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1、Digital Servicessector update Important disclosures appear at the end of this reportGP Bullhound Corporate Finance Ltd and GP Bullhound Asset Management Limited are authorised and regulated by the Financial Conduct Authority GP Bullhound Inc is a member of FINRAGP Bullhound Luxembourg S.R.L.is regul

2、ated by the CSSF in LuxembourgQ4 2022Qualitative insights into broader Digital Services trends and public and private valuations across the transaction spectrum,and interviews with todays leaders transforming the sector.2Note:Please see following slides for sourcesTHE VIEWQ4 Digital Servicesperspect

3、ives from GP BullhoundTakeawaysDigital transformation has become a top strategic priority for senior business leaders,initially driven by the pandemic which accelerated the need for digital initiatives,but now considered a fundamental practiceStrong M&A demand in cloud consulting with particular foc

4、us on ServiceNow and Salesforce implementationMSPs are becoming increasingly crucial to the long-term IT strategies of large enterprisesA market poll showed existing MSP providers are highly active,with over a quarter of them indicating they are seeking to make an add-on acquisition in the next 24-3

5、6 monthsMarket leaders are utilising consolidation to further cement their market share and investors are taking noticeGlobal value of social commerce will likely reach$2.9tn in 2026,up from$992bn todayIn 2019,about half of US Millennials and Gen Z consumers shopped on social media,making it a key f

6、ocus for brandsConsolidators are looking to acquire specific capabilities in the social platform space to meet the ever-changing demands of their clients as well as the increasing share of ad wallets going hereSOCIAL COMMERCE A HUGE DIGITAL SERVICES OPPORTUNITYCONTINUOUS GROWTH IN DIGITAL MATURITY P

7、OSSIBLE WITH CLOUD-ENABLED TRANSFORMATION PROCESSESMANAGED SERVICE PROVIDERS MARKET IS RAPIDLY GROWING AND PRIMED FOR CONSOLIDATION3Social commerce is a huge opportunity as brands seek to connect with audiencesGP BULLHOUNDS SECTOR TAKEAWAYS Sources:Statista,Pitchbook,Datareportal,Shopify,Mergermarke

8、tSelect recent transactionsConsumer data and access make social media platforms ideal partners for online retailer brandsSocial capabilities remain a M&A key priority for consolidators Global value of social commerce will likely reach$2.9tn in 2026,up from$992bn todaySocial platforms have unique nua

9、nces which require unique expertise in order to allow clients to become successful on these platforms.There has been a significant increase in the number of agencies focused on a specific part of the market,such as influencer marketingFurther,increased proliferation of social media platforms,both es

10、tablished players,such as Meta and TikTok,but also new offerings,such as BeReal,and their increased product features,like shopping,result in CEOs and CMOs requiring specific agency capabilities to help navigate the ever-changing but lucrative landscapeAs a result,these social platform-focused agenci

11、es are ripe for M&A,as consolidators look to meet the demands of their clients.Deals include Livingbridge-backed Brainlabss acquisition of Fanbytes,and PA Medias acquisition of Hydrogen,both specialist social platform agenciesTakeawaysAs the number of social media users continues to grow,people are

12、making more purchases directly in their social media apps.In 2019,about half of US Millennials and Gen Z consumers shopped on social media,making it a key focus for brands.A key attraction of shopping on social media is the convenience to make the purchase on the app directly currently,four apps hav

13、e built-in native social commerce features:Facebook,Instagram,Pinterest and TikTokUtilising the volume of customer data that is captured by social media platforms,brands can design highly targeted future marketing campaigns for example Facebook Audience Insights data is broken down by gender,locatio

14、n,age group,or even further by relationship status,job title or education level.This way brands can get their products and services in front of their ideal target audience in a way that would not be possible using traditional ecommerce storefrontsKey deals in the social commerce space include Spring

15、s sale to Amaze and Supers sale to New Enterprise AssociatesConsolidators are looking to acquire specific capabilities in the space to meet the ever-changing demands of their clients DEAL DATE:JUN-22SERIES C:$70MEV/EBITDA:N/ADEAL DATE:NOV-22EV/EBITDA:N/ADEAL DATE:NOV-22EV/EBITDA:N/ADEAL DATE:MAY-22E

16、V/EBITDA:N/A4Continuous growth in digital maturity made possible by cloud-enabled transformation processesGP BULLHOUNDS SECTOR TAKEAWAYS Sources:Deloitte Insights,Mckinsey,Diginomica,Statista,Gartner Select recent transactionsDigital transformation,once“project-led”,has become an ongoing continuous

17、processCloud enablement has unlocked what is now possible for digital transformationMaintaining a competitive edge has been a key driver of a growing digital transformation market The cloud has played a major role in enabling this continuous digital transformation,providing the foundation for becomi

18、ng more agile,collaborative,and customer focused.Companies that have adopted cloud platforms report that they can bring new capabilities to market about 20-40%faster.The latest Gartner Magic Quadrant shows that Amazon Web Services,Microsoft Azure and Google Cloud Platform lead the way as the top thr

19、ee cloud service providers representing c.65%of total marketProviders such as ServiceNow enable the best use of these products by offering an integrated platform for cloud management,unlocking unified operating model capabilities across both cloud and non-cloud estatesWith the importance of cloud no

20、w established,cloud consulting has attracted strong M&A demand,with Cognizant acquiring Austin CSI,a consulting firm specialising in enterprise cloud and data analytics.Specific demand for Salesforce,which offers a range of multi-cloud products,is also evident,as seen with DEPTs acquisition of Melon

21、TakeawaysDigital transformation has become a top strategic priority for senior business leaders,initially driven by the pandemic which accelerated the need for digital initiatives,but now considered a fundamental practice,with leaders realising that digital maturity directly correlates to significan

22、tly improved financial performance.Digitally mature businesses are estimated to achieve double the net profit margins and 150%higher revenue growth compared to those with lower digital maturityOnce considered a series of one-off projects,digital transformation is now a perpetual process constructed

23、at C-level and implemented at operational level.This is achieved through the intertwinement of latest technology platforms merged with streamlined operational processes.With an ever-changing technology landscape,maintaining a competitive edge through continuous digital transformation has become an e

24、ssential tool for businesses to continue to outperform against their peersWith digital transformation at the core of business success,it is no surprise that spend on digital transformation is set tocontinue to grow at a CAGR of 16%,likely reaching market size of$2.8tn in 2025Strong M&A demand in clo

25、ud consulting with particular focus on Salesforce implementationDEAL DATE:SEP-22EV:N/AEV/EBITDA:N/ADEAL DATE:DEC-22EV:N/AEV/EBITDA:N/ADEAL DATE:NOV-22EV:N/AEV/EBITDA:N/ADEAL DATE:DEC-22EV:N/AEV/EBITDA:N/A5Managed Service Provider market is rapidly growing and primed for consolidationGP BULLHOUNDS SE

26、CTOR TAKEAWAYS Sources:Grandview Research,Tech Crunch,The Channel Company,Kaseya,Capital IQSelect relevant transactionsMSPs are becoming increasingly crucial to the long-term IT strategies of large enterprisesMarket leaders are utilising consolidation to further cement their market share and investo

27、rs are taking noticeSector M&A remains very active and MSPs are seeing a growing appetite for private investmentCorporations are turning to Managed Service Providers to enhance their tech capabilities with growing frequencyPrivate equity funds are increasingly turning their attention to the swiftly

28、growing Managed Service Provider sector as it presents a lucrative opportunity for roll-up plays in a large,growing and highly-fragmented industryMSPs are ideal platform investments for buyout funds largely due to their proven cycle resilience in recessionary macroeconomic environments,the recurring

29、 nature and high visibility of their revenue streams,and the stickiness of their offering as a result of solving mission critical issues for their clientsStrategic buyers are continuing to analyse M&A target opportunities in the space as they look to enhance the breadth and specialisation of service

30、s as well as achieve further scale.A market poll showed existing MSPs are highly active,with over a quarter of them indicating they are seeking to make an add-on acquisition in the next 24-36 monthsDemand for MSPs has grown substantially in recent years as a result of a revamped post-pandemic day-to

31、-day business environment,an increasing dependence on flexible digital infrastructure that enables working from home,and a heightened focus on mitigating the growing number of cybersecurity risks to global enterprisesMSPs assist executives to seamlessly navigate an increasingly complex and digitally

32、 transformed landscape.Key factors driving growing spend on MSPs include a renewed emphasis on the implementation of systems to improve operational efficiency,the creation of cost synergies via the outsourcing of select IT services,and the continuous implementation of next generation cloud technolog

33、ies(automation technology,IoT,blockchain,cloud computing,and others)Estimated global managed services spend stood at$267bn in 2022 and is set to expand at a 13.6%CAGR to likely reach$740bn by 2030.Industry insiders estimate that the overall MSP TAM is only 30%-40%penetrated to date,indicating substa

34、ntial whitespace remaining to be captured as an expanding number of enterprises continue to look for ways to augment,customise and outsource their IT functionsTakeawaysDATE ANNOUNCED:AUG-22 EV:$6,680MEV/REV:2.4XDEAL DATE:AUG-22EV:$1,594MEV/REV:4.7XDEAL DATE:SEP-22EV:N/AEV/REV:N/ADEAL DATE:NOV-22EV:N

35、/AEV/REV:N/ADEAL DATE:OCT-22EV:N/AEV/REV:N/A6GP Bullhounds recent Digital Services activityA LEADING TECHNOLOGY ADVISORY AND INVESTMENT FIRM,PROVIDING TRANSACTION ADVICE AND CAPITALDigital Services advisory TakeawaysUNDISCLOSEDMelonACQUIRED BYDEPTArca BlancaACQUIRED BYUNDISCLOSEDArtefactThe Variable

36、INVESTMENT BYUNDISCLOSEDSvoboda CapitalMayfair Equity PartnersINVESTMENT IN$200MLoopMeTeam ITGMAJORITYINVESTMENT BYUNDISCLOSEDBridgepointAdyoulikeACQUIRED BY$100MOpenWeb(Insight Partners)PixlyACQUIRED BYUNDISCLOSEDAcceleration Community of Companies(ACC)MekanismACQUIRED BYUNDISCLOSEDPlus CompanyLDCI

37、NVESTMENT INUNDISCLOSEDBlisTalon OutdoorINVESTMENT BYUNDISCLOSEDEquistone Partners EuropePurple StrategiesINVESTMENT BYUNDISCLOSEDWestView Capital PartnersNewcraftACQUIRED BYUNDISCLOSEDWPP7Deal dateGeography of targetTargetBuyer/investorTarget descriptionDeal value($m)Implied EV/LTM RevImplied EV/LT

38、M EBITDADec-22N AmericaMadison Logic,Inc.BC PartnersB2B marketing experts750-Dec-22N AmericaMelon TechnologiesDEPTSalesforce commerce agency-Dec-22AsiaAware Services Pty LtdMerkle Inc.Salesforce and analytics consultancy-Dec-22EuropeXceed Technology AbSofigate Group OySalesforce-based consultancy-De

39、c-22N AmericaDiffWPP plc(LSE:WPP)Ecommerce digital agency-Dec-22EuropeStudienkreis GmbHGoStudent GmbHPrimary/secondary school tutoring-Dec-22N AmericaUtegration LLCCognizant Technology Solutions Corporation(NasdaqGS:CTSH)SAP-based consultancy-Dec-22N AmericaOcto Consulting Group,Inc.International Bu

40、siness Machines Corporation(NYSE:IBM)Government agency consultancy-Dec-22EuropeArca Blanca LtdArtefactConsulting and data company-Dec-22EuropeMiri Growth LTDMSQ Holdings LimitedPerformance marketing agency-Dec-22N AmericaInfluencer Response,Inc./Volt Agency,LLCAcceleration Partners,LLCInfluencer mar

41、keting agency-Dec-22AsiaFiftyfive 5 Pty LtdAccenture plc(NYSE:ACN)Marketing research company-Nov-22N AmericaThe Cambridge Group,Inc.PA Consulting Group HoldingsBoutique growth strategy consultancy-Nov-22N AmericaAustin Consulting LLCCognizant Technology Solutions Corporation(NasdaqGS:CTSH)Digital tr

42、ansformation consultancy-Nov-22EuropeAdPlay S.r.l.Azerion Group N.V.(ENXTAM:AZRN)Digital adtech company-Nov-22Europe23red LimitedCapgemini InventSocial Impact-driven creative agency-Nov-22AsiaNasko Trading Pty LtdGlobant S.A.(NYSE:GLOB)Smartphone-app consultancy-Nov-22EuropeIncubeta UK LimitedThe Ca

43、rlyle Group Inc.(NasdaqGS:CG)Digital marketing agency-Continued activity in Q4NOTABLE DIGITAL SERVICES TRANSACTIONS CEO commentaryTransaction trendsSource:Capital IQ(as of 31 December 2022);Note(1)Merger=GP Bullhound deal/investment8Deal dateGeography of targetTargetBuyer/investorTarget descriptionD

44、eal value($m)Implied EV/LTM RevImplied EV/LTM EBITDANov-22N AmericaNetlink Digital Solutions,Inc.Xebia Nederland B.V.Application development consultancy-Nov-22EuropeWe Are Social LtdThe Narrative Group LLCSocial media creative agency1-Nov-22EuropeBorn Social LimitedCroud Inc Ltd.Social-first social

45、media agency-Nov-22EuropeCloudflight GmbHPartners Group Holding AG(SWX:PGHN)Process digitisation service provider-Nov-22EuropeAirgrid LtdMiq Digital Nominees LimitedPrivacy-first audience creation platform-Nov-22S AmericaRetargetlyEpsilon Data Management,LLCData-driven advertising platform-Oct-22Eur

46、opeAdEx PartnersCapvis AGProcess transformation consultancy-Oct-22N AmericaWillowTree,a TELUS International CompanyTelus International Holding(U.S.A.)Corp.Digital consultancy for app development-Oct-22N AmericaWpromote LLCZelnickMedia CorporationDigital marketing agency-Oct-22N AmericaEight Seven Me

47、diaViral Nation Inc.Mobile enterprise software provider-Oct-22N AmericaEpicenter Experience,LLCStagwell Marketing Cloud LLCMobile enterprise software provider-Oct-22N AmericaNtersol LLCCI&T Inc(NYSE:CINT)Software solution consultancy-Oct-22N AmericaAspirent Consulting LLCNTT DATA,Inc.Digital busines

48、s and IT service agency-Oct-22N AmericaMARU Group LimitedStagwell Marketing Cloud LLCMarket research agency25-Oct-22N AmericaUnion,LLCValtech LimitedDigital marketing agency-Oct-22AsiaAmeex Technologies Corp.Perficient,Inc.(NasdaqGS:PRFT)AI digital transformation consultancy38-Oct-22N AmericaStonebr

49、idge Consulting Group LLCAccenture plc(NYSE:ACN)Energy-centric technology consultancy-Oct-22N AmericaRafterOneThe Interpublic Group of Companies,Inc.(NYSE:IPG)Salesforce-based branding agency241-Continued activity in Q4NOTABLE DIGITAL SERVICES TRANSACTIONS CEO commentaryTransaction trendsSource:Capi

50、tal IQ(as of 31 December 2022);Note(1)Merger=GP Bullhound deal/investment9Deal activity significantly slowed down in H2 2022DIGITAL SERVICES M&A ACTIVITY BY QUARTER1311201111131091201051011056482811169291104135114858511610799118108848511171505891113918898103118799382777484635860644243432736322939283

51、33735111671316189151351011111110101010710Q118Q218Q318Q418Q119Q219Q319Q419Q120Q220Q320Q420Q121Q221Q321Q421Q122Q222Q322Q422US&CanadaEuropeAsiaOtherTransaction deal value and number of M&A deals1M&A deal volume by geography10.518.011.14.74.69.08.95.43.74.210.68.415.07.98.46.917.85.97.93.134032029132829

52、6280259291231162193210279226218251276275215223050100150200250300350400051015202530354045Q118Q218Q318Q418Q119Q219Q319Q419Q120Q220Q320Q420Q121Q221Q321Q421Q122Q222Q322Q422Total value($bn)Total volumeH2 2022 deal volumes in line with H2 2020,but overall,2022 annual volume in line with highly active 2021

53、 driven by strong performance in H1 2022 before macroeconomic factors took holdSource:Capital IQ(as of 31 December 2022);Note:(1)Includes publicly disclosed values only Transaction trends10Public company analysesConsultancies are the most active buyersCLOSED TRANSACTIONS BY GROUP IN 2022377119504746

54、36353124173340512022 transaction activity by buyer group(1)2022 number of M&A deals by target geographyConsultanciesIT ServicesOverall activity among key categories remains significantly down on last year,with deal volumes falling from 191 to 124Transaction trendsSource:Capital IQ(as of 31 December

55、2022);Note:(1)GPB index buyers and selected key private consolidatorsMarketing agencies11111111222333333334444455566622Accenture has been the most active acquirer in 2022TOP CONSOLIDATORS 2022Public company analysesSource:Capital IQ(as of 31 December 2022)ConsultanciesIT servicesMarketing agenciesGe

56、omatic.aiSWFT Technologies Ltd./Surance Ltd.Houban Energy 6 Private LimitedBerne UKWipro Doha LLC121,1741,2701,8212,4183,7698,31210,52612,94215,99216,6331,0594,2397,0259,50210,80218,84920,54025,98729,39133,999127,3821,8664,2546,0978,48913,82020,38228,86575,993143,987168,040020,00040,00060,00080,0001

57、00,000120,000140,000160,000180,000GP Bullhound Digital Services index market capitalisationGP BULLHOUND DIGITAL SERVICES INDEXSource:Capital IQ(as of 31 December 2022)Digital Services index components have continued to feel the effect of the wider sell-off losing 19%in value in the last 12 monthMark

58、et cap($m)ConsultanciesIT servicesMarketing agenciesPublic company analyses13GP Bullhound Digital Services index recovering from October 2022 lowGP BULLHOUND DIGITAL SERVICES INDEX EV/EBITDA TRENDS PAST FIVE YEARSSource:Capital IQ(as of 31 December 2022)Sector valuations for GP Bullhounds Digital Se

59、rvices listed peers index have started to recover following previous low8.0 x9.0 x10.0 x11.0 x12.0 xDec-17Jul-18Feb-19Aug-19Mar-20Sep-20Apr-21Oct-21May-22Dec-22NTM EV/EBITDA as of 31 Dec:10.4x5Y mean:10.6xDigital Services index rolling three-month average NTM EBITDAPublic company analyses14GP Bullho

60、und Digital Services index historical performancePUBLIC TRADING PERFORMANCE VS.MARKET INDICESSource:Capital IQ(as of 31 December 2022)GPB Digital Services Index has decreased in line with the S&P 500 over the last 12 months,reflecting the wider market sell-off globally85909510010511011530-Nov-227-De

61、c-2214-Dec-2221-Dec-2228-Dec-228090100110120130Sep-22Oct-22Nov-22Dec-227580859095100105110115120125Jun-22Aug-22Sep-22Oct-22Nov-22Dec-22GPB Digital Services indexS&P 500FTSE 100708090100110120Dec-21Mar-22Jun-22Sep-22Dec-22L6ML12ML1ML3M(5.4)%(5.9)%1.3%4.5%7.1%18.2%(1.3)%1.4%15.9%(18.8)%(19.4)%4.8%Publ

62、ic company analyses15CEO commentary31%22%21%19%19%17%17%16%3%25%24%22%21%21%20%19%19%16%13%10%9%28%27%20%19%19%17%17%16%11%10%DentsuTata ConsultancyInfosysHCLNext FifteenPublicisWiproIBMPerficientGlobantCGIEPAM SystemsIPGWPPGenpactTech MahindraAccentureCognizantReplyHakuhodoOmnicomCapgeminiNTTDXCS4

63、CapitalAltenBooz Allen HamiltonICFNECAtosBlueFocusGP Bullhound Digital Services index margin benchmarksMARGIN BENCHMARKINGSource:Capital IQ(as of 31 December 2022)TakeawaysEBITDA margins across the Digital Services index companies remained around 18-19%in Q4 2022Public company analysesCY2022 EBITDA

64、marginsConsultancies mean:18.4%Marketing agencies mean:18.3%IT services mean:18.1%ConsultanciesIT servicesMarketing agenciesOverall mean:18.3%16“At UNLIMITED our goal is to deliver business impact for brands.We aim to drive more value,return and conversion,anywhere along the customer journey.With a

65、team of over 600 talented minds,we are the only conversion agency of scale delivering insight-led,tech-enabled marketing and activation to drive ROI,sales and loyalty for clients.We are uniquely placed with our scale and breadth of capabilities to centralise and optimise client briefs.We are continu

66、ally innovating to achieve better outcomes our Human Understanding Lab diagnoses brand challenges,tapping into human emotion and subconscious insight to unlock extra performance.Our industry leading client satisfaction scores underline why our long-standing clients trust us to create business impact

67、.”Tim Hassett,Group CEOLEADING COMPANIES AND CEOS TRANSFORMING THE SECTORUNLIMITED is a digital agency delivering local,national and international briefs in both B2C and B2B.They are a multi-award winning agency,recently receiving The Drums Best Performing Agency Group of the Year and CEO of the Yea

68、r awards.Their specialist conversion capabilities are powered by insights and technology to deliver for clients with non-linear customer journeys.The company has over 600 employees and is headquartered in London,United Kingdom.GROUP CEO,UNLIMITEDTIM HASSETTSelected clientsCEO commentary17Uzair Dada,

69、Founder&CEOLEADING COMPANIES AND CEOS TRANSFORMING THE SECTORIron Horse is a B2B growth marketing agency focused on tech and developer marketing.With more than 50 employees across the U.S.,Iron Horse helps Fortune 500 companies and global brands build unified conversations with their prospects and a

70、ccountswherever they are.FOUNDER&CEO,IRON HORSECEO commentary“Iron Horse emerged from the inadequacies of traditional B2B marketing to provide innovative new growth tactics.We saw that market offerings were mainly focused on implementation but not on how to grow.We connect the dots between strategy,

71、research,martech implementation and campaign execution to help our customers create scalable integrated marketing programs.B2B marketing is a fragmented and complex process.The last few years have seen a lot of technology designed to help marketers understand their prospects better and deliver perso

72、nalized experiences.But marketers still struggle to operationalize this data.We help our clients extract the signal from the noise to better understand their audiences and accelerate the buyers journey.Im optimistic about 2023.Rather than being reactive,companies are getting smarter.Companies will s

73、pend Q1 regrouping and figuring out how to do more with what they have,but then will refocus on predictable growth.”UZAIR DADASelected clients18Tilo Bonow,Founder&CEOLEADING COMPANIES AND CEOS TRANSFORMING THE SECTORPiabo is a multi-award winning full-stack PR partner helping its clients navigate th

74、e digital economy.The range of services offered includes public relations,digital and social media management as well as brand strategy,content marketing and influencer relations.Recent awards include Provoke Medias DACH Agency of the Year as well as DUPs Employer of the Future award.The company has

75、 over 150 employees and is headquartered in Berlin,Germany.FOUNDER&CEO,PIABOCEO commentary“Todays complex and dynamic world requires PR firms to act not as agencies,but as strategic partners with C-suite executives.Business leaders are coming to us with a swathe of issues they are trying to navigate

76、.In an increasingly complex landscape of engagement channels,we are laser-focused on helping our clients find the right channels for the right audience.We are seeing increasing potential in the areas of C-suite communications,B2B influencer marketing,crisis communication,employer branding and invest

77、or communication.And of course,we see huge potential in helping our clients communicate their ESG credentials and initiatives in what has become a more conscious business environment.At Piabo,we are cautiously optimistic on the potential in this current market as we see opportunity to double-down wh

78、ere competitors are being cautious-our clients need us more than ever during tougher environments.”TILO BONOWSelected clients19Public comparablesPUBLIC COMPARABLES BY TYPESource:Capital IQ(as of 31 December 2022):Note:Multiples in excess of 75.0 x or less than 0.0 x are considered not-material(NM)an

79、d are not included in average calculationPublic comparablesShare price(USD)52 Week High%of 52 Week HighMkt CapEVRevenue MultipleEBITDA MultipleEBITDA MarginCompany Name31-Dec-22(USD)%(USD)(USD)CY2020CY2021CY2022CY2020CY2021CY2022CY2020CY2021CY2022RevenueEBITDAInternational Business Machines Corporat

80、ion140.9153.292%127,382171,7102.3x3.0 x2.9x11.3x14.1x11.6x20.6%21.3%24.5%(9.8%)(1.6%)Accenture plc266.8415.564%168,040166,1273.7x3.1x2.7x20.0 x16.7x14.3x18.7%18.5%18.7%18.5%18.4%Tata Consultancy Services Limited39.448.981%143,987139,1417.1x6.2x5.3x25.8x21.8x20.0 x27.6%28.2%26.4%16.2%13.6%Infosys Lim

81、ited18.223.677%75,99373,6096.2x5.2x4.2x23.2x19.6x17.8x26.9%26.7%23.9%21.2%14.2%Capgemini SE166.7235.371%28,86534,6002.0 x1.8x1.5x13.3x10.8x10.4x15.3%16.5%14.1%17.5%12.8%HCL Technologies Limited12.616.476%33,99932,9183.6x3.2x2.8x13.9x13.2x12.5x26.0%24.5%22.1%14.2%5.4%Cognizant Technology Solutions Co

82、rporation57.293.561%29,39128,1801.7x1.5x1.5x9.2x8.2x7.9x18.2%18.5%18.5%7.5%8.4%NTT DATA Corporation14.721.967%20,54024,6451.4x1.3x1.1x9.9x8.1x7.2x14.6%16.2%15.0%16.0%17.6%Wipro Limited4.78.854%25,98724,1533.2x2.6x2.2x14.8x11.9x12.1x21.8%22.2%18.5%20.0%10.6%CGI Inc.86.289.397%20,38222,6032.5x2.5x2.3x

83、12.5x12.3x11.7x20.0%20.2%19.8%3.9%3.2%Omnicom Group Inc.81.691.689%16,63320,6141.6x1.5x1.5x10.5x8.8x8.7x14.9%16.6%16.8%4.0%10.1%Publicis Groupe S.A.63.571.589%15,99219,3661.8x1.7x1.5x9.3x7.7x6.5x19.8%22.4%22.4%12.5%19.5%EPAM Systems,Inc.327.7675.349%18,84917,5006.6x4.7x3.6x33.9x24.1x20.0 x19.5%19.5%

84、18.1%35.1%30.0%WPP plc9.914.867%10,52617,4471.5x1.4x1.2xn.m.7.1x6.3xn.m.19.1%19.1%10.5%n.a.Booz Allen Hamilton Holding Corporation104.5112.593%13,82016,1642.0 x2.0 x2.0 x19.7x17.9x16.4x10.3%11.0%11.9%2.1%9.7%The Interpublic Group of Companies,Inc.33.340.083%12,94215,8412.0 x1.7x1.7x12.2x9.1x8.9x16.0

85、%19.2%18.8%8.3%17.5%NEC Corporation35.142.483%9,50213,2870.6x0.6x0.6x6.2x5.9x5.3x9.7%9.8%10.7%3.3%8.5%Tech Mahindra Limited12.322.056%10,80210,3232.2x2.0 x1.6x13.8x10.6x10.5x16.3%18.8%15.7%17.0%14.7%Dentsu Group Inc.31.438.482%8,3129,8801.4x1.2x1.1x7.8x4.0 x6.1x18.1%30.7%17.5%14.7%12.8%DXC Technolog

86、y Company26.539.767%6,0979,6720.4x0.6x0.7x2.2x3.6x4.2x16.2%16.1%15.5%(25.4%)(26.9%)Globant S.A.168.2319.053%7,0256,8018.5x5.3x3.8x45.0 x25.9x18.7x18.8%20.6%20.4%48.8%55.1%Alten S.A.124.8174.572%4,2394,3711.7x1.4x1.1x19.5x11.0 x8.5x8.9%12.7%12.8%26.2%51.5%Atos SE9.641.923%1,0594,2070.3x0.4x0.4x2.5x3.

87、9x4.0 x13.9%9.4%8.8%(0.3%)(20.9%)Hakuhodo DY Holdings Inc10.115.266%3,7693,2191.4x1.0 x0.9x7.9x5.7x5.4x17.6%17.1%16.7%24.7%21.8%Perficient,Inc.69.8133.152%2,4182,8234.6x3.7x3.1x25.1x17.7x13.7x18.4%21.2%22.6%22.1%35.3%BlueFocus Intelligent Communications Group Co.,Ltd.0.71.939%1,8211,5710.3x0.2x0.3x9

88、.4x9.6x26.1x2.8%2.5%1.1%(2.9%)(39.9%)S4 Capital plc2.37.729%1,2701,490na1.9x1.2x20.8x11.9x10.2x16.1%15.8%11.7%67.4%43.0%Next Fifteen Communications Group plc11.917.867%1,1741,2563.9x2.9x1.8x16.5x12.0 x8.1x23.6%24.1%22.7%45.7%42.8%Mean all69%2.7x2.3x1.9x15.7x12.2x11.4x17.1%18.3%17.1%15.5%14.7%Median

89、all67%2.0 x1.9x1.6x13.8x11.9x10.5x17.7%18.8%18.1%14.7%13.9%CY2020-CY2022 CAGR20Public comparables:Global and mid-sized agenciesPUBLIC COMPARABLES BY TYPESource:Capital IQ(as of 31 December 2022):Note:Multiples in excess of 75.0 x or less than 0.0 x are considered not-material(NM)and are not included

90、 in average calculationPublic comparablesShare price(USD)Mkt CapEVRevenue MultipleEBITDA MultipleEBITDA MarginCompany Name31-Dec-22(USD)(USD)CY2020CY2021CY2022CY2020CY2021CY2022CY2020CY2021CY2022RevenueEBITDAGlobal Marketing AgenciesOmnicom Group Inc.81.691.689%16,63320,6141.6x1.5x1.5x10.5x8.8x8.7x1

91、4.9%16.6%16.8%4.0%10.1%Publicis Groupe S.A.63.571.589%15,99219,3661.8x1.7x1.5x9.3x7.7x6.5x19.8%22.4%22.4%12.5%19.5%WPP plc9.914.867%10,52617,4471.5x1.4x1.2xn.m.7.1x6.3xn.m.19.1%19.1%10.5%n.a.The Interpublic Group of Companies,Inc.33.340.083%12,94215,8412.0 x1.7x1.7x12.2x9.1x8.9x16.0%19.2%18.8%8.3%17

92、.5%Dentsu Group Inc.31.438.482%8,3129,8801.4x1.2x1.1x7.8x4.0 x6.1x18.1%30.7%17.5%14.7%12.8%Hakuhodo DY Holdings Inc10.115.266%3,7693,2191.4x1.0 x0.9x7.9x5.7x5.4x17.6%17.1%16.7%24.7%21.8%Mean79%1.6x1.4x1.3x9.6x7.1x7.0 x17.3%20.9%18.5%12.4%16.3%Median83%1.5x1.4x1.3x9.3x7.4x6.4x17.6%19.2%18.1%11.5%17.5

93、%Mid-sized Marketing AgenciesPerficient,Inc.69.8133.152%2,4182,8234.6x3.7x3.1x25.1x17.7x13.7x18.4%21.2%22.6%22.1%35.3%BlueFocus Intelligent Communications Group Co.,Ltd.0.71.939%1,8211,571na0.2x0.3x9.4x9.6x26.1x2.8%2.5%1.1%(2.9%)(39.9%)S4 Capital plc2.37.729%1,2701,4903.3x1.9x1.2x20.8x11.9x10.2x16.1

94、%15.8%11.7%67.4%43.0%Next Fifteen Communications Group plc11.917.867%1,1741,2563.9x2.9x1.8x16.5x12.0 x8.1x23.6%24.1%22.7%45.7%42.8%Mean47%4.0 x2.2x1.6x18.0 x12.8x14.5x15.2%15.9%14.5%33.1%20.3%Median46%3.9x2.4x1.5x18.7x11.9x11.9x17.3%18.5%17.2%33.9%39.1%52 Week High(USD)%of 52 Week HighCY2020-CY2022

95、CAGR21Public comparables:IT services and consultanciesPUBLIC COMPARABLES BY TYPESource:Capital IQ(as of 31 December 2022):Note:Multiples in excess of 75.0 x or less than 0.0 x are considered not-material(NM)and are not included in average calculationPublic comparablesIT ServicesInternational Busines

96、s Machines Corporation140.9153.292%127,382171,7102.3x3.0 x2.9x11.3x14.1x11.6x20.6%21.3%24.5%(9.8%)(1.6%)HCL Technologies Limited12.616.476%33,99932,9183.6x3.2x2.8x13.9x13.2x12.5x26.0%24.5%22.1%14.2%5.4%Cognizant Technology Solutions Corporation57.293.561%29,39128,1801.7x1.5x1.5x9.2x8.2x7.9x18.2%18.5

97、%18.5%7.5%8.4%NTT DATA Corporation14.721.967%20,54024,6451.4x1.3x1.1x9.9x8.1x7.2x14.6%16.2%15.0%16.0%17.6%Wipro Limited4.78.854%25,98724,1533.2x2.6x2.2x14.8x11.9x12.1x21.8%22.2%18.5%20.0%10.6%EPAM Systems,Inc.327.7675.349%18,84917,5006.6x4.7x3.6x33.9x24.1x20.0 x19.5%19.5%18.1%35.1%30.0%NEC Corporati

98、on35.142.483%9,50213,2870.6x0.6x0.6x6.2x5.9x5.3x9.7%9.8%10.7%3.3%8.5%Tech Mahindra Limited12.322.056%10,80210,3232.2x2.0 x1.6x13.8x10.6x10.5x16.3%18.8%15.7%17.0%14.7%DXC Technology Company26.539.767%6,0979,6720.5x0.6x0.7x3.9x3.6x4.2x13.9%16.1%15.5%(9.3%)(4.2%)Globant S.A.168.2319.053%7,0256,8018.5x5

99、.3x3.8x45.0 x25.9x18.7x18.8%20.6%20.4%48.8%55.1%Alten S.A.124.8174.572%4,2394,3711.7x1.4x1.1x19.5x11.0 x8.5x8.9%12.7%12.8%26.2%51.5%Atos SE9.641.923%1,0594,2070.2x0.4x0.4x2.3x3.9x4.0 x10.4%9.4%8.8%(18.0%)(24.7%)Mean63%2.7x2.2x1.8x15.3x11.7x10.2x16.6%17.4%16.7%12.6%14.3%Median64%2.0 x1.8x1.5x12.5x10.

100、8x9.5x17.3%18.6%16.9%15.1%9.5%ConsultanciesAccenture plc266.8415.564%168,040166,1273.7x3.1x2.7x20.0 x16.7x14.3x18.7%18.5%18.7%18.5%18.4%Tata Consultancy Services Limited39.448.981%143,987139,1417.1x6.2x5.3x25.8x21.8x20.0 x27.6%28.2%26.4%16.2%13.6%Infosys Limited18.223.677%75,99373,6096.2x5.2x4.2x23.

101、2x19.6x17.8x26.9%26.7%23.9%21.2%14.2%Capgemini SE166.7235.371%28,86534,6002.0 x1.8x1.5x13.3x10.8x10.4x15.3%16.5%14.1%17.5%12.8%CGI Inc.86.289.397%20,38222,6032.5x2.5x2.3x12.5x12.3x11.7x20.0%20.2%19.8%3.9%3.2%Booz Allen Hamilton Holding Corporation104.5112.593%13,82016,1642.0 x2.0 x2.0 x19.7x17.9x16.

102、4x10.3%11.0%11.9%2.1%9.7%Genpact Limited46.354.086%8,4899,7122.6x2.4x2.2x14.7x12.8x12.1x17.9%19.0%18.5%8.6%10.5%Reply S.p.A.114.4192.359%4,2544,0793.1x2.6x2.0 x19.1x14.8x12.3x16.0%17.3%16.5%22.7%24.5%ICF International,Inc.99.1121.382%1,8662,7811.9x1.8x1.6x20.3x17.6x14.7x9.3%10.1%10.7%9.9%17.5%Mean79

103、%3.5x3.1x2.6x18.7x16.0 x14.4x18.0%18.6%17.8%13.4%13.8%Median81%2.6x2.5x2.2x19.7x16.7x14.3x17.9%18.5%18.5%16.2%13.6%Mean all69%2.9x2.3x1.9x15.7x12.2x11.4x16.9%18.3%17.1%15.4%15.3%Median all67%2.1x1.9x1.6x13.8x11.9x10.5x17.7%18.8%18.1%14.7%13.9%Share price(USD)Mkt CapEVRevenue MultipleEBITDA MultipleE

104、BITDA MarginCompany Name31-Dec-22(USD)(USD)CY2020CY2021CY2022CY2020CY2021CY2022CY2020CY2021CY2022RevenueEBITDA52 Week High(USD)%of 52 Week HighCY2020-CY2022 CAGR22MethodologyThis report is based on the expert insights of GP Bullhounds worldwide team alongside detailed analysis of investment trends a

105、cross the global technology landscape.GP Bullhounds Digital Services sector focuses on the full spectrum of digital and marketing services categories,including digital transformation,digital agencies,marketing technology services,data analytics,digital media services,healthcare marketing,and CRM/cus

106、tomer acquisition,among others.TakeawaysGP Bullhounds Digital Services teamBased in our London and New York offices respectively,Simon Nicholls and Greg Smith head up our Digital Services practice with over 50+years of experience and have completed over 100 transactions for digital services companie

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