1、Technology Services Update Harris Williams|Q4 2022Technology Services|Q4 20222Continued Interest in Technology Services Platforms1.Frost&Sullivan and Datto Holding Corp.Massive market opportunity driven by powerful secular trends and the increased reliance on outsourced IT services providers.SUSTAIN

2、EDDEMAND FORIT MANAGEDSERVICESPROVIDERS1The Right Investment PlatformEmphasis on finding a provider that has the right mix of customers,a strong geographic market presence,a diverse service offering,and the ability to consistently introduce new IT solutionsRising M&AWhile consolidation continues to

3、increase,the IT services market remains highly fragmented,with significant opportunity to build a differentiated platform of scaleTalent MigrationBusinesses are reducing internal costs post-pandemic,while shifting experienced internal IT professionals to outsourced providersOne-Stop ShopCustomers ar

4、e reducing the number of third-party providers and looking for a single technology services solution that can holistically deliver security,cloud services,IT consulting,networking,and UCaaS servicesGlobal SME IT Managed Services Market Size and Growth$in BillionsGROWINGSECURITY ANDCOMPLIANCERISKSRap

5、id changes in technology and the critical need to embrace digital transformation created an urgency to replace legacy infrastructure and modernize IT systemsMid-market companies lack the required resources and expertise to navigate ever-increasing IT complexity,and are consistently turning to third-

6、party IT services providers to help deploy,manage,and maintain their IT infrastructureINCREASINGIT COMPLEXITYOutsourced IT services offerings continue to evolve to support a broad range of customer needs and software solutionsCustomers increasingly require 24x7 support,remote monitoring,network mana

7、gement solutions,and broader IT managementEVER-EXPANDINGSET OFOUTSOURCEDIT SERVICESA growing number of customers are shifting critical workloads from local environments to offsite cloud infrastructure and applicationsAs clients continue to adopt cloud services,IT services providers become more criti

8、cal in helping mid-market companies navigate hybrid cloud solutions,multiple databases,and server infrastructureACCELERATINGADOPTIONOFCLOUDSERVICESAs work from home continues to impact customers,IT services providers have demonstrated an ability to consistently support a broad range of users,devices

9、,and applicationsCybersecurity threats and related breaches continue to impact customers while creating costly disruptionsGROWINGSECURITY ANDCOMPLIANCERISKS$192.0$317.5202242025CAGR13.4%1.Frost&Sullivan and Datto Holding Corp.Technology Services|Q4 2022Companies of all sizes understand th

10、e need for significant investment in automation as it relates to application development,workload automation,and device automation.3Increased Focus on Automation“Eighty-five percent of infrastructure and operations(I&O)leaders that do not currently have any full automation expect to become more auto

11、mated in the next two to three years,according to a new survey by Gartner,Inc.Gartner predicts that by 2025,70%of organizations will implement structured automation to deliver flexibility and efficiency,an increase from 20%of organizations in 2021.”1Focus on Obtaining Full Automation“Businesses acro

12、ss industries have been embracing digital services for years now,and the pandemic accelerated this trend.As these services attract more users,companies often face challenges with scaling to accommodate this growth.Automation reduces workloads and augments human skills to make this expansion possible

13、.”2Digital Transformation Needs Automation“Many enterprises will eventually switch over 25%of the software tools to automation-based systems according to Business Process Incubator.Additionally,we will see a rise in demand from line-of-business teams seeking access to automation as a service,which w

14、ill be a positive development.IT Operations is responsible for managing the automation platform from a centralized location and making it accessible as a service to developers,data and cloud teams,and other units.”3Automation for All“From milling machines in manufacturing plants,connected heart moni

15、tors in hospitals,and inspection drones for infrastructure,to robot cookers in restaurants,smart sensors in office buildings,and new“phygital”consumer products,a new generation of physical assets is being embedded with advanced digital technologies to enable business-critical functions.IT organizati

16、ons are increasingly on the hook to manage,monitor,measure,and secure these assets.CIOs must wisely choose technologies based on application,device,and security requirements and consider how they will onboard,manage,and maintain devices and networking technologies that now require the highest levels

17、 of uptime and redundancy.They must also rethink device governance and oversight,and reconsider how the technology workforce is organized,defined,managed,and trained.”4Physical Tech Stack1.Gartner2.SiliconANGLE3.Zigiwave4.DeloitteTechnology Services|Q4 2022Digital Transformation&Application Developm

18、ent4Perspectives on IT ServicesManaged ServicesSelect Market ParticipantsOutsourced IT service offerings ranging from IT network,communications,web and email hosting,backup and recovery,help desk,data management,network and security monitoring,and application development.Even as employees return to

19、offices,the need to support multiple devices and systems continues to underpin sustained demand to outsource IT servicesCompanies are expanding their service offerings as organizations seek a single-source provider capable of offering managed IT,managed security,and managed network servicesKey Trend

20、sOutsourced monitoring and management of devices and IT systems.Services include managed firewall,vulnerability assessments,intrusion monitoring,and antivirus solutions.Services are provided through security operations centers to enable 24/7 monitoring.With ransomware attacks increasing for companie

21、s of all sizes,outsourced security services have become a priorityManaged security service providers span across three models:people-centric services and consulting,security service offerings leveraging multiple software vendors,and software security product offeringsSelect Market ParticipantsKey Tr

22、endsAdopting digital technology services to replace non-digital manual processes and legacy technologies.Application development services create custom,customer-facing apps across a range of digital platforms(mobile,web,desktop).The need to modernize and create more agile environments given legacy I

23、T infrastructures is a driving force for digital transformationThe importance around customer experience and seamless communication across all mediums(website,chatbox,mobile app)is creating substantial demand in the marketKey TrendsSelect Market ParticipantsManaged Security&ComplianceCybersecurityED

24、R,MDR,XDRSOC-as-a-ServiceManaged ITManaged NetworkIT ConsultingApplication DevelopmentCustomer ExperienceDigital EngineeringDevOpsTechnology Services|Q4 2022Data&Analytics5Perspectives on IT ServicesApplication Partner EcosystemSelect Market ParticipantsServices that specialize in various applicatio

25、n ecosystems,such as SAP,Oracle,Salesforce,Adobe,ServiceNow,and Workday.These services range from consulting to systems integration and ongoing development and customization.As organizations of all sizes struggle to implement,update,and leverage multiple applications,there remains a growing lack of

26、talent across multiple application ecosystemsStrategic system integrators and private equity investors continue to actively pursue a number of application partner opportunitiesKey TrendsServices that support access to public cloud environments,as well as consulting solutions focused on optimizing cl

27、oud resources,reducing costs,and developing architecture to support varying workloads.The shift from on-premises to private to public cloud hosting continues,with many organizations turning to a hybrid cloud approachAs organizations migrate to the cloud,additional services and consulting are needed

28、around cloud strategy and cloud securitySelect Market ParticipantsKey TrendsServices focused on collecting,aggregating,and extracting structured and unstructured data from multiple sources and then running analysis on such data using AI and machine learning to help companies optimize client engageme

29、nts,improve operational efficiency,and reduce costs.To better harness and potentially monetize a growing amount of information,companies are increasingly relying on software and consulting-related services to help analyze and organize dataGrowing focus on leveraging internal data to help customers b

30、etter understand their true needs while creating further stickiness with an existing client baseKey TrendsAI/MLData ManagementData CollectionSelect Market ParticipantsCloud Partner EcosystemsApplication StrategyOngoing Support&TrainingIntegration ServicesDesign and BuildCloud Readiness AssessmentApp

31、lication Modernization&DataOpsCloud Migration ServicesCloud Strategy&Modernization SupportTechnology Services|Q4 2022What Were Reading“Organizations should strive to automate processes from beginning to end while keeping humans at the core and,ultimately,in command.It entails providing employees wit

32、h the relevant facts at the right time to enable them to make decisions.”Read the full article here.Gartner Predicts 70%of Organizations to Implement Infrastructure Automation by 2025Gartner“True digital transformation is about leveraging all the digital tools at your disposal including automation a

33、nd data analytics capabilities to fundamentally transform how your business operates and makes decisions.The level of effort needed to achieve these goals is substantial,and the only way to achieve them is to innovate at every level.”Read the full article here.What Is Automations Role in Digital Tra

34、nsformation?GCSIT“The explosion of smart devices and increased automation of physical tasks are extending ITs remit to include device and data management,edge computing,governance,and more.”Read the full article here.The Tech Stack Goes PhysicalDeloitte“The high-tempo transaction pace continues as i

35、nvestors cite recurring revenue,attractive cash flows,and favorable IT trends as reasons to pursue MSP deals;more IT channel news.”Read the full article here.Managed Services Industry Remains Investor MagnetCompTIA“With digital government transformation initiatives on the rise,2022 is promising for

36、agencies and the citizens they serve.State and local government technology trends suggest an increased focus on improving the digital experience of residents and agencies employees alike.”Read the full article here.Digital Government Trends to Watch Closely in 2022payitIn this Industry Update,we hav

37、e included a collection of articles focused on automation,the continued interest in the MSP sector,and the need for payments solutions as a way to pull software and services into state and local opportunities.Harris Williams believes that the industry in general will continue to evolve,especially th

38、e MSP market.Participants are looking to invest in infrastructure automation as they expand and consolidate their technology stack,and for ways to integrate necessary payment software and services to both state and local end markets.Recent Harris Williams Industry ContentTechnology-Enabled Business

39、ServicesLink to Read6According to ChannelE2Es merger and acquisition list for MSPs,MSSPs,IT consulting firms,and technology solutions providers,there have been 890+M&A deals as of YTD 2022,which surpasses 2021s record year of 830+transactions across technology services.Read the full article here.Tec

40、hnology Company Mergers and Acquisitions:Annual M&A ListsChannelE2E“The end goal is simple:Federal services built with a focus on the actual experience of the people theyre meant to serve,delivered more equitably and effectively.Moreover,to better serve and match citizen expectations,agencies need n

41、ew,modernized payment processing systems because when there is a monetary transaction involved,the payment experience becomes critical to overall customer satisfaction.”Read the full article here.Behind the Transaction:A Modern Approach to Government Payment ProcessingNextgovTechnology Services|Q4 2

42、0227Select Recent 2022 IT Services TransactionsTargetBuyerNetSPI received funding from KKR,former minority investor,on October 5,2022TargetBuyerHeartland Business Systems acquired by A&M Capital on September 19,2022BuyerTargetEmtec acquired by Kelso&Company on September 7,2022TargetBuyerAHEAD acquir

43、ed by Berkshire,former minority investor,on September 26,2022TargetBuyerSynoptek acquired by Quad-C Management on September 27,2022TargetBuyerInspirage announced to be acquired by Accenture on September 6,2022TargetBuyerAspirent announced to be acquired by NTT DATA on October 13,2022TargetBuyerNetwo

44、rk Coverage acquired by Tenex Capital Management on October 14,2022TargetsBuyerTrinity Hunt closes continuation fund for Improving and Argano October 21,2022TargetBuyerWillowTree announced to be acquired by TELUS on October 27,2022Technology Services|Q4 2022Indexed Stock Price Performance for the Pe

45、riod November 2021 November 2022Global Public Company PerformanceIT Consulting Last 12 Months18Enterprise Value/LTM Rev.LTM EBITDAFY21 EBITDA1.5x12.6x10.7x1.S&P Capital IQ as of November 3,2022Public Companies Included:U.S.:Accenture,CDW,CGI,Cognizant,DXC Technology,IBM,RackspaceEurope:Alten,Atos,Be

46、chtle,Capgemini,Netcompany,Softcat,Sopra Steria,TietoEVRYIndia:HCL,Infosys,Tata Consultancy,Tech Mahindra,WiproJapan:Fujitsu,Hitachi,NTT DataEnterprise Value/LTM Rev.LTM EBITDAFY21 EBITDA1.0 x11.2x9.1xEnterprise Value/LTM Rev.LTM EBITDAFY21 EBITDA2.7x12.8x12.4xEnterprise Value/LTM Rev.LTM EBITDAFY21

47、 EBITDA0.9x7.7x6.9xIT Consulting(U.S.)IT Consulting(Europe)IT Consulting(India)IT Consulting(Japan)(19.3%)(4.5%)(28.2%)(11.7%)(9.3%)Enterprise Value/Enterprise Value/Enterprise Value/Enterprise Value/65758595105115IT Services&Consulting(US)IT Services&Consulting(India)IT Services&Consulting(Europe)I

48、T Services&Consulting(Japan)S&P 500Technology Services|Q4 2022Indexed Stock Price Performance for the Period November 2021 November 2022 Indexed Stock Price Performance for the Period November 2021 November 2022Global Public Company Performance(Cont.)Outsourced Software Development Last 12 Months1Ma

49、naged Security Last 12 Months1Key Public Comparables9Enterprise Value/LTM Rev.LTM EBITDAFY22 EBITDA4.3x24.5x18.2xKey Public ComparablesEnterprise Value/LTM Rev.LTM EBITDAFY22 EBITDA5.9x18.2x46.3xEnterprise Value/Enterprise Value/1.S&P Capital IQ as of November 3,20225060708090100110Nov-21Jan-22Mar-2

50、2May-22Jul-22Sep-22Nov-22Managed Security&Consulting IndexedS&P 5005060708090100110Nov-21Jan-22Mar-22May-22Jul-22Sep-22Nov-22Managed Security&Consulting IndexedS&P 500Technology Services|Q4 2022Indexed Stock Price Performance for the Period November 2021 November 2022Global Public Company Performanc

51、e(Cont.)Web Hosting Last 12 Months1Key Public Comparables10Key Public ComparablesIndexed Stock Price Performance for the Period November 2021 November 2022Application Partners Last 12 Months1Enterprise Value/LTM Rev.LTM EBITDAFY22 EBITDA3.5x20.6x17.3xEnterprise Value/Enterprise Value/LTM Rev.LTM EBI

52、TDAFY22 EBITDA7.7x17.3x17.3xEnterprise Value/1.S&P Capital IQ as of November 3,2022405060708090100110Nov-21Jan-22Mar-22May-22Jul-22Sep-22Nov-22Application PartnersS&P 500405060708090100110Nov-21Jan-22Mar-22May-22Jul-22Sep-22Nov-22Web HostingS&P 500Technology Services|Q4 2022EBITDA Multiple Compariso

53、n Q3 2021 vs.Q3 2022111Global Public Company Operating and Valuation MetricsEBITDA Multiple Comparison NTM Q3 2021 vs.NTM Q3 202211.S&P Capital IQ as of November 3,202211.6x 16.6x 20.4x 10.6x 49.9x 20.5x 16.9x 23.9x 10.8x 10.5x 12.7x 6.6x 19.0 x 18.2x 18.1x 15.5x IT Services&Consulting(US)IT Service

54、s&Consulting(Europe)IT Services&Consulting(India)IT Services&Consulting(Japan)OutsourcedSoftware DevelopmentManaged Security&ConsultingWebHostingApplication HostingQ3 2021Q3 202211.3x 13.1x 18.2x 9.1x 47.0 x 18.1x 14.5x 30.2x 10.4x 8.9x 11.3x 6.8x 16.4x 31.9x 18.4x 14.8x IT Services&Consulting(US)IT

55、 Services&Consulting(Europe)IT Services&Consulting(India)IT Services&Consulting(Japan)OutsourcedSoftware DevelopmentManaged Security&ConsultingWebHostingApplication HostingNTM Q3 2021NTM Q3 2022Technology Services|Q4 202212Harris Williams|At a Glance30-year history with 8 global offices10 industry g

56、roups with deep sector expertise92%of revenue from sell-side M&A advisoryA“One P&L”cultureDedicated HWAPAC CoverageHarris Williams headcount has increased 8x since 2000HW Headcount19912021 YTDFirm OverviewContinued Investment in PeopleSell-Side Advisory92%ADVISORYREPEAT CLIENT BASEWHAT WE PROMISE,WE

57、 DELIVERSELL-SIDE M&A EXPERTISEOne FirmTrusted RelationshipsExecution ExcellenceProfessional Integrity New Clients30%Repeat Clients70%REVENUETechnology Services|Q4 202213Harris Williams|Technology Services ExperienceIT Services ContactsHarris Williams Client EngagementHarris Williams Technology Serv

58、ices ExperienceDerek LewisManaging DirectorBusiness S(804)915-0118Thierry MonjauzeManaging DirectorT+44 20 7518 8901Priyanka NaithaniManaging DirectorT(617)654-2115Sylvain NobletDirectorT+44 20 7518 8917 Katie BaskindBusiness Development ManagerBusiness S(804)915-0121Anthony BasmajianManaging Direct

59、orBusiness S(804)887-6030Announced September 6,2022Company BackgroundInspirage is a leading provider of Oracle Cloud supply chain transformation and consulting services.The company provides deep industry expertise and unparalleled knowledge of Oracles cloud-based applications to deliver consulting,I

60、P,and implementation solutions spanning product life cycle management,supply chain management,logistics,ERP(enterprise resource planning),finance,enterprise performance management,and digital transformation.Harris Williams served as financial advisor to Inspirage,a portfolio company of RLH Equity Pa

61、rtners,in this transaction.Harris Williams Rolewill be acquired bywill be acquired byTechnology Services|Q4 2022Harris Williams|Capabilities and Locations14IndustrialsSpecialty DistributionBusiness ServicesConsumerBuilding Products&MaterialsAerospace,Defense,&Government ServicesEnergy,Power,&Infrast

62、ructureHealthcare&Life SciencesTechnologyTransportation&LogisticsHarris Williams has a broad range of industry expertise,which creates powerful opportunities.Our clients benefit from our deep sector experience,integrated industry intelligence and collaboration across the firm,and our commitment to l

63、earning what makes them unique.For more information,visit our website at .Office LocationsBostonOne International PlaceSuite 2620Boston,Massachusetts 02110Phone:+1(617)482-7501Cleveland1900 East 9th Street25th FloorCleveland,Ohio 44114Phone:+1(216)689-2400Minneapolis222 South 9th StreetSuite 3350Min

64、neapolis,Minnesota 55402Phone:+1(612)359-2700Richmond(Headquarters)1001 Haxall Point9th FloorRichmond,Virginia 23219Phone:+1(804)648-0072FrankfurtBockenheimer Landstrasse 33-3560325 FrankfurtGermanyPhone:+49 069 3650638 00London25 Savile Row4th FloorLondon,England W1S 2ERPhone:+44 20 7518 8900San Fr

65、anciscoOne Market Plaza,Steuart Tower11th FloorSan Francisco,California 94105Phone:+1(415)288-4260Washington,D.C.800 17th St.NW2nd FloorWashington,DC 20006Phone:+1(202)207-2300United StatesEuropeAppendixTechnology Services|Q4 2022Global Public Market Operational and Valuation Metrics1161.S&P Capital

66、 IQ as of November 3,2022($in millions)EnterpriseMarket%of 521-Year Stock3-Year Stock5-Year Stock10-Year StockRevenue Growth2022E EBITDAEnterprise Value/CompanyValueCapitalizationWeek HighPerformancePerformancePerformancePerformance2022E2023PMargin22E Rev.23P Rev.22E EBITDA23P EBITDAIBM$165,906$121,

67、57892.9%5.8%(0.8%)(11.3%)(30.5%)5.0%0.5%24.5%2.8x2.7x11.2x10.5xAccenture$157,928$161,85561.5%(29.1%)36.5%78.3%278.3%15.1%5.5%18.5%2.5x2.4x13.7x13.0 xCDW$29,832$23,40082.8%(6.9%)31.7%146.8%NM17.7%5.0%9.0%1.2x1.2x13.6x13.4xCognizant$25,492$26,70355.6%(34.8%)(15.1%)(30.0%)57.1%4.5%4.9%18.5%1.3x1.3x7.1x

68、6.7xCGI$20,289$18,05392.9%(4.3%)4.0%57.5%311.5%5.5%4.7%20.0%2.1x2.1x10.7x10.2xDXC$9,164$5,91064.8%(20.8%)(9.4%)(71.9%)(17.4%)(10.3%)(3.3%)15.8%0.6x0.6x3.9x3.8xRackspace$4,677$95024.4%(68.5%)NMNMNM3.1%0.9%18.8%1.5x1.5x8.0 x9.5xIT Services&Consulting(US)Median$25,492$23,40064.8%(20.8%)1.6%5.0%4.7%18.5

69、%1.5x1.5x10.7x10.2xTata Consultancy Services$136,969$141,82979.3%(8.2%)45.7%144.8%381.8%16.0%10.9%26.8%5.3x4.8x19.7x17.7xInfosys$75,232$77,61778.3%(19.0%)89.8%(96.0%)(93.8%)12.4%10.9%24.5%4.3x3.9x17.7x16.0 xHCL Technologies$33,121$34,20276.9%(19.9%)54.7%(97.0%)(91.8%)8.2%9.6%22.5%2.8x2.5x12.4x11.3xW

70、ipro$23,882$25,71753.5%(40.4%)50.3%76.1%184.0%17.4%10.8%19.1%2.3x2.0 x11.8x10.6xTech Mahindra$10,710$11,18957.3%(29.7%)38.5%127.2%342.6%18.6%12.1%16.4%1.7x1.6x10.7x9.4xIT Services&Consulting(India)Median$33,121$34,20276.9%(19.9%)50.3%16.0%10.9%22.5%2.8x2.5x12.4x11.3xCapgemini$31,828$26,59171.9%(24.4

71、%)54.8%52.7%384.7%20.6%6.1%14.2%1.5x1.4x10.5x9.6xBechtle$4,543$4,19149.0%(49.1%)3.8%49.9%632.0%9.6%7.8%8.0%0.8x0.7x10.0 x9.4xAtos$3,878$1,00221.0%(78.7%)(86.4%)(92.9%)(82.2%)2.9%(2.4%)8.8%0.4x0.4x4.0 x4.0 xAlten$3,846$3,72568.8%(22.6%)13.4%51.5%350.8%26.9%8.7%12.8%1.1x1.0 x8.3x7.8xTietoEVRY$3,444$2,

72、75885.5%(11.4%)(7.2%)(10.0%)54.5%(24.3%)1.7%16.0%1.2x1.2x7.6x7.1xSopra Steria$3,323$2,53772.3%(23.7%)3.0%(19.8%)249.7%8.2%3.3%11.6%0.7x0.7x5.8x5.4xSoftcat$2,498$2,59957.7%(40.2%)21.6%125.9%NM24.8%(5.9%)10.8%1.7x1.8x16.0 x15.0 xNetcompany$2,368$2,09942.1%(57.4%)10.5%NMNM50.6%11.6%19.6%3.3x3.0 x16.9x1

73、4.4xIT Services&Consulting(Europe)Median$3,645$2,67863.3%(32.3%)7.2%15.1%4.7%12.2%1.1x1.1x9.1x8.6xTechnology Services|Q4 2022Global Public Market Operational and Valuation Metrics117EnterpriseMarket%of 521-Year Stock3-Year Stock5-Year Stock10-Year StockRevenue Growth2022E EBITDAEnterprise Value/Comp

74、anyValueCapitalizationWeek HighPerformancePerformancePerformancePerformance2022E2023PMargin22E Rev.23P Rev.22E EBITDA23P EBITDAHitachi$59,775$44,44493.4%3.0%69.8%55.4%226.4%2.9%(3.3%)12.9%0.9x0.9x6.9x6.7xFujitsu$22,811$23,28982.9%(15.3%)84.5%100.4%497.4%2.5%2.8%13.8%0.9x0.9x6.6x6.0 xNTT Data$22,783$

75、20,16273.9%(8.6%)51.7%56.6%342.5%25.4%21.4%14.4%1.1x0.9x7.4x6.4xIT Services&Consulting(Japan)Median$22,811$23,28982.9%(8.6%)69.8%2.9%2.8%13.8%0.9x0.9x6.9x6.4xEPAM Systems$15,919$17,26841.5%(55.7%)69.7%202.0%1,591.1%28.2%20.0%18.2%3.3x2.8x18.2x15.2xGlobant$6,649$6,85646.3%(50.0%)75.1%348.4%NM37.1%23.

76、2%20.5%3.7x3.0 x18.2x14.7xEndava$3,667$3,79738.8%(58.8%)63.1%NMNM36.7%28.9%24.3%4.9x3.8x20.0 x15.6xOutsourced Software Development Median$6,649$6,85641.5%(55.7%)69.7%36.7%23.2%20.5%3.7x3.0 x18.2x15.2xCrowdStrike$31,501$33,03047.4%(47.7%)191.8%NMNM56.4%38.4%18.3%14.5x10.5xNM53.1xNortonLikeLock$16,571

77、$14,44670.2%(14.5%)(7.3%)(27.4%)15.4%5.8%4.6%51.4%5.8x5.5x11.2x10.7xSplunk$14,472$12,14042.2%(55.1%)(39.4%)10.3%164.3%31.5%19.5%9.4%4.4x3.7x46.3x24.3xTenable$3,941$4,06456.8%(33.2%)45.6%NMNM25.7%20.4%12.4%5.8x4.8x46.7x36.1xQualys$3,853$4,26969.2%(10.2%)30.1%96.0%765.8%18.9%16.4%44.3%7.9x6.8x17.8x16.

78、3xRapid7$2,438$1,77220.8%(76.6%)(42.0%)66.1%NM27.0%18.5%6.5%3.6x3.0 x54.7x37.4xSecureWorks$446$59332.4%(63.1%)(43.7%)(28.1%)NM(13.1%)1.5%NM1.0 x0.9xNMNMManaged Security&Compliance Median$3,941$4,26947.4%(47.7%)(7.3%)10.3%164.3%25.7%18.5%15.4%5.8x4.8x46.3x30.2xShopify$39,278$42,92019.1%(77.4%)6.5%241

79、.8%NM19.4%21.4%NM7.1x5.9xNMNMVerisign$19,912$19,10370.1%(20.3%)(4.2%)66.1%354.2%7.1%8.8%69.0%14.0 x12.9x20.3x17.8xGoDaddy$14,475$11,31282.3%8.1%11.2%55.0%NM7.8%8.2%24.5%3.5x3.3x14.4x13.1xUnited Internet$6,209$3,44452.3%(42.1%)(30.0%)(65.3%)20.3%3.4%3.3%21.9%1.1x1.1x5.0 x4.7xW$4,410$4,72238.8%(56.3%)

80、(36.5%)15.3%NM9.0%11.3%3.1%3.2x2.9xNM22.0 xTucows$739$45345.3%(51.5%)(25.1%)(27.7%)847.5%(2.2%)(2.2%)6.6%2.5x2.5x37.5x38.3xWeb Hosting Median$10,342$8,01748.8%(46.8%)(14.7%)35.2%354.2%7.4%8.5%21.9%3.4x3.1x17.3x17.8x1.S&P Capital IQ as of November 3,2022($in millions)Technology Services|Q4 2022Global

81、 Public Market Operational and Valuation Metrics1181.S&P Capital IQ as of November 3,2022($in millions)Microsoft$1,567,013$1,597,12161.3%(35.9%)49.1%154.6%626.3%11.2%11.1%49.1%7.6x6.8x15.4x13.8xOracle$283,076$202,29370.6%(22.0%)36.4%49.5%140.4%4.4%16.7%50.3%6.7x5.7x13.3x12.9xSalesforce$146,970$146,1

82、8446.9%(51.7%)(8.4%)42.5%299.3%20.4%15.9%26.9%5.1x4.4x19.1x19.3xAdobe$131,806$132,92940.9%(56.4%)2.9%56.8%731.4%11.1%11.8%49.6%7.1x6.4x14.3x12.9xSAP$107,768$104,02261.8%(38.0%)(30.7%)(19.3%)27.2%NMNMNANMNMNMNMServiceNow$74,386$77,73454.5%(43.9%)52.4%208.7%1,099.6%22.2%22.6%31.9%8.5x7.0 x26.7x21.3xAl

83、tassian$44,192$44,40338.3%(60.9%)42.3%241.6%NM32.4%30.1%24.5%16.0 x12.3x65.3x69.0 xApplication Partners Median$131,806$132,92954.5%(43.9%)36.4%56.8%462.8%15.8%16.3%40.5%7.3x6.6x17.3x16.6xEnterpriseMarket%of 521-Year Stock3-Year Stock5-Year Stock10-Year StockRevenue Growth2022E EBITDAEnterprise Value

84、/CompanyValueCapitalizationWeek HighPerformancePerformancePerformancePerformance2022E2023PMargin22E Rev.23P Rev.22E EBITDA23P EBITDATechnology Services|Q4 2022Recent and Select IT Services Transactions Detail1191.Mergermarket and various news sourcesDateTarget/IssuerAcquirerBusiness Description10/27

85、/2022WillowTreeTELUS U.S.-based provider of full-service digital product consultancy services10/27/2022Ness Digital EngineeringKKRU.S.-based provider of software product engineering services10/27/2022The Ambit GroupDMIU.S.-based provider of IT modernization and business transformation services10/27/

86、2022Peak Consulting GroupEmagineDenmark-based provider of management consultancies10/27/2022BluesprintBedford ConsultingNorway-based provider of Anaplan software consultancy and implementation10/25/2022Cyber Security SummitCyberRisk AllianceU.S.-based-one of the nations leading conferences10/25/2022

87、TECHEXPO Top SecretCyberRisk AllianceU.S.-based-nations premier event producer for sourcing experienced cybersecurity and defense industry professionals10/25/2022NPG Solutions LLCUPSTACKU.S.-based provider of data center,cloud,and security services10/25/2022PriorpointCloudScale365U.S.-based provider

88、 of managed cloud and IT services10/25/2022IS ConceptsBrightworks ITU.S.-based provider of managed information technology services10/24/2022Counter Threat Solutions,LLCSilverEdge Government SolutionsU.S.-based provider of counterintelligence and data management services10/24/2022Work-RelayNeostellaU

89、.S.-based developer of business operations management platform10/21/2022CHIPS Technology GroupIT SolutionsU.S.-based provider of fortified modern workspaces by offering the full stack of IT services10/20/2022Infinity Computer SystemsSourcepassU.S.-based developer and provider of cloud-based business

90、 applications platform10/20/2022Cider SecurityPalo Alto Networks(NYSE:PANW)Israel-based developer of security platform designed for engineers and security personnel for data protection10/20/2022akaCRMStrata Information GroupU.S.-based provider of web-based services10/18/2022Golden TechThe Purple Guy

91、sU.S.-based provider of managed IT services10/18/2022TechMDICSU.S.-based provider of information technology(IT)services10/18/2022Global Network ServicesARGU.S.-based provider of telecommunications services catering to the hospitality industry10/18/2022NTERSOL ConsultingCI&T(NYSE:CINT)U.S.-based prov

92、ider of software engineering and development servicesTechnology Services|Q4 2022Recent and Select IT Services Transactions Detail1201.Mergermarket and various news sourcesDateTarget/IssuerAcquirerBusiness Description10/17/2022Blue Jean NetworksIntegrisU.S.-based provider of managed IT services and c

93、ybersecurity10/17/2022Security7 NetworksIntegrisU.S.-based provider of managed security services10/17/2022ReformisDeloitteUK-based operator of an investment management technology and data firm10/14/2022ContictEnreachNetherlands-based provider of information and communications technology services10/1

94、4/2022DatelEnreachDenmark-based provider of IT services10/13/2022InRule TechnologyPamlico CapitalU.S.-based developer of business rule management system(BRMS)enterprise software10/13/2022Digital Space Group Graphite Capital ManagementEngland-based provider of managed cloud services10/13/2022Aspirent

95、NTT DataU.S.-based provider of management and technology consulting services10/13/2022Syrinx ConsultingDeWinter GroupU.S.-based operator of a software consulting company10/12/2022Tier1InoappsEngland-based provider of IT consulting services10/12/2022ProviderflowData DimensionsU.S.-based developer of

96、cloud-based,document scanning and faxing solutions10/11/2022Premier International Interprises,LLCRenovus Capital PartnersU.S.-based developer of data migration software10/11/2022Ameex Technologies CorporationPerficientU.S.-based provider of digital technology solutions10/11/2022Red MokiErnst&Young L

97、LPNew Zealand-based provider of information technology services10/11/2022SysdataGlobant(NYSE:GLOB)Italy-based provider of business and technology consultancy10/10/2022BraincourtCapgemini SE(fka Cap Gemini S.A.)France-based provider of IT consulting services10/10/2022Datacenter OneAtlasEdge Data Cent

98、ersGermany-based operator of data center infrastructure10/7/2022Seneca ResourcesCaymus Equity PartnersU.S.-based operator of an IT staffing company10/6/2022Arctic WolfBlue Owl;Viking Global,OTPP;Neuberger BermanU.S.-based developer of a cybersecurity platform10/6/2022Cannon GroupBridgepointe Technol

99、ogiesU.S.-based provider of information technology consultancy serviceTechnology Services|Q4 2022Recent and Select IT Services Transactions Detail1211.Mergermarket and various news sourcesDateTarget/IssuerAcquirerBusiness Description10/5/2022NetSPIKKRU.S.-based developer of penetration testing softw

100、are intended for transforming the cyber security testing industry10/5/2022Sungard Availability Services11:11 SystemsU.S.-based provider of connected cloud infrastructure and workplace recovery services to enterprise customers10/4/2022AGDATALevine Leichtman Capital PartnersU.S.-based provider of stra

101、tegic data and analytical services10/4/2022SFL ScientificDeloitteU.S.-based provider of data science and artificial intelligence consulting10/4/2022Blackcomb ConsultantsAccentureU.S.-based provider of digital,business transformation,and consulting services10/3/2022Iron Vine SecurityASGN Incorporated

102、(NYSE:ASGN)U.S.-based provider of cybersecurity solutions for public and private sector enterprises10/3/2022PACE Technical Vertex Solutions CorporationCanada-based IT company10/3/2022eLogicAvanadeU.S.-based operator of a management consultancy firm intended to create smarter business solutions9/30/2

103、022ShiftRightZscaler,Inc.U.S.-based developer of a decision-making software designed to make the right business decisions9/29/2022Eleviant TechCTG NASDAQ:CTGU.S.-based provider of digital transformation services catering to businesses9/29/2022F1 SolutionsMeriplex CommunicationsU.S.-based provider of

104、 managed security and information technology(IT)services9/29/2022MXOtechNtivaU.S.-based provider of managed information technology services9/29/2022AtosOnepointFrance-based provider of a full-stack range of digital solutions and products9/28/2022The Inovo GroupL MarksU.S.-based provider of strategic

105、 consulting services9/27/2022MATESONetwrixGermany-based provider of password security management services9/27/2022SynoptekQuad-C ManagementU.S.-based provider of global systems integration(GSI)and managed information technology(IT)9/27/2022Digital Planet CommunicationsUPSTACKU.S.-based provider of i

106、nformation technology services9/27/2022Grey MonarchPathlockUK-based provider of systems,applications,and products in data processing(SAP)automation9/27/2022UmvelNTT Data CorporationMexico-based developer and designer of digital product services9/26/2022AHEADBerkshire PartnersU.S.-based provider of c

107、onsulting and enterprise cloud servicesTechnology Services|Q4 2022Recent and Select IT Services Transactions Detail1221.Mergermarket and various news sourcesDateTarget/IssuerAcquirerBusiness Description9/25/2022DialexaIBM U.S.-based operator of a digital product engineering services firm9/23/2022Inf

108、lection Point SystemsPerficientU.S.-based developer and provider of software consulting and product development services9/23/2022Evo-SoftBCN GroupUK-based provider of software services9/22/2022Stone Technologies Group LimitedConverge Technology Solutions Corp.(TSXV:CTS)UK-based provider of circular

109、IT solutions9/21/2022Monroy IT ServicesThe 20 MSPU.S.-based operator of an IT company intended to implement and support IT solutions9/21/2022Accent Computer SolutionsVC3U.S.-based provider of managed information technology services9/20/2022LogicHubDevo TechnologiesU.S.-based operator of a security i

110、ntelligence automation platform9/20/2022Prototype:ITWestwood Technology GroupU.S.-based provider of IT consulting services9/20/2022ApiseroNTT Data CorporationU.S.-based operator of a consulting company9/20/2022ApiiroPalo Alto Networks(NYSE:PANW)Israel-based developer of a code risk platform9/20/2022

111、Tiger EyeCTSUK-based provider of IT consulting services9/19/2022Salt SecurityCrowdStrikeU.S.-based developer of a cybersecurity platform designed to protect APIs9/16/2022StratixLLR PartnersU.S.-based provider of comprehensive managed mobility service9/16/2022HR TeamScalianFrance-based provider of di

112、gital transformation and related services9/16/2022SiteSpectBoathouse CapitalU.S.-based operator of a digital testing and optimization platform9/16/2022Intrado Safety BusinessStonepeakU.S.-based provider of communication and network infrastructure services9/16/2022MasheyAnalytics8U.S.-based operator

113、of a data analytics company9/16/2022BeSpokeanCloud MentorU.S.-based provider of IT and cloud services9/15/2022Stellar ConnectUPSTACKU.S.-based provider of consultative,vendor-agnostic IT services9/15/2022Fidelis CybersecurityRunway Growth Capital,Skyview CapitalU.S.-based provider of enterprise netw

114、ork security services designed to protect sensitive dataTechnology Services|Q4 2022Recent and Select IT Services Transactions Detail1231.Mergermarket and various news sourcesDateTarget/IssuerAcquirerBusiness Description9/15/2022Srijan TechnologiesMaterialIndia-based renowned global digital engineeri

115、ng firm9/15/2022CeneroRicoh CompanyU.S.-based provider of service-focused audiovisual,unified communications and information technology solutions9/14/2022Global Cloud Xchange3i InfrastructureEngland-based operator of information technology infrastructure and provider of business communication servic

116、es9/14/2022SNR Government IT Services LLCSkyePoint Decisions U.S.-based provider of IT services to the U.S.government9/14/2022TeamLogic ITIT AssistU.S.-based provider of managed information technology consulting services9/13/2022Jonah Group3Pillar GlobalCanada-based developer of software application

117、s9/13/2022Opus SecurityYL Ventures,Tiger GlobalIsrael-based developer of cloud security orchestration and remediation platform9/13/2022Newcomp AnalyticsConverge Technology Solutions Corp.(TSXV:CTS)Canada-based provider of analytics-driven solutions specific to business needs9/12/2022Orchard House So

118、lutionsVision33England-based provider of enterprise resource planning solutions catering to businesses9/12/2022Cians AnalyticsAcuity Knowledge PartnersU.S.-based provider of financial research and analytical services9/12/2022Ascend AB/Iconic ABKnowit ABSweden-based provider of IT consulting services

119、9/11/2022Aodigy Asia PacificCapgemini SE(fka Cap Gemini S.A.)Singapore-based provider of digital transformation and customer engagement services9/9/2022Reliable Office TechnologiesDoceoU.S.-based provider of managed services9/9/2022Business Machines,Inc.DoceoU.S.-based provider of managed services9/

120、8/2022AccordionCharlesbank Capital;Motive PartnersU.S.-based provider of financial and technology consulting services9/8/2022Knowledge Expert SACapgemini SE(fka Cap Gemini S.A.)Switzerland-based provider of digital transformation services9/7/2022HuntressCIBC Innovation BankingU.S.-based developer of

121、 a security platform intended to offer managed detection and threat protection9/7/2022Interphase SystemsMagna5U.S.-based provider of technology management and consulting services9/6/2022Emtec,Inc.Kelso&CompanyU.S.-based provider of consulting,application services,and infrastructure services9/6/2022I

122、nspirageAccentureU.S.-based provider of integrated supply chain specialist services focused on Oracle technologyTechnology Services|Q4 2022Recent and Select IT Services Transactions Detail1241.Mergermarket and various news sourcesDateTarget/IssuerAcquirerBusiness Description9/6/2022NLT SecureCerberu

123、s Cyber SentinelChile-based provider of cybersecurity services9/6/2022HornetsecurityTA AssociatesGermany-based provider of cloud-based email security and data protection intended for global organizations9/2/2022Metric Partners ConsultingAdSwerveU.S.-based provider of Adobe platform implementation,in

124、tegration,strategy,execution,and managed services9/1/2022MacGregor PartnersAccentureU.S.-based provider of supply chain consultancy and purpose-built warehouse software development services9/1/2022PICS ItechOmega Systems ConsultantU.S.-based provider of managed services,technology consulting,and sys

125、tems integration9/1/2022OutflankHelpSystemsNetherlands-based operator of a specialized IT security company9/1/2022TekarisAscentGermany-based provider of IT consulting and software development services9/1/2022Cognitive GroupFocus CloudUK-based provider of a talent acquisition platform9/1/2022Natuvion

126、 GroupNTT DATA Business Solutions AGGermany-based operator of information technology(IT)company8/29/2022CUATROiCerberus Cyber SentinelChile-based provider of information technology and managed services8/29/2022Vyom GroupACCSCIENTIndia-based provider of professional and managed services8/29/2022DxShe

127、rpaACCSCIENTIndia-based partner of ServiceNow with experience in IT industry8/29/2022RIA AdvisoryAvance Investment ManagementU.S.-based provider of business and technology consulting services8/27/2022MobilogixTelit CommunicationsU.S.-based developer of tracking devices intended to provide engineerin

128、g services for IoT businesses8/26/2022CPI SolutionsMeriplex CommunicationsU.S.-based provider of managed IT services and technology consulting8/24/2022Coyote CreekPraecipio ConsultingU.S.-based provider of information technology and engineering services specializing in Atlassian consulting8/23/2022L

129、umifi CyberHCAP PartnersU.S.-based provider of cybersecurity services in North America8/19/2022Abstract Technology GroupVergence SolutionsU.S.-based provider of IT consulting services like computer repair,virus removal,and data recovery for individuals8/18/2022Changi ConsultingPublicis SapientUAE-ba

130、sed provider of Salesforce,management,and technical consulting intended to deliver cloud-based solutions8/17/2022S2 IT Group,LLCSmart ERP SolutionsU.S.-based provider of IT consulting and services companyTechnology Services|Q4 2022Recent and Select IT Services Transactions Detail1251.Mergermarket an

131、d various news sourcesDateTarget/IssuerAcquirerBusiness Description8/17/2022SWAT SystemsConvergence Networks U.S.-based provider of managed information technology services8/17/2022OGL Computer Support HoldingsWavenet GroupUK-based provider of software,IT support,and cybersecurity8/16/2022AspiraProDa

132、ta ConsultIreland-based developer of software for the outdoor recreation industry8/16/2022Cambria SolutionsErnst&Young LLPU.S.-based provider of information technology and management consulting8/16/2022Vantage Point Solutions GroupAiriamU.S.-based provider of managed IT services8/16/2022BlueGranite3

133、CloudU.S.-based provider of data and analytics consulting services8/16/2022Novatio SolutionsKeystone Capital ManagementU.S.-based developer of a digital workforce8/15/2022Digital Affect Insurance CompanyCoalitionU.S.-based provider of insurance products and services to various institutional customers