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1、M&A market report 2H 2024 IT&BusinessServices1|10 IT&Business Services M&A Overview 2H 2024Generative AI a key driver as global IT spending soarsA new survey by TechTarget/Enterprise Strategy Group,found that cybersecurity technology is the highest-priority spending target of global IT decision-make

2、rs.This is motivated not only by mass digitalisation and integration presenting ever-larger attack surfaces for threat actors to exploit,but also by the need to comply with regulatory frameworks such as the EU Common Cybersecurity Certification Scheme.Zero-trust models,which require users to be cont

3、inuously verified and authorised when accessing networks,are in demand,providing opportunities for vendors specialising in real-time monitoring technologies.One countervailing pressure noted in Hampleton Partners last IT&Business Services report was“change fatigue”,with tech project proliferation da

4、mpening CIO enthusiasm for yet more disruption.This led to analysts trimming their IT services spending forecasts at the start of the year,but Gartner has since reported that“contract backlogs going back to the third quarter of 2023 are being cleared”,causing change fatigue to abate and setting the

5、stage for an expected rise in IT services spending towards the close of 2024.Businesses are digging deep into their pockets to ensure IT infrastructures stay competitive in an age of game-changing innovation,with Gartner recently revealing that global IT spending is expected to reach$5.26 trillion t

6、his year.Markedly higher than the previous forecast of$5.06 trillion,this growth is largely being propelled by generative AI,with Gartner underscoring the“ravenous demand”for data centre systems able to handle the immense computing power requirements of AI.Data centre spending alone is set to increa

7、se 24%in 2024,a significant surge on the previous quarters 10%forecast.Further light has been shone on the current“AI moment”by a survey of global CTOs,CIOs and other operations leaders by integration platform supplier Celigo.It found that 72%of respondents are leveraging AI in their IT departments,

8、with the technology being applied to use cases involving data analysis,staff training,customer support and streamlining of operations.Another IT&Business Services vertical where spending activity remains robust in the face of continuing macroeconomic headwinds is cybersecurity.2|10 IT&Business Servi

9、ces M&A Overview 2H 20240,0 x5,0 x10,0 xTrailing 30-monthEBITDA multiple0,0 x0,5x1,0 x1,5x2,0 xTrailing 30-monthrevenue multiple1,1x1,1x1,1x1,1x1,2x1,2x1,1x1,2x1,2x1,0 x1,0 x9,0 x8,8x8,1x7,5x7,3x8,2x7,0 x8,1x7,0 x6,9x6,5x0,0 x1,0 x2,0 x3,0 x4,0 x5,0 x6,0 x7,0 x8,0 x9,0 x10,0 x01002003004005006007008

10、009001H20192H20191H20202H20201H20212H20211H20222H20221H20232H20231H2024Transaction volumeMedian EV/R(trailing 30 months)Median EV/EBITDA(trailing 30 months)The above graph covers the period between January 2019 and June 2024.Throughout this M&A report,median“trailing 30-month”multiples plotted in th

11、e graphs refer to the 30-month period prior to and including the half year.Total number of deals&valuation multiples in IT&Business Services,2019-2024.while revenue valuations are stableThe trailing 30-month median revenue multiple saw a slight downward shift to 1.0 x in 2H2023,and has stayed stable

12、 in 1H2024.Meanwhile,the trailing 30-month median EBITDA multiple ticked downwards from 6.9x to 6.5x during this timeframe.These values depict a mid-point amongst a broader range and depend on a multitude of factors,including growth rates,profit margins,geography and domain expertise.While the trail

13、ing 30-month median revenue multiple came in at 1.0 x,50%of all deals were in the 0.6x to 1.8x range.And while the trailing 30-month median EBITDA multiple stood at 6.5x,50%of all deals were in the 4.4x to 9.7x range.1.8x0.6xM&A summaryHeadwinds subdue deal activityIn 1H2024 we recorded 558 deals in

14、 the IT&Business Services sector,representing a significant slowdown following a sustained period of robust dealmaking.Macroeconomic factors such as inflationary and geopolitical pressures are likely having an impact on the market,although enthusiasm around AI and an anticipated alleviation of chang

15、e fatigue should spur more sales and restore momentum.1.0 x5.2x0.2x9.7x4.4x6.5x20.8x2.0 x3|10 IT&Business Services M&A Overview 2H 20240,0 x5,0 x10,0 x15,0 x1H20192H20191H20202H20201H20212H20211H20222H20221H20232H20231H2024StrategicsPrivate Equity0,0 x0,5x1,0 x1,5x2,0 x1H20192H20191H20202H20201H2021

16、2H20211H20222H20221H20232H20231H2024StrategicsPrivate Equity6.2x13.7x1.0 x1.7xProportion of deals by acquirer type,past 30 months(2021-2023)Trailing 30-month median revenue multiple by acquirer type by half-year,2018-2023Trailing 30-month median EBITDA multiples by acquirer type by half-year,2018-20

17、23Analysis:strategic vs.private equity buyersInterest from financial buyers stays strong Around a third of IT&Business Services deals have involved private equity buyers,continuing a long-standing transaction distribution pattern in the sector.The first half of 2024 saw no change in the 30-month med

18、ian revenue multiples paid out by private equity and strategic buyers,which stayed level at 1.7x and 1.0 x respectively.Meanwhile,the trailing 30-month median EBITDA multiple for private equity deals also remained stable at 13.7x,but inched down from 6.5x to 6.2x for strategic transactions.Having be

19、gun to open up in 2021,the gap in median revenue multiples paid by private equity and strategic buyers remains marked,and a far cry from the convergence seen just before and during the pandemic period.Meanwhile,the long-standing gap in EBITDA multiples paid out by the two factions continues to be wi

20、der than ever before.68%32%StrategicPrivate Equity4|10 IT&Business Services M&A Overview 2H 2024AcquirersAcquisitionsin 30 monthsThree recent acquisitions57SirfinPA IT consulting servicesCustomer Management IT(CMIT)Systems management&IT consulting servicesRedkite Data Intelligence Data consulting se

21、rvices34Alarmguard Security Security&fire detection systems integratorSentry Watch Fire&security systems integratorS&S Sprinkler Fire protection&security systems integrator20CA Communications Inc IT integration servicesStrategic Telecom Partners Telecommunications consulting servicesProgressive Comm

22、unications Management IT advisory services19Drivetech Managed IT ServicesAccurate Computer Solutions Managed IT servicesBlue Cactus Consulting Managed IT&consulting services15Open Systems Integrators Integration servicesBASS United Fire&Security Systems Integration servicesKey Security Designs Corpo

23、ration Integration services14RFI Enterprises Security&life safety systems integration servicesRfi Electronic Security integration servicesK&J Integrated Systems Systems integration services14Cloudstream Technology Managed IT servicesBerry Telecom Hosted VoIP&communication integration servicesTechQua

24、rters Managed IT services11Contemporary Computer Services Network integration&managed servicesInfinity Computer Systems Microsoft-partnered IT servicesTotal Technology Solutions Managed IT services10Aldebra SMB systems integratorEurolab IT infrastructure&managed cloud servicesVisualitics Data manage

25、ment&analytics consulting servicesAccenture retains top spotGlobal professional services giant Accenture has maintained its status as the most active IT&Business Services buyer by far,with 57 acquisitions made over the past 30 months.Perhaps more surprising is the fact that Pye-Barker remains the ne

26、xt-most prolific acquirer,a position it has now held for the second six-month period in a row.Pye-Barker is synonymous with fire alarms,sprinklers and safety systems rather than digital tech,but has distinguished itself thanks to an aggressive spending spree which has brought numerous security syste

27、ms companies into the fold,and vastly increasing its footprint in the US Southeast.Top acquirers past 30 months 5|10 IT&Business Services M&A Overview 2H 2024$2.7 billion$2.7 billion05 MayEQT AB,Swedish public equity firm,acquires Perficient Inc.,IT consulting services,at 3.4x EV/Revenue and 20.8x E

28、V/EBITDA$1.8 billion$1.8 billion30 AprTDR Capital LLP and I Squared Capital Advisors(UK)LLP,two private equity firms,acquire Applus Services S.A.,inspection&certification BPO,at 1.2x EV/revenue and 11.0 x EV/EBITDA$1.5 billion$1.5 billion29 FebFirst Advantage Corporation,a employment background scre

29、ening&verification SaaS,acquires Sterling Check Corp.,employee background screening services,at 2.7x EV/revenue and 17.9x EV/EBITDA$1.3 billion$1.3 billion10 JunCognizant Technology Solutions Corporation,a IT&outsourced services provider,acquires Belcan LLC,Systems engineering&staffing BPO,at 1.6x E

30、V/revenue$410 million$410 million03 MayKelly Services Inc.,a outsourced staffing services firm,acquires Motion Recruitment Partners LLC,IT staffing services$375 million$375 million29 FebEndava plc,a software development&IT services firm,acquires GalaxE.Solutions Inc.,IT&consulting services$120 milli

31、on$120 million29 AprInvestcorp Holdings B.S.C.,a private equity investment firm,acquires NSEIT Ltd.,Systems integration&IT services$248 million$248 million18 OctApax Partners LLP acquires Kin and Carta PlcLARGEST DISCLOSED DEALS OF 1H2024Transaction volumes have been driven down by macroeconomic pre

32、ssures after a bullish period which commenced in 1H2022.Global IT spending is being boosted by demand for generative AI tools which are helping to streamline a vast array of enterprise processes.Strengthening cybersecurity is a top priority for CIOs,with zero-trust solutions in demand.Change fatigue

33、 looks to be abating as the year progresses,which may herald a bounceback in IT services spending.A wide gap remains in median revenue multiples paid out by private equity and strategic buyers,with no sign of a return to the convergence seen prior to 2022.Top trends in IT&Business Services M&A6|10 I

34、T&Business Services M&A Overview 2H 2024Headquarters of IT&Business Services targetsLAST 30 MONTHS57%of all global transactions over the past 30 months have targeted a North American company,compared to 31%targeting a European company.Meanwhile,82%of the European .targets were bought by acquirers th

35、at were also based in Europe,indicating that regional consolidation continues to be a primary strategy for companies across the continent.Headquarters of acquirers of European targetsData breakdown geography and subsector,past 30 monthsPropelled by widespread workplace digitalisation,Tech Services&S

36、upport has consistently accounted for the largest percentage of transactions within the sector as a whole in recent years,and this pattern has continued into 2024.While IT Outsourced Services companies continue to attract the second-highest proportion ofof deals,this segment saw the sharpest drop in

37、 both transaction volume and trailing 30-month median EBITDA multiple.By contrast,while transaction volume also declined in Tech Services&Support and Integration Services,their 30-month median EBITDA multiples saw a small decline and stayed level,respectively.IT Outsourced ServicesTransaction proces

38、sing,BPO,software development,staffing,contract manufacturing&design,customer care.Tech Services&SupportTech&management consulting,web&email marketing measurement,design.Integration servicesNetwork integration,telecom integration,systems integration,security integration.Tech Services&Support63%IT Ou

39、tsourced Services22%Integration Services15%Europe31%North America57%ROW12%Europe82%North America16%ROW2%7|10 IT&Business Services M&A Overview 2H 20240,0 x5,0 x10,0 xTrailing 30-monthEBITDA multiple0,0 x0,5x1,0 x1,5x2,0 xTrailing 30-monthrevenue multipleDeals dip,but bigger picture remains robustThe

40、 Tech Services&Support segment recorded 374 deals in 1H2024,down from 434 in the previous six-month period and the second consecutive decline since 1H2023.Zooming out to consider the bigger picture,it can be seen that deal activity in the subsector remains raised compared to the levels typically see

41、n before 2022.The trailing 30-month median revenue multiple has inched downwards from 0.9x to 0.8x,with 50%of all deals in the 0.5x to 1.5x revenue range.The trailing 30-month median EBITDA multiple came in at 6.4x,a slight dip from 2H2023.,with 50%of all EBITDA multiples between 4.9x and 9.3x.In Ma

42、y,Devoteam announced it would be expanding its ServiceNow capabilities with the acquisition of ProCori,a leading ServiceNow consultancy based in Sweden.While Devoteam was already a prominent ServiceNow Elite Partner,boasting over 11,000 employees across EMEA and becoming the EMEA Elite Partner of th

43、e Year for the second consecutive time in 2024,this transaction massively increases its presence in the Nordics,with ProCori having1.5x0.8x0.5x9.3x4.9x6.4xTech Services&Support5.2x0.2x20.8x2.0 xmany years experience as a key ServiceNow partner in the region,and helping clients to achieve their digit

44、al transformation,enterprise management and automation objectives.The value of the deal was undisclosed.Devoteam consolidates position as top ServiceNow partner ACQUIREDMay 20241,0 x1,2x1,2x1,0 x1,0 x1,2x0,9x0,9x1,0 x0,9x0,8x9,5x9,0 x8,2x7,5x7,7x8,2x6,8x7,1x6,7x6,5x6,4x0,0 x1,0 x2,0 x3,0 x4,0 x5,0 x

45、6,0 x7,0 x8,0 x9,0 x10,0 x01002003004005006001H20192H20191H20202H20201H20212H20211H20222H20221H20232H20231H2024Transaction volumeMedian EV/R(trailing 30 months)Median EV/EBITDA(trailing 30 months)8|10 IT&Business Services M&A Overview 2H 20240,0 x5,0 x10,0 xTrailing 30-monthEBITDA multiple0,0 x0,5x1

46、,0 x1,5x2,0 xTrailing 30-monthrevenue multipleAspia fortifies Nordics presence with Accountor Outsourcing acquisitionIn July,Aspia completed its acquisition of the accounting and payroll services subsidiary of Finland-based financial services group Accountor.Aspia,itself a major player in the financ

47、ial services sector,has consolidated its status in the Nordics with this takeover,with Aspias CEO saying that “by combining Aspias expertise and market-leading position in Sweden with Accountors extensive expertise in Finland and other regions,we become the leading player in the Nordics.”decades wit

48、h its experts located as far afield as Ukraine.It now hopes that the Aspia deal,made for an undisclosed amount,will provide it with the resources to develop its financial software solutions and cement its status as a prime partner for SMEs in Northern Europe.1.3x2,2x1.0 xIT Outsourced ServicesRecord

49、 high gives way to sharp dropDeal activity in the IT Outsourced Services was on an upward trajectory in recent recording periods,with 2H2023 seeing transaction volume reach an all-time high.Momentum has since dramatically slowed,with 99 deals recorded in 1H2024(compared to the record-breaking 188 in

50、 2H2023).The trailing 30-month median EBITDA multiple also saw a steep decline from 9.4x to 6.3x,with 50%of deals in the 4.3x to 10.0 x range.tThe trailing 30-month median revenue multiple stayed level at 1.3x,with 50%of all deals being in the 1.0 x to 2.2x range.3.6x0.4x6.3x10.0 x4.3x19.4x3.0 xThe

51、Accountor Outsourcing business has carved out a strong European presence throughout the past two ACQUIREDJul 20241,1x1,1x1,1x1,4x1,4x1,3x1,3x1,5x1,2x1,3x1,3x9,0 x8,9x8,4x8,7x9,9x11,5x11,5x11,8x10,9x9,4x6,3x0,0 x2,0 x4,0 x6,0 x8,0 x10,0 x12,0 x14,0 x0204060801001201401601802001H20192H20191H20202H2020

52、1H20212H20211H20222H20221H20232H20231H2024Transaction volumeMedian EV/R(trailing 30 months)Median EV/EBITDA(trailing 30 months)9|10 IT&Business Services M&A Overview 2H 20240,0 x5,0 x10,0 xTrailing 30-monthEBITDA multiple0,0 x0,5x1,0 x1,5x2,0 xTrailing 30-monthrevenue multipleIntegration ServicesM&A

53、 activity falls As with the IT Outsourced Services segment,Integration Services has seen a marked fall in M&A activity in 1H2024,with 85 deals compared to the previous half-years 139.However,its worth noting that activity was similarly subdued in 2H2022,prior to a record-breaking surge in transactio

54、ns in 2023.The trailing 30-month median revenue multiple crept downwards to 0.9x in 1H2024,with 50%of all deals in the 0.7x to 1.4x range.The trailing 30-month median EBITDA multiple stayed steady at 6.5x,with a valuation range between 4.7x and 10.0 x.1.4x0.7x0.9x0.3x2.0 xAST continues global expans

55、ion strategy with Symatrix purchaseIn May,AST inked an agreement to acquire Symatrix,a Manchester-based Oracle HCM,ERP,SCM and OCI partner.AST,short for Applications Software Technology,is a full-service enterprise systems integrator which is well known for its Oracle and Salesforce application solu

56、tions,and the company has been pursuing a global expansion strategy.Symatrix,which has itself been growing at a fast pace and aims to increase its team by 50%between now and 2025,provides a direct route to a well-established UK customer base for AST,while its technological capabilities will enhance

57、ASTs suite of services related to supply chain and HR management.For its part,Symatrix sees the move,made for an undisclosed amount,as a“natural progression”which allows it to place greater resources at its clients disposal.1.9x15.5xACQUIREDMay 202410.0 x6.5x4.7x1,1x1,1x1,1x1,1x1,1x0,9x1,2x1,2x1,2x1

58、,0 x0,9x9,1x8,2x7,9x7,0 x5,4x4,8x3,1x5,7x6,0 x6,5x6,5x0,0 x1,0 x2,0 x3,0 x4,0 x5,0 x6,0 x7,0 x8,0 x9,0 x10,0 x0204060801001201401601801H20192H20191H20202H20201H20212H20211H20222H20221H20232H20231H2024Transaction volumeMedian EV/R(trailing 30 months)Median EV/EBITDA(trailing 30 months)10|10 IT&Busine

59、ss Services M&A Overview 2H 2024About Hampleton PartnersHampleton is at the forefront of international mergers and acquisitions advisory for companies with technology at their core.Hampleton Partners experienced deal makers have built,bought and sold scores of fast-growing tech businesses and provid

60、e hands-on expertise and unrivalled international advice to tech entrepreneurs and the companies who are looking to accelerate growth and maximise value.With offices in London,Frankfurt,Stockholm and San Francisco,Hampleton offers a global perspective with sector expertise in:Autotech&Mobility,IoT,A

61、I,FinTech,High-Tech Industrials,Cybersecurity,VR/AR,Healthtech,Digital Marketing,Enterprise Software,IT Services,SaaS&Cloud,Insurtech and E-Commerce.Conclusion&contactsIn the meantime,M&A activity continues to favour the Tech Services&Support segment,where deal numbers and valuation multiples remain

62、 relatively stable.One year on from the record-breaking M&A activity we saw in 1H2023,deal volume has continued to decline in the IT&Business Services sector,with macroeconomic and geopolitical pressures having an impact on investor and acquirer confidence.But there is good cause for optimism,with s

63、ky-high IT spending projections,and the continuing imperative for businesses to implement mission critical workflow solutions,suggesting its only a matter of time before the market turns bullish again.The fast-paced development of invaluable AI capabilities,plus global demand for innovative cybersec

64、urity tools which are up to the job of dealing with increasingly sophisticated threat actors,are among the factors which should foster a bounceback in dealmaking.Konstantin KastiusManaging D Selection of Hampleton IT&Business Services transactionssold toCertified Atlassian Platinum Enterprise Soluti

65、on Partner supporting companies with the introduction and use of Jira,Confluence and Bitbucketsold tosold tosold toGerman provider of single source data management and data center storage services to blue-chip customer base to detect irregularities in their infrastructureOn-demand digital content&so

66、cial media content agency with over 200 employees operating across North America,the UK High-performance computing computer-aided engineering managed platform-as-a-service(PaaS)Certification services&compliance testing of gaming systems&gaming industry vendorsUK-based provider of business management

67、 solutions based upon Microsoft Dynamics ERP and CRM product lines,and related systems integration and support servicesVertical oriented IT Services&solutions vendor in the Nordics focusing on banks&insurance companies with offices in Finland and Sweden&over 230 employeessold tosold tosold toDr.Jan

68、EibenManaging PartnerJ Hampleton provides independent M&A and corporate finance advice to owners of Autotech&Mobility,Internet,IT Services,Digital Commerce,and Software companies.Our research reports aim to provide our clients with current analysis of the transactions,trends and valuations within ou

69、r focus areas.Data Sources:We have based our findings on data provided by industry recognised sources.Data and information for this publication was collated from the 451 Research database,a division of The 451 Group and part of S&P Global;Capital IQ,a product of S&P Global;CB Insights;Gartner;IDC;an

70、d more.Disclaimer:This publication contains general information only and Hampleton GmbH,is not,by means of this publication,rendering professional advice or services.Before making any decision or taking any action that may affect your finances or your business,you should consult a qualified professi

71、onal adviser.Hampleton GmbHshall not be responsible for any loss whatsoever sustained by any person who relies on this publication.2024.For more information,please contact Hampleton GmbH.Hampleton produces regular reports on M&A activity in the following sectorsHampleton produces regular reports on M&A activity in the following sectorsHR TechInsurtechIT&Business ServicesAR/VRArtificial Intelligence Autotech&MobilityCybersecurityDigital CommerceEnterprise SoftwareFintechHealthtechYou can subscribe to these reports at http:/ FranciscoFollow HampletonFollow Hampleton