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1、Business ServicesQuarterly ReportQ4 2022Services Equity Market2The Services Sector Remains Stable Amidst Slowing Macro Environment Data as of December 31,2022Source:Capital IQ;Cascadia Capital Services Index is a proprietary index;multiples reflect the median of the index constituents,excluding mult
2、iples less than zero or greater than 70 x10.8xCascadia Capital Services Market Index EBITDA Multiple The Cascadia Services Market Index continues to perform in-line with the broader market on a share price performance basis-Custom software development EBITDA multiples have regressed approximately 5
3、turns while other services sectors remain stable Strategic and PE-backed activity remains buoyed by strategic rationale and potential synergies-Continued momentum seen in software development,broader IT services,consulting and staffing services-Increased M&A activity seen for targets serving the gov
4、ernment,defense and intelligence sectors and specific software and cloud partners like Atlassian,SAP and AWS Middle-market private equity activity remains active for higher-quality targets that have greater predictability into profitability and are more easily defended in discussions with debt provi
5、ders-Debt for transactions continues to be available due to the rise of private credit and dedicated sponsor financing funds seeking to deploy previously raised capital+13%Cascadia Capital Services Market Index increase from pre-COVID high+16%Cascadia Capital Services Market Index growth over the la
6、st 3 years3-Year Share Price Performance3-Year TTM EBITDA MultiplesBy the Numbers0%40%80%120%160%200%Jan-20Jan-21Jan-22Cascadia Capital Services IndexS&P 5006.0 x10.0 x14.0 x18.0 x22.0 xJan-20Jan-21Jan-22Cascadia Capital Services IndexS&P 5003Services Sector Equity Market Deep Dive3-Year Share Price
7、 Performance Services Sector Sub-VerticalsShare Price Performance3-YQ4 22BPO&Managed Services+41%+7%Cascadia Capital Services Index+17%+10%Diversified IT Services+10%+9%Information Services+17%+12%Marketing&Comm.Services(2%)+20%S&P 500+19%+8%Software Development+40%(12%)Staffing&Recruiting(8%)+11%Ma
8、nagement Consulting+40%+10%Value-Added Resellers+11%+6%Data as of December 31,2022Source:Capital IQ0%100%200%300%400%Jan-20 Apr-20 Jul-20Oct-20 Jan-21 Apr-21 Jul-21Oct-21 Jan-22 Apr-22 Jul-22Oct-22BPO&Managed ServicesDiversified IT ServicesInformation ServicesManagement ConsultingMarketing&Communica
9、tion ServicesValue-Added ResellersCascadia Capital Services IndexS&P 500Custom Software DevelopmentStaffing&Recruiting4-1-Y RevenueGrowth3-Y RevenueGrowthLTM GrossMarginLTM EBITDAMarginLTM RevenueMultipleLTM EBITDAMultipleBPO&Managed Services17.3%12.4%35.2%17.0%Software Development41.1%24.7%32.7%16.
10、4%Diversified IT Services13.4%4.2%26.4%13.7%Information Services8.9%7.0%59.0%27.0%Management Consulting8.8%7.6%30.6%12.0%Marketing Services11.3%3.6%23.1%11.6%Staffing&Recruiting11.8%4.7%25.4%6.5%Value-Added Resellers24.9%12.2%17.0%5.8%CC Services Index12.0%7.0%30.4%12.7%S&P 50013.0%7.9%33.4%19.8%Pub
11、licly Traded Services Companies SummaryData as of December 31,2022,median values for each comp setSource:Capital IQ;Cascadia Capital Services Index values reflect the median of the index constituents,multiples less than zero or greater than 70 x are excluded from median calculations2.5x1.4x0.5x0.5x1
12、.2x1.8x5.5x1.5x2.7x2.2x12.5x10.8x9.4x7.1x9.4x14.3x24.8x12.5x19.6x12.2x50.0 x8.0 x16.0 x24.0 xOct-22Nov-22Dec-22Publicly Traded Services Companies EBITDA MultiplesData as of December 31,2022,market cap weightedSource:Capital IQ;multiples less than zero or greater than 70 x are considered not meaningf
13、ul(NM)BPO&Managed ServicesSoftware DevelopmentDiversified IT ServicesInformation ServicesManagement ConsultingMarketing ServicesStaffing&RecruitingValue-Added Resellers11.4x12.0 x12.6x13.2xOct-22Nov-22Dec-2210.0 x11.0 x12.0 x13.0 xOct-22Nov-22Dec-2218.0 x20.0 x22.0 x24.0 xOct-22Nov-22Dec-2210.0 x11.
14、0 x12.0 x13.0 xOct-22Nov-22Dec-227.2x7.8x8.4x9.0 xOct-22Nov-22Dec-224.8x5.4x6.0 x6.6xOct-22Nov-22Dec-227.0 x8.0 x9.0 x10.0 xOct-22Nov-22Dec-22+0.4x(5.1x)+1.1x+1.7x+0.1x+0.1x+0.0 x+0.6xSelected Relevant Transactions7Selected Q4 2022 TransactionsData as of December 31,2022Source:S&P Capital IQ,Mergerm
15、arket,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,press
16、 releasesAnnounced DateTargetBuyerBuyer TypeDeal Value($M)EV/RevenueEV/EBITDATarget Description12/30/2022Strategic$13.5-4.5xDigital advertising.12/30/2022PE-Backed$12.51.2x-IT consulting and integration.12/28/2022PE-Backed-Customer experience consulting.12/27/2022Strategic-Software development and d
17、esign.12/23/2022PE-Backed-Telecom field engineering and managed services.12/22/2022Strategic$92.0-9.6xClear Channel Outdoors Swiss advertising unit.12/22/2022PE-Backed-Travel healthcare staffing and education services.12/21/2022Strategic-Water and wastewater engineering.12/20/2022PE-Backed-IT consul
18、ting and integration.12/20/2022Private Equity-DevOps and agile consulting.8Selected Q4 2022 Transactions(contd)Announced DateTargetBuyerBuyer TypeDeal Value($M)EV/RevenueEV/EBITDATarget Description12/20/2022Strategic$660.02.4x19.4xHR,pension,employee benefits and technology consulting.12/16/2022PE-B
19、acked-Professional peer advisory and executive coaching.12/16/2022Strategic$32.4-Procurement consulting and implementation services.12/16/2022Strategic$125.013.9x-Custom research and data analytics services.12/16/2022PE-Backed-Data center maintenance.12/15/2022Strategic-Digital experience and market
20、ing services.12/15/2022Strategic-Consulting and digitization services.12/14/2022PE-Backed-Cloud and outsourced contact center services.12/14/2022PE-Backed-Experience design and digital consulting services for Salesforce and Adobe.12/14/2022Strategic-Outsourced lease administration and staffing servi
21、ces.Data as of December 31,2022Source:S&P Capital IQ,Mergermarket,ChannelE2E,Pitchbook,451 Research;Business Services M&A Activity includes acquisitions of all IT outsourced services companies(e.g.,BPO,software development,staffing)and IT services&distribution companies(systems integration,consultin
22、g,web and email marketing,VARs)tracked by 451 Research,press releases9Selected Q4 2022 Transactions(contd)Announced DateTargetBuyerBuyer TypeDeal Value($M)EV/RevenueEV/EBITDATarget Description12/14/2022Strategic-Salesforce and data analytics consulting.12/13/2022Private Equity-IT advisory and lifecy
23、cle management.12/13/2022PE-Backed-Atlassian-focused IT services.12/13/2022PE-Backed-Product engineering for medical devices.12/13/2022Private Equity-Application,cloud and AI services.12/12/2022PE-Backed-Software development.12/12/2022Strategic$43.31.4x-Accounting,finance and technology staffing and
24、 outsourced services.12/12/2022Strategic-ESG&EHS systems procurement,implementation and consulting.12/8/2022Strategic-Ecommerce software development,UX design and digital marketing.12/8/2022Private Equity-Supply chain tech-enabled services.Data as of December 31,2022Source:S&P Capital IQ,Mergermarke
25、t,ChannelE2E,Pitchbook,451 Research;Business Services M&A Activity includes acquisitions of all IT outsourced services companies(e.g.,BPO,software development,staffing)and IT services&distribution companies(systems integration,consulting,web and email marketing,VARs)tracked by 451 Research,press rel
26、eases10Selected Q4 2022 Transactions(contd)Announced DateTargetBuyerBuyer TypeDeal Value($M)EV/RevenueEV/EBITDATarget Description12/8/2022Strategic$185.01.3x-Digital transformation services for government and defense.12/8/2022Private Equity-Atlassian-based IT services.12/8/2022Strategic-Structural a
27、nd civil engineering.12/7/2022Strategic-Digital transformation services for government.12/7/2022Strategic$58.5-Data analytics and business intelligence consulting.12/7/2022Private Equity-Customized finance,accounting,HCM,risk,operations and technology consulting.12/7/2022Strategic-Tech-enabled servi
28、ces and products for utilities and energy.12/6/2022Strategic-Data infrastructure,cloud and cybersecurity services.12/6/2022Strategic-Powertrain engineering consulting.12/6/2022PE-Backed-IT lifecycle management.Data as of December 31,2022Source:S&P Capital IQ,Mergermarket,ChannelE2E,Pitchbook,451 Res
29、earch;Business Services M&A Activity includes acquisitions of all IT outsourced services companies(e.g.,BPO,software development,staffing)and IT services&distribution companies(systems integration,consulting,web and email marketing,VARs)tracked by 451 Research,press releases11Selected Q4 2022 Transa
30、ctions(contd)Announced DateTargetBuyerBuyer TypeDeal Value($M)EV/RevenueEV/EBITDATarget Description12/6/2022PE-Backed-IT support,installation and consulting.12/6/2022PE-Backed-Tech-enabled recruitment process outsourcing.12/6/2022Private Equity-Engineering,IT and cybersecurity services for governmen
31、t.12/6/2022Strategic-Engineering consulting for infrastructure,environment,and energy projects.12/5/2022Strategic-Software development,web design and staff augmentation.12/5/2022Strategic-Cybersecurity consulting.12/5/2022PE-Backed-Cloud consulting,engineering and managed services.12/5/2022Strategic
32、-Staffing services.12/5/2022Private Equity-Digital transformation services for utilities and energy.12/2/2022Strategic-Tech-enabled bookkeeping.Data as of December 31,2022Source:S&P Capital IQ,Mergermarket,ChannelE2E,Pitchbook,451 Research;Business Services M&A Activity includes acquisitions of all
33、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,press releases12Selected Q4 2022 Transactions(contd)Announced DateTargetBuyerBuyer TypeDeal Value($M)EV/R
34、evenueEV/EBITDATarget Description12/1/2022Strategic-Credit and environmental rating agency.12/1/2022Strategic-Software engineering and IT services.12/1/2022Strategic-Customer insights and advisory.12/1/2022Strategic-Custom CRM implementation.12/1/2022Strategic-Strategy consulting.11/30/2022Strategic
35、-Atlassian-focused IT services.11/30/2022Private Equity-Control systems integration.11/29/2022PE-Backed-Tech-enabled outsourced legal services.11/29/2022Strategic-Digital transformation and IT consulting.11/29/2022PE-Backed-Contract staffing for Workday implementation talent.Data as of December 31,2
36、022Source:S&P Capital IQ,Mergermarket,ChannelE2E,Pitchbook,451 Research;Business Services M&A Activity includes acquisitions of all IT outsourced services companies(e.g.,BPO,software development,staffing)and IT services&distribution companies(systems integration,consulting,web and email marketing,VA
37、Rs)tracked by 451 Research,press releases13Selected Q4 2022 Transactions(contd)Announced DateTargetBuyerBuyer TypeDeal Value($M)EV/RevenueEV/EBITDATarget Description11/28/2022Strategic-Project intelligence consulting.11/24/2022Strategic-Connected workplace consulting.11/23/2022Strategic$590.02.0 x-D
38、igital transformation services for defense and intelligence.11/22/2022PE-Backed-Cloud,data analytics and managed services.11/22/2022PE-Backed-IT consulting and digital services.11/21/2022Strategic-Data analytics consulting.11/21/2022Strategic-Software development.11/18/2022Strategic-Software develop
39、ment.11/17/2022Strategic-SAP&IT consulting.11/17/2022Strategic-SAP consulting.Data as of December 31,2022Source:S&P Capital IQ,Mergermarket,ChannelE2E,Pitchbook,451 Research;Business Services M&A Activity includes acquisitions of all IT outsourced services companies(e.g.,BPO,software development,sta
40、ffing)and IT services&distribution companies(systems integration,consulting,web and email marketing,VARs)tracked by 451 Research,press releases14Selected Q4 2022 Transactions(contd)Announced DateTargetBuyerBuyer TypeDeal Value($M)EV/RevenueEV/EBITDATarget Description11/17/2022Private Equity$337.71.9
41、x14.8xDigital consulting,software development and design services.11/17/2022Strategic-Digital commerce experience consulting.11/17/2022PE-Backed-Information and communications technology consulting.11/17/2022PE-Backed-Software development and IT services.11/17/2022PE-Backed-Atos Italian IT services
42、subsidiary.11/16/2022Private Equity-Digital transformation services for government.11/16/2022Private Equity-Digital marketing.11/16/2022Private Equity-HBR Consultings advisory practice.11/15/2022PE-Backed-Software development,data analytics and cybersecurity services.11/15/2022PE-Backed-Software dev
43、elopment and digital transformation services.ItaliaAdvisory PracticeData as of December 31,2022Source:S&P Capital IQ,Mergermarket,ChannelE2E,Pitchbook,451 Research;Business Services M&A Activity includes acquisitions of all IT outsourced services companies(e.g.,BPO,software development,staffing)and
44、IT services&distribution companies(systems integration,consulting,web and email marketing,VARs)tracked by 451 Research,press releases15Selected Q4 2022 Transactions(contd)Announced DateTargetBuyerBuyer TypeDeal Value($M)EV/RevenueEV/EBITDATarget Description11/15/2022PE-Backed-Customer experience ser
45、vices and digital marketing.11/15/2022PE-Backed-Atlassian-focused systems integration.11/15/2022PE-Backed-Salesforce-focused IT services.11/15/2022PE-Backed-Digital transformation services.11/15/2022Private Equity-AWS-based IT consulting.11/15/2022Strategic$271.411.0 x65.4xData analytics and AI cons
46、ulting.11/14/2022Strategic-Cybersecurity consulting.11/14/2022Strategic-Digital marketing.11/11/2022Private Equity$406.6-Software development and digital transformation services.11/11/2022PE-Backed-IT managed services.Data as of December 31,2022Source:S&P Capital IQ,Mergermarket,ChannelE2E,Pitchbook
47、,451 Research;Business Services M&A Activity includes acquisitions of all IT outsourced services companies(e.g.,BPO,software development,staffing)and IT services&distribution companies(systems integration,consulting,web and email marketing,VARs)tracked by 451 Research,press releases16Selected Q4 202
48、2 Transactions(contd)Announced DateTargetBuyerBuyer TypeDeal Value($M)EV/RevenueEV/EBITDATarget Description11/9/2022Strategic-Software development and digital transformation services.11/9/2022PE-Backed-IoT value-added reseller.11/9/2022Strategic-Supply chain process design and implementation.11/9/20
49、22PE-Backed-Salesforce-focused IT services for healthcare and life sciences.11/8/2022PE-Backed-Salesforce-focused IT services.11/8/2022Strategic-IT,strategy and quality engineering consulting.11/8/2022Strategic-Data management and analytics consulting.11/8/2022Private Equity-Controlled environment c
50、leaning and remediation.11/8/2022Strategic$23.4-Strategy consulting.11/8/2022PE-Backed-Life sciences consulting.Data as of December 31,2022Source:S&P Capital IQ,Mergermarket,ChannelE2E,Pitchbook,451 Research;Business Services M&A Activity includes acquisitions of all IT outsourced services companies
51、(e.g.,BPO,software development,staffing)and IT services&distribution companies(systems integration,consulting,web and email marketing,VARs)tracked by 451 Research,press releases17Selected Q4 2022 Transactions(contd)Announced DateTargetBuyerBuyer TypeDeal Value($M)EV/RevenueEV/EBITDATarget Descriptio
52、n11/7/2022PE-Backed-Software development and IT consulting.11/7/2022PE-Backed-SAP digital supply chain consulting.11/4/2022PE-Backed-Microsoft-partnered digital transformation services.11/4/2022Strategic-Accounting and consulting.11/4/2022Strategic-Life sciences consulting.11/3/2022Strategic$33.0-So
53、ftware development and AI consulting.11/3/2022PE-Backed-Staffing and recruiting services.11/2/2022PE-Backed-Outsourced chip design and embedded services.11/2/2022Private Equity-IT staffing services.11/2/2022PE-Backed-IT infrastructure reseller and managed services.Data as of December 31,2022Source:S
54、&P Capital IQ,Mergermarket,ChannelE2E,Pitchbook,451 Research;Business Services M&A Activity includes acquisitions of all IT outsourced services companies(e.g.,BPO,software development,staffing)and IT services&distribution companies(systems integration,consulting,web and email marketing,VARs)tracked
55、by 451 Research,press releases18Selected Q4 2022 Transactions(contd)Data as of December 31,2022Source:S&P Capital IQ,Mergermarket,ChannelE2E,Pitchbook,451 Research;Business Services M&A Activity includes acquisitions of all IT outsourced services companies(e.g.,BPO,software development,staffing)and
56、IT services&distribution companies(systems integration,consulting,web and email marketing,VARs)tracked by 451 Research,press releasesAnnounced DateTargetBuyerBuyer TypeDeal Value($M)EV/RevenueEV/EBITDATarget Description11/2/2022PE-Backed-Travel nursing,allied and therapy staffing.11/2/2022PE-Backed-
57、Change management consulting.11/2/2022Strategic-Software development.11/1/2022PE-Backed-IT advisory and lifecycle management.11/1/2022Strategic-Onesources professional services and application management practices.11/1/2022Strategic-Digital transformation services for healthcare.10/31/2022PE-Backed-
58、UX design&development.10/31/2022Strategic-Cloud,DevOps and data consulting.10/31/2022PE-Backed-E-commerce strategy,digital services and UX design.10/28/2022Strategic-AI and data consulting.19Selected Q4 2022 Transactions(contd)Announced DateTargetBuyerBuyer TypeDeal Value($M)EV/RevenueEV/EBITDATarge
59、t Description10/27/2022Strategic$10.81.8x27.0 xSoftware development and IT consulting.10/27/2022PE-Backed-IT and digital transformation services for government.10/27/2022PE-Backed-HR compliance services.10/27/2022PE-Backed-Business intelligence and data services.10/27/2022Strategic$300.04.0 x-Staffi
60、ng and recruiting services.10/27/2022Private Equity$500.0-Software development and digital consulting.10/27/2022Strategic$1,225.08.8x-Software development.10/26/2022Private Equity-Digital marketing.10/26/2022PE-Backed-Market research services.10/25/2022PE-Backed-Data analytics consulting.Data as of
61、December 31,2022Source:S&P Capital IQ,Mergermarket,ChannelE2E,Pitchbook,451 Research;Business Services M&A Activity includes acquisitions of all IT outsourced services companies(e.g.,BPO,software development,staffing)and IT services&distribution companies(systems integration,consulting,web and email
62、 marketing,VARs)tracked by 451 Research,press releases20Selected Q4 2022 Transactions(contd)Announced DateTargetBuyerBuyer TypeDeal Value($M)EV/RevenueEV/EBITDATarget Description10/24/2022PE-Backed-AR/VR and gaming software development.10/24/2022PE-Backed-Security and event staffing.10/21/2022Strate
63、gic-Fiservs systems integration and Costa Rica assets.10/21/2022PE-Backed-SAP consulting and software development.10/21/2022Strategic-Aerospace,defense and infrastructure consulting.10/20/2022PE-Backed-Financial disputes,claims and investigations consulting.10/19/2022Strategic-Risk and compliance ad
64、visory.10/19/2022PE-Backed-Healthcare advertising and marketing.10/19/2022PE-Backed-Architectural services.10/18/2022PE-Backed-Software development.Data as of December 31,2022Source:S&P Capital IQ,Mergermarket,ChannelE2E,Pitchbook,451 Research;Business Services M&A Activity includes acquisitions of
65、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,press releases21Selected Q4 2022 Transactions(contd)Announced DateTargetBuyerBuyer TypeDeal Value($M)
66、EV/RevenueEV/EBITDATarget Description10/18/2022PE-Backed-Software development.10/18/2022PE-Backed-IT value-added distribution and telecom consulting.10/18/2022Private Equity-Data migration consulting.10/18/2022Private Equity-Litigation support services.10/14/2022Private Equity-SAP expert recruiting
67、services.10/14/2022PE-Backed-Product development.10/14/2022Strategic-Software development.10/13/2022PE-Backed$5.1.4x-Digital transformation consulting.10/13/2022Strategic-Software development and data analytics services.10/13/2022Strategic-Business and technical consulting for investment management.
68、Data as of December 31,2022Source:S&P Capital IQ,Mergermarket,ChannelE2E,Pitchbook,451 Research;Business Services M&A Activity includes acquisitions of all IT outsourced services companies(e.g.,BPO,software development,staffing)and IT services&distribution companies(systems integration,consulting,we
69、b and email marketing,VARs)tracked by 451 Research,press releases22Selected Q4 2022 Transactions(contd)Announced DateTargetBuyerBuyer TypeDeal Value($M)EV/RevenueEV/EBITDATarget Description10/13/2022Strategic$136.0-Creative and administrative staffing.10/12/2022PE-Backed-Digital marketing.10/12/2022
70、Strategic-Recruiting services for early stage,high growth companies.10/11/2022Strategic-Software development and digital transformation services.10/11/2022Private Equity-Digital transformation consulting and managed services.10/11/2022Strategic-ServiceNow-focused IT services.10/10/2022Strategic-Cybe
71、rsecurity and IT services.10/10/2022PE-Backed-Climate and ESG consulting.10/7/2022Strategic-Business intelligence and data science consulting.10/7/2022PE-Backed-Healthcare revenue cycle services.Data as of December 31,2022Source:S&P Capital IQ,Mergermarket,ChannelE2E,Pitchbook,451 Research;Business
72、Services M&A Activity includes acquisitions of all IT outsourced services companies(e.g.,BPO,software development,staffing)and IT services&distribution companies(systems integration,consulting,web and email marketing,VARs)tracked by 451 Research,press releases23Selected Q4 2022 Transactions(contd)An
73、nounced DateTargetBuyerBuyer TypeDeal Value($M)EV/RevenueEV/EBITDATarget Description10/6/2022Strategic$61.5-Software development and digital transformation services.10/5/2022PE-Backed-Atlassian-focused IT services.10/5/2022Strategic$294.0-Architectural,engineering and consulting services.10/5/2022Pr
74、ivate Equity-Pharmaceutical and life sciences recruiting.10/5/2022Strategic-Advertising services.10/4/2022Strategic-Digital transformation and cloud services insurance.10/4/2022Private Equity-Tech-enabled agricultural data and analytics services.10/4/2020Strategic-Software development.10/3/2022Strat
75、egic-Salesforce-focused digital commerce services.10/3/2022Strategic-AI strategy and data consulting.Data as of December 31,2022Source:S&P Capital IQ,Mergermarket,ChannelE2E,Pitchbook,451 Research;Business Services M&A Activity includes acquisitions of all IT outsourced services companies(e.g.,BPO,s
76、oftware development,staffing)and IT services&distribution companies(systems integration,consulting,web and email marketing,VARs)tracked by 451 Research,press releasesAppendixPublic Comps26Publicly Traded Services CompaniesData as of December 31,2022Source:Capital IQ;multiples less than zero or great
77、er than 70 x are considered not meaningful(NM)BPO&Managed Services($in millions)LTMRevenue GrowthLTM MarginsLTM MultiplesCompanyRevenueEBITDA1YR3YRGrossEBITDARevenueEBITDACapita$3,743($201)(5.6%)(6.4%)19.7%(5.4%)0.4xNMeClerx Services$308$8024.7%20.6%38.3%25.9%2.2x8.6xExlService$1,333$22623.9%11.2%36
78、.8%17.0%4.3x25.1xFPT$1,864$36123.4%16.7%39.5%19.4%1.9x9.7xGenpact$4,341$68111.3%8.3%35.2%15.7%2.2x14.3xHCL Technologies$12,344$2,62210.4%8.5%36.4%21.2%2.7x12.6xInfosys$17,937$4,16214.7%12.4%29.7%23.2%4.1x17.7xNIIT$197$3427.7%20.1%48.8%17.1%1.9x11.2xRimini Street$400$4510.3%13.6%62.9%11.3%0.7x6.5xTat
79、a Consultancy Services$26,207$6,73117.3%11.8%43.0%25.7%5.3x20.7xTech Mahindra$6,246$87122.3%12.5%32.2%13.9%1.7x11.8xTTEC Holdings$2,398$3057.4%14.4%25.6%12.7%1.3x10.0 xWipro$10,652$1,87618.4%13.5%28.5%17.6%2.3x12.9xWNS$1,208$19514.5%10.7%35.0%16.1%3.2x20.0 xZensar Technologies$579$6120.8%4.3%17.1%10
80、.5%0.8x7.6xMean16.1%11.5%35.2%16.1%2.3x13.5xMedian17.3%12.4%35.2%17.0%2.2x12.2xCustom Software Development($in millions)LTMRevenue GrowthLTM MarginsLTM MultiplesCompanyRevenueEBITDA1YR3YRGrossEBITDARevenueEBITDAAdesso$820$7031.6%24.7%20.0%8.6%1.4x15.8xCI&T$376$6462.2%0.0%34.6%17.1%2.5x14.8xEndava$78
81、4$13141.1%32.3%33.1%16.7%5.4x32.3xEPAM Systems$4,701$77339.3%29.5%32.7%16.4%3.7x22.6xGlobant$1,669$30945.2%39.5%37.8%18.5%4.1x22.0 xNagarro$772$10659.7%0.0%23.5%13.8%2.4x17.1xThoughtworks$1,272($54)28.6%0.0%24.7%(4.2%)2.7xNMMean43.9%18.0%29.5%12.4%3.2x20.8xMedian41.1%24.7%32.7%16.4%2.7x19.6x27Public
82、ly Traded Services Companies(contd)Data as of December 31,2022Source:Capital IQ;multiples less than zero or greater than 70 x are considered not meaningful(NM)Diversified IT Services($in millions)LTMRevenue GrowthLTM MarginsLTM MultiplesCompanyRevenueEBITDA1YR3YRGrossEBITDARevenueEBITDAAccenture$62,
83、377$10,57616.1%12.4%32.0%17.0%2.7x15.7xAllgeier$460$5023.3%(0.3%)19.2%10.8%1.2x10.8xAtos$11,476$4380.0%(0.5%)1.5%3.8%0.4x9.6xBechtle$5,647$38319.5%3.9%17.5%6.8%0.9x12.6xCapgemini$21,051$2,77818.6%13.6%26.3%13.2%1.6x12.5xCGI$9,772$1,7098.4%2.7%30.9%17.5%2.3x13.2xCognizant Technology Solutions$19,428$
84、3,5375.0%5.0%35.9%18.2%1.5x8.0 xDXC Technology$14,847$2,696(10.8%)(9.5%)21.4%18.2%0.7x3.6xInternational Business Machines$60,530$6,4285.5%1.6%54.0%10.6%2.8x26.7xNEC$24,167$2,4644.6%1.4%28.7%10.2%0.5x5.4xNTT DATA$18,739$2,99210.6%6.9%26.2%16.0%1.3x8.2xPerficient$887$17525.2%17.1%38.8%19.7%3.2x16.1xPe
85、rsistent Systems$935$16249.1%30.6%26.6%17.3%3.6x20.8xReply$1,754$24922.6%14.2%17.2%14.2%2.3x16.4xSoftcat$1,312$16937.5%2.8%30.4%12.9%2.1x16.2xSopra Steria$5,121$46510.7%4.5%13.6%9.1%0.8x8.4xMean15.4%6.7%26.3%13.5%1.7x12.8xMedian13.4%4.2%26.4%13.7%1.5x12.5xInformation Services($in millions)LTMRevenue
86、 GrowthLTM MarginsLTM MultiplesCompanyRevenueEBITDA1YR3YRGrossEBITDARevenueEBITDAcomScore$375$74.0%(2.4%)45.9%1.9%0.9x46.5xCoStar Group$2,116$61112.4%16.4%81.5%28.9%13.1x45.4xDun&Bradstreet$2,228$6938.8%15.9%68.1%31.1%3.9x12.7xExperian$6,474$1,7238.9%9.1%36.7%26.6%5.5x20.5xFactSet Research Systems$1
87、,924$68118.2%9.9%53.7%35.4%8.8x24.8xFair Isaac$1,400$5845.5%5.4%77.9%41.7%12.0 x28.6xForrester Research$535$6611.1%7.0%59.0%12.3%1.3x10.3xGartner$5,277$1,20816.2%8.5%69.3%22.9%5.5x24.2xInforma$2,683$68651.0%(7.8%)33.9%25.6%4.1x15.9xMoodys$5,468$2,327(12.1%)4.2%70.5%42.6%10.5x24.8xMorningstar$1,858$3
88、3914.9%18.8%58.3%18.3%5.5x29.9xThomson Reuters$6,572$1,7725.1%4.0%36.6%27.0%8.9x32.9xVerisk Analytics$3,033$1,3983.0%6.0%65.8%46.1%10.2x22.2xMean11.3%7.3%58.3%27.7%6.9x26.1xMedian8.9%7.0%59.0%27.0%5.5x24.8x28Publicly Traded Services Companies(contd)Data as of December 31,2022Source:Capital IQ;multip
89、les less than zero or greater than 70 x are considered not meaningful(NM)Management Consulting($in millions)LTMRevenue GrowthLTM MarginsLTM MultiplesCompanyRevenueEBITDA1YR3YRGrossEBITDARevenueEBITDABooz Allen Hamilton$9,064$84611.8%7.6%23.2%9.3%1.8x19.1xCBIZ$1,360$21126.7%12.9%17.3%15.5%2.1x13.5xCR
90、A International$581$702.1%9.6%30.6%12.0%1.8x14.6xFTI Consulting$2,931$3297.5%9.1%30.9%11.2%1.9x16.9xHuron Consulting Group$1,067$12224.7%7.9%30.4%11.4%1.6x14.3xICF International$1,692$1595.8%5.1%36.1%9.4%1.6x17.5xInformation Services Group$282$352.6%1.7%41.0%12.4%1.0 x7.8xThe Hackett Group$291$578.8
91、%4.0%39.0%19.5%1.7x8.5xWavestone$480$799.1%6.6%26.4%16.4%2.0 x12.1xMean11.0%7.2%30.6%13.0%1.7x13.8xMedian8.8%7.6%30.6%12.0%1.8x14.3xMarketing&Communication Services($in millions)LTMRevenue GrowthLTM MarginsLTM MultiplesCompanyRevenueEBITDA1YR3YRGrossEBITDARevenueEBITDABlueFocus Intelligent Communica
92、tions Group$4,943$64(18.5%)10.9%5.2%1.3%0.3x24.4xDentsu Group$8,267$1,49115.3%4.8%89.8%18.0%1.2x6.6xHakuhodo DY$6,521$596(16.9%)(13.6%)42.1%9.1%0.5x5.4xHarte Hanks$203$177.3%(4.7%)16.9%8.5%0.5x6.3xKin and Carta$232$2747.6%11.6%44.6%11.9%2.1x17.3xNext Fifteen Communications Group$733$10458.8%27.7%24.
93、3%14.2%1.7x12.1xOmnicom Group$14,277$2,3600.6%(1.4%)19.4%16.5%1.4x8.7xPublicis Groupe$15,172$3,08120.9%8.9%42.7%20.3%1.3x6.3xQuinStreet$566($0)(5.5%)6.5%8.5%(0.1%)1.2xNMS4 Capital$1,037$10377.6%0.0%81.9%9.9%1.4x14.5xThe Interpublic Group of Companies$9,448$1,6916.8%3.2%21.9%17.9%1.7x9.4xViad$1,063$1
94、07202.2%(6.7%)6.7%10.1%1.2x11.5xWPP$16,312$1,8416.9%4.0%17.2%11.3%1.1x9.5xMean35.2%3.3%34.7%12.3%1.2x11.0 xMedian11.3%3.6%23.1%11.6%1.2x9.4x29Publicly Traded Services Companies(contd)Data as of December 31,2022Source:Capital IQ;multiples less than zero or greater than 70 x are considered not meaning
95、ful(NM)Staffing&Recruiting($in millions)LTMRevenue GrowthLTM MarginsLTM MultiplesCompanyRevenueEBITDA1YR3YRGrossEBITDARevenueEBITDAAdecco Group$22,478$8319.9%(1.0%)21.0%3.7%0.4x10.6xASGN$4,485$50216.3%5.4%30.0%11.2%1.1x10.0 xBarrett Business Services$1,039$6111.5%3.6%22.1%5.9%0.5x8.8xHeidrick&Strugg
96、les$1,127$12227.7%16.5%24.0%10.8%0.2x1.5xKelly Services$4,982$1101.7%(2.8%)20.2%2.2%0.1x5.4xKforce$1,701$12011.7%8.2%29.5%7.1%0.6x9.0 xKorn Ferry$2,826$54425.3%13.3%28.7%19.3%0.9x4.8xManpowerGroup$19,828$716(4.3%)(1.7%)18.0%3.6%0.2x6.8xRandstad$26,785$1,22715.9%4.7%20.9%4.6%0.4x9.7xResources Connect
97、ion$826$10316.0%4.8%40.2%12.5%0.7x5.7xRobert Half International$7,238$1,02312.0%6.0%42.7%14.1%1.0 x7.3xTrueBlue$2,254$953.7%(1.6%)26.7%4.2%0.3x6.9xMean12.3%4.6%27.0%8.3%0.6x7.2xMedian11.8%4.7%25.4%6.5%0.5x7.1xValue-Added Resellers($in millions)LTMRevenue GrowthLTM MarginsLTM MultiplesCompanyRevenueE
98、BITDA1YR3YRGrossEBITDARevenueEBITDAAlten$3,508$39534.9%10.9%21.0%11.3%1.2x11.1xCancom$1,278$932.1%(4.3%)32.9%7.3%0.7x9.0 xCDW$23,847$1,97517.8%10.7%18.8%8.3%1.3x15.5xComputacenter$8,661$33631.9%14.3%12.2%3.9%0.3x7.7xDustin Group$2,298$8342.3%23.6%14.2%3.6%0.4x10.6xePlus$1,898$17114.7%9.0%24.4%9.0%0.
99、7x7.9xInsight Enterprises$10,495$45514.6%13.5%15.3%4.3%0.4x9.8xTD SYNNEX$62,344$1,83397.2%48.4%6.4%2.9%0.2x7.0 xMean31.9%15.8%18.1%6.3%0.7x9.8xMedian24.9%12.2%17.0%5.8%0.5x9.4xMacro Environment31Macroeconomic Labor EnvironmentUnemployment RateLabor Force ParticipationData as of December 31,2022Sourc
100、e:Federal Reserve Bank of St.LouisPersistently elevated inflation has driven more eligible participants into the labor force,however,the rate hasnt recovered to pre-COVID levels and has been steadily declining since 2000.Commonly reported headline unemployment rate currently indicates full employmen
101、t,however,the more comprehensive total unemployment rate,aligns with the lower labor force participation rate seen in recent years.6.5%3.5%0.0%5.0%10.0%15.0%20.0%25.0%Dec-17Dec-18Dec-19Dec-20Dec-21Dec-22Total Unemployment RateHeadline Unemployment62.3%58.0%59.0%60.0%61.0%62.0%63.0%64.0%Dec-17Dec-18D
102、ec-19Dec-20Dec-21Dec-22Headline unemployment:Percentage of people over the age of 16 who arent working but are available and actively looking for workTotal unemployment:Technically unemployed,plus part-time workers that would prefer full time jobs,plus discouraged workers(marginally attached to the
103、labor force),e.g.those who want a job,have not looked in the most recent four weeks,but have looked in the past 12 months.32Macroeconomic Consumer EnvironmentInflation Rate(%Change YoY)Consumer Sentiment(%Change YoY)Consumer sentiment has experienced a recent boost from lower inflation levels and ea
104、sing concerns about an economic slowdown.However,headline reports of layoffs in specific white-collar sectors,including technology and financial services,have continued to dampen consumer confidence year over year.Ever-increasing inflation reports have moderated over the months of Q4,leading market
105、participants to expect a slowing in hawkish behavior from the Federal Reserve by decreasing the expected max rate of federal funds.Data as of December 31,2022Source:Federal Reserve Bank of St.Louis6.4%0.0%2.0%4.0%6.0%8.0%10.0%Dec-17Dec-18Dec-19Dec-20Dec-21Dec-22(1.2%)(4.0%)(2.0%)0.0%2.0%Dec-17Dec-18
106、Dec-19Dec-20Dec-21Dec-2233Macroeconomic Financial EnvironmentEffective Fed Funds RateHigh Yield Option-Adjusted SpreadTreasury Yield SpreadTo combat persistently high inflation,the Federal Reserve has continued to utilize rate increases to tighten economic conditions.With the pace of inflation slowi
107、ng,the rate of increases may subside.Steepness of the yield curve is now negative which historically precedes recessions,but is trending towards positive territory.The shape of the yield curve implies an expectation for lower future rates.High yield spreads are just below 5%,near historical norms since the 2008/2009 recession.Spreads have consolidated off the highs in recent months,implying an expectation for more rate stability.Data as of December 31,2022Source:Federal Reserve Bank of St.Louis4.1%0.0%1.0%2.0%3.0%4.0%5.0%4.8%0.0%4.0%8.0%12.0%(0.4%)(1.0%)0.0%1.0%2.0%