategic-Business&IT consulting services.9/29/2022Strategic$18.6-IT&software development services.9/28/202
55、2Private Equity-IT consulting&software engineering services.9/28/2022Private Equity-IT staffing&digital services.9/28/2022Strategic-Microsoft&SAP-focused CRM systems integration.9/28/2022Strategic-Software development services.15Selected Q3 2022 Transactions(contd)Announced DateTargetBuyerBuyer Type
56、Deal Value($M)EV/RevenueEV/EBITDATarget Description9/28/2022Strategic-General staffing.9/27/2022Private Equity-Systems integration&managed IT services.9/27/2022Strategic-Software engineering&consulting services.9/27/2022Strategic-Custom software development.9/27/2022Strategic$659.01.5x13.0 xEngineer
57、ing and design.9/27/2022Private Equity-Healthcare staffing.9/26/2022Private Equity-Software development&IT consulting services.9/26/2022Strategic-Managed cybersecurity services.9/23/2022Strategic$749.41.3x13.5xEnvironmental consulting.9/22/2022Strategic-ICT systems VAR&IT services.Data as of Septemb
58、er 30,2022Source:S&P Capital IQ,Mergermarket,ChannelE2E,Pitchbook,451 Research;Business Services M&A Activity includes acquisitions of all IT outsourced services companies(e.g.,BPO,software development,staffing)and IT services&distribution companies(systems integration,consulting,web and email marke
59、ting,VARs)tracked by 451 Research16Selected Q3 2022 Transactions(contd)Announced DateTargetBuyerBuyer TypeDeal Value($M)EV/RevenueEV/EBITDATarget Description9/22/2022Strategic-Software development&digital engineering services.9/22/2022Private Equity-UX research&analysis services.9/22/2022PE-Backed-H
60、ealthcare consulting.9/21/2022Strategic-Cybersecurity consulting&managed services.9/21/2022Strategic$1,801.01.5x12.1xJohn Wood Groups built environment consulting business.9/21/2022Private Equity-Mobility management services.9/20/2022PE-Backed-Digital performance marketing services&SaaS.9/20/2022Str
61、ategic-Digital marketing services.9/20/2022Strategic-IT consulting&systems integration services.9/20/2022PE-Backed-Medical IT consulting services.Data as of September 30,2022Source:S&P Capital IQ,Mergermarket,ChannelE2E,Pitchbook,451 Research;Business Services M&A Activity includes acquisitions of a
62、ll IT outsourced services companies(e.g.,BPO,software development,staffing)and IT services&distribution companies(systems integration,consulting,web and email marketing,VARs)tracked by 451 Research17Selected Q3 2022 Transactions(contd)Announced DateTargetBuyerBuyer TypeDeal Value($M)EV/RevenueEV/EBI
63、TDATarget Description9/20/2022Private Equity-Outsourced digital and back-office services.9/19/2022Strategic-Software development services.9/16/2022Strategic-Environmental sustainability consulting services.9/16/2022Strategic-Digital transformation&software development services.9/15/2022PE-Backed-Str
64、ategic&operational consulting services.9/15/2022Strategic$20.3-IT management&advisory services.9/15/2022PE-Backed-Conglomerate of digital consulting companies.9/14/2022Strategic$161.5-Crisis and emergency management services.9/13/2022PE-Backed-Custom software development services.9/13/2022Strategic-
65、Systems integration and data services.Data as of September 30,2022Source:S&P Capital IQ,Mergermarket,ChannelE2E,Pitchbook,451 Research;Business Services M&A Activity includes acquisitions of all IT outsourced services companies(e.g.,BPO,software development,staffing)and IT services&distribution comp
66、anies(systems integration,consulting,web and email marketing,VARs)tracked by 451 Research18Selected Q3 2022 Transactions(contd)Announced DateTargetBuyerBuyer TypeDeal Value($M)EV/RevenueEV/EBITDATarget Description9/13/2022Strategic-Healthcare staffing.9/13/2022PE-Backed-Life sciences consulting.9/12
67、/2022Strategic$15.6.6x6.0 xIT consulting&development services.9/12/2022Strategic$1,284.0-Clinical consulting and regulatory services.9/9/2022Private Equity-Compliance services.9/8/2022Strategic-Pega-partnered digital transformation services.9/8/2022Strategic-Salesforce-focused IT services.9/8/2022St
68、rategic-Software development&web design services.9/8/2022Strategic-Strategy consulting.9/8/2022Private Equity-Market research consultancy.Data as of September 30,2022Source:S&P Capital IQ,Mergermarket,ChannelE2E,Pitchbook,451 Research;Business Services M&A Activity includes acquisitions of all IT ou
69、tsourced services companies(e.g.,BPO,software development,staffing)and IT services&distribution companies(systems integration,consulting,web and email marketing,VARs)tracked by 451 Research19Selected Q3 2022 Transactions(contd)Announced DateTargetBuyerBuyer TypeDeal Value($M)EV/RevenueEV/EBITDATarge
70、t Description9/7/2022Strategic-Software development&IT consulting services.9/6/2022PE-Backed-Salesforce-based IT&software development services.9/6/2022Strategic-Integrated consulting&implementation services.9/6/2022Strategic-Cybersecurity&managed services.9/6/2022Private Equity-IT consulting&digital
71、 services.9/2/2022PE-Backed-Software engineering&development service.9/2/2022Strategic-Digital consulting and cloud services.9/1/2022Strategic-Systems engineering&software development services.9/1/2022Strategic-European e-commerce consulting services.9/1/2022PE-Backed-Software development&IT consult
72、ing services.Data as of September 30,2022Source:S&P Capital IQ,Mergermarket,ChannelE2E,Pitchbook,451 Research;Business Services M&A Activity includes acquisitions of all IT outsourced services companies(e.g.,BPO,software development,staffing)and IT services&distribution companies(systems integration
73、,consulting,web and email marketing,VARs)tracked by 451 Research20Selected Q3 2022 Transactions(contd)Announced DateTargetBuyerBuyer TypeDeal Value($M)EV/RevenueEV/EBITDATarget Description9/1/2022Strategic-Supply chain consulting and digital transformation.9/1/2022Strategic-Tech-enabled environmenta
74、l consulting.9/1/2022Strategic-Environmental consulting.9/1/2022PE-Backed-Custom software development.8/31/2022PE-Backed-Cloud&workplace services.8/31/2022Strategic-Manufacturing systems integrator.8/30/2022Strategic-SAP data transformation&integration services.8/29/2022PE-Backed-Outsourced HR consu
75、lting services&SaaS.8/29/2022PE-Backed-Environmental consulting service&enterprise SaaS.8/29/2022Strategic-Professional&IT recruiting services.Data as of September 30,2022Source:S&P Capital IQ,Mergermarket,ChannelE2E,Pitchbook,451 Research;Business Services M&A Activity includes acquisitions of all
76、IT outsourced services companies(e.g.,BPO,software development,staffing)and IT services&distribution companies(systems integration,consulting,web and email marketing,VARs)tracked by 451 Research21Selected Q3 2022 Transactions(contd)Announced DateTargetBuyerBuyer TypeDeal Value($M)EV/RevenueEV/EBITDA
77、Target Description8/25/2022PE-Backed-CAD systems design&integration.8/24/2022PE-Backed-IT outsourcing services.8/24/2022PE-Backed-Software development&IT consulting services.8/23/2022PE-Backed-IT&engineering services.8/23/2022PE-Backed-IT consultancy services.8/22/2022Strategic-E-commerce developmen
78、t&digital marketing services.8/22/2022PE-Backed-Grant Thorntons public sector advisory practice.8/20/2022Private Equity$1,523.34.7x14.5xDigital transaction processing services.8/18/2022PE-Backed-IT consulting services.8/18/2022Private Equity-Outsourced customer services&CRM SaaS.Data as of September
79、 30,2022Source:S&P Capital IQ,Mergermarket,ChannelE2E,Pitchbook,451 Research;Business Services M&A Activity includes acquisitions of all IT outsourced services companies(e.g.,BPO,software development,staffing)and IT services&distribution companies(systems integration,consulting,web and email marketi
80、ng,VARs)tracked by 451 Research22Selected Q3 2022 Transactions(contd)Announced DateTargetBuyerBuyer TypeDeal Value($M)EV/RevenueEV/EBITDATarget Description8/17/2022Private Equity-Digital consultancy.8/16/2022Strategic$16.11.5x-Software development&IT consulting service provider.8/16/2022Private Equi
81、ty-RPA and digital consulting.8/16/2022Strategic-Marketing services.8/15/2022PE-Backed-Microsoft data&analytics consulting services.8/15/2022Strategic-IT consulting services.8/12/2022PE-Backed-Operational technology consulting and implementation.8/10/2022Strategic$409.1-Kontrons IT services business
82、.8/9/2022PE-Backed-Software testing services.8/9/2022Private Equity-Expert,claims and advisory services.Data as of September 30,2022Source:S&P Capital IQ,Mergermarket,ChannelE2E,Pitchbook,451 Research;Business Services M&A Activity includes acquisitions of all IT outsourced services companies(e.g.,B
83、PO,software development,staffing)and IT services&distribution companies(systems integration,consulting,web and email marketing,VARs)tracked by 451 Research23Selected Q3 2022 Transactions(contd)Announced DateTargetBuyerBuyer TypeDeal Value($M)EV/RevenueEV/EBITDATarget Description8/8/2022Strategic-Hea
84、lthcare data analytics.8/7/2022Strategic-Digital marketing services.8/5/2022Strategic$590.02.0 x16.6xFederal cybersecurity&IT services.8/5/2022PE-Backed-IT&management consulting services.8/4/2022PE-Backed-IT consulting&staffing services.8/4/2022Strategic$27.51.5x-IT&management consultancy services.8
85、/3/2022Strategic-Systems integration services.8/3/2022PE-Backed-Business&IT consulting services.8/3/2022Strategic-IT consulting&software development services.8/3/2022PE-Backed-Custom software development.Data as of September 30,2022Source:S&P Capital IQ,Mergermarket,ChannelE2E,Pitchbook,451 Research
86、;Business Services M&A Activity includes acquisitions of all IT outsourced services companies(e.g.,BPO,software development,staffing)and IT services&distribution companies(systems integration,consulting,web and email marketing,VARs)tracked by 451 Research24Selected Q3 2022 Transactions(contd)Announc
87、ed DateTargetBuyerBuyer TypeDeal Value($M)EV/RevenueEV/EBITDATarget Description8/2/2022Strategic$90.5-Digital transformation for secure public sector environments.8/1/2022Strategic$100.0-Staffing&recruitment services.8/1/2022Strategic-Cloud data&IT consulting services.8/1/2022Strategic-Custom softwa
88、re development services.8/1/2022Private Equity$5,000.0-Big data services and strategy consulting.7/29/2022Strategic-Solar energy technical assurance services&SaaS.7/29/2022Strategic-SAP-focused data management services.7/28/2022Strategic-Pharmaceutical digital transformation&IT services.7/28/2022Str
89、ategic$24.3.7x9.1xICT consulting&software engineering services.7/28/2022Strategic-Custom software development services.Data as of September 30,2022Source:S&P Capital IQ,Mergermarket,ChannelE2E,Pitchbook,451 Research;Business Services M&A Activity includes acquisitions of all IT outsourced services c
90、ompanies(e.g.,BPO,software development,staffing)and IT services&distribution companies(systems integration,consulting,web and email marketing,VARs)tracked by 451 Research25Selected Q3 2022 Transactions(contd)Announced DateTargetBuyerBuyer TypeDeal Value($M)EV/RevenueEV/EBITDATarget Description7/28/2
91、022Strategic$184.4.7x14.4xDiversified IT services.7/28/2022PE-Backed-Specialized staffing services.7/26/2022PE-Backed-Software development&consulting services.7/26/2022Strategic-RPO&contract staffing services.7/26/2022Private Equity$184.6-Business&IT consulting services.7/26/2022Private Equity-Healt
92、hcare staffing.7/25/2022Strategic-Digital transformation&IT services.7/21/2022PE-Backed-Research&library&information management services.7/21/2022Private Equity-Environmental consulting.7/20/2022Strategic-Tech-enabled environmental sustainability services.Data as of September 30,2022Source:S&P Capit
93、al IQ,Mergermarket,ChannelE2E,Pitchbook,451 Research;Business Services M&A Activity includes acquisitions of all IT outsourced services companies(e.g.,BPO,software development,staffing)and IT services&distribution companies(systems integration,consulting,web and email marketing,VARs)tracked by 451 R
94、esearch26Selected Q3 2022 Transactions(contd)Announced DateTargetBuyerBuyer TypeDeal Value($M)EV/RevenueEV/EBITDATarget Description7/19/2022Strategic-General staffing.7/18/2022Private Equity-Data management&analytics consultancy.7/18/2022Strategic$76.62.6x-Salesforce consulting&systems integration s
95、ervices.7/18/2022Strategic-Cybersecurity integration&IT consulting services.7/18/2022Strategic-E-commerce digital marketing services.7/18/2022Private Equity-Recruiting services.7/15/2022Private Equity-IT compliance&cybersecurity services.7/15/2022Private Equity-Digital transformation&IT services.7/1
96、3/2022Strategic$111.15.3x-Life sciences IT consulting services.7/13/2022PE-Backed-Web&mobile applications development services.Data as of September 30,2022Source:S&P Capital IQ,Mergermarket,ChannelE2E,Pitchbook,451 Research;Business Services M&A Activity includes acquisitions of all IT outsourced se
97、rvices companies(e.g.,BPO,software development,staffing)and IT services&distribution companies(systems integration,consulting,web and email marketing,VARs)tracked by 451 Research27Selected Q3 2022 Transactions(contd)Announced DateTargetBuyerBuyer TypeDeal Value($M)EV/RevenueEV/EBITDATarget Descripti
98、on7/13/2022PE-Backed-Software development services.7/12/2022PE-Backed-Outsourced creative&virtual production services.7/12/2022PE-Backed-Appian development&IT integration services.7/12/2022PE-Backed-Recruitment process outsourcing services.7/12/2022Private Equity-Integrated IT services.7/12/2022PE-B
99、acked-Environmental consulting.7/12/2022Private Equity-Digital and strategy consulting for government clients.7/11/2022PE-Backed-IT consulting&cybersecurity services.7/11/2022PE-Backed-Non-clinical staffing&consulting services.7/8/2022Private Equity-Cybersecurity&IT services.Data as of September 30,
100、2022Source:S&P Capital IQ,Mergermarket,ChannelE2E,Pitchbook,451 Research;Business Services M&A Activity includes acquisitions of all IT outsourced services companies(e.g.,BPO,software development,staffing)and IT services&distribution companies(systems integration,consulting,web and email marketing,V
101、ARs)tracked by 451 Research28Selected Q3 2022 Transactions(contd)Announced DateTargetBuyerBuyer TypeDeal Value($M)EV/RevenueEV/EBITDATarget Description7/8/2022Private Equity-Creative branding,marketing&communications services.7/8/2022Strategic-Regulatory,risk and compliance services.7/8/2022PE-Backe
102、d-General staffing.7/8/2022Strategic-HR consulting.7/7/2022Strategic-Strategic transformation&innovation consulting services.7/7/2022Strategic-Systems integration&engineering services.7/7/2022Strategic-Digital marketing services&SaaS.7/7/2022PE-Backed-IT staffing&consulting services.7/6/2022PE-Backe
103、d-IT staffing&direct hire services.7/6/2022Strategic-RPA&AI-based IT services.Data as of September 30,2022Source:S&P Capital IQ,Mergermarket,ChannelE2E,Pitchbook,451 Research;Business Services M&A Activity includes acquisitions of all IT outsourced services companies(e.g.,BPO,software development,st
104、affing)and IT services&distribution companies(systems integration,consulting,web and email marketing,VARs)tracked by 451 Research29Selected Q3 2022 Transactions(contd)Announced DateTargetBuyerBuyer TypeDeal Value($M)EV/RevenueEV/EBITDATarget Description7/6/2022PE-Backed-Mobile applications&software
105、development services.7/5/2022Strategic-Digital marketing&communication services.7/5/2022Strategic-Custom software development services.7/5/2022PE-Backed-IT staffing.7/1/2022Strategic-Network&systems integration services.7/1/2022Strategic-Enterprise automation BPO services&BPM SaaS.7/1/2022Private Eq
106、uity$1,400.0-Network and communications services.Data as of September 30,2022Source:S&P Capital IQ,Mergermarket,ChannelE2E,Pitchbook,451 Research;Business Services M&A Activity includes acquisitions of all IT outsourced services companies(e.g.,BPO,software development,staffing)and IT services&distribution companies(systems integration,consulting,web and email marketing,VARs)tracked by 451 Research