Sectorwatch: BPO · BPO April 2020. 2 BPO April 2020 Sector Dashboard [4] Public Basket Performance...

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Sectorwatch: BPO April 2020

Transcript of Sectorwatch: BPO · BPO April 2020. 2 BPO April 2020 Sector Dashboard [4] Public Basket Performance...

Page 1: Sectorwatch: BPO · BPO April 2020. 2 BPO April 2020 Sector Dashboard [4] Public Basket Performance [5] Operational Metrics [7] Valuation Comparison [10] Recent Deals [13] Appendix

Sectorwatch:BPOApril 2020

Page 2: Sectorwatch: BPO · BPO April 2020. 2 BPO April 2020 Sector Dashboard [4] Public Basket Performance [5] Operational Metrics [7] Valuation Comparison [10] Recent Deals [13] Appendix

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BPOApril 2020

Sector Dashboard [4]

Public Basket Performance [5]

Operational Metrics [7]

Valuation Comparison [10]

Recent Deals [13]

Appendix [15]

7 Mile Advisors appreciates the opportunity to present this confidential information to the Company. This document is meant to bedelivered only in conjunction with a verbal presentation, and is not authorized for distribution. Please see the Confidentiality Notice &Disclaimer at the end of the document. All data cited in this document was believed to be accurate at the time of authorship and camefrom publicly available sources. Neither 7 Mile Advisors nor 7M Securities make warranties or representations as to the accuracy orcompleteness of third-party data contained herein. This document should be treated as confidential and for the use of the intendedrecipient only. Please notify 7 Mile Advisors if it was distributed in error.

Page 3: Sectorwatch: BPO · BPO April 2020. 2 BPO April 2020 Sector Dashboard [4] Public Basket Performance [5] Operational Metrics [7] Valuation Comparison [10] Recent Deals [13] Appendix

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Overview

7MA provides Investment Banking & Advisory Services to the Business Services and TechnologyIndustries globally. We advise on M&A and private capital transactions, and provide market assessmentsand benchmarking. As a close knit team with a long history together and a laser focus on our targetmarkets, we help our clients sell their companies, raise capital, grow through acquisitions, and evaluatenew markets. We publish our sectorwatch, a review of M&A and operational trends in the industries wefocus.

Dashboard• Summary metrics on the sector• Commentary on market momentum by

comparing the most recent 12-month performance against the last 3-year averages.

Public Basket Performance• Summary valuation and operating metrics

for a basket of comparable public companies

Valuation Comparison• Graphical, detailed comparison of

valuation multiples for the public basket

Recent Deals• The most recently announced deals in the

sector

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Dashboard

Operating Metrics

Valuation

Revenue Growth

-1.9% 1 - year revenue growth compared to revenue growth

average for last 3 years

Pricing / Gross Margin

-0.7% 1 - year gross profit % compared to gross profit %

average for last 3 years

Profitability Momentum

1.9% 1 - year EBITDA % compared to EBITDA % average for

last 3 years

Current revenue growth rate is less than the average of the last 3 years, indicating

that the market may be flattening or declining

Current gross profit margin is less than the average of the last 3 years gross profit

margins, indicating customer pricing power

Current EBITDA margin exceeds the average of the last 3 years EBITDA margin

by this amount, a condition that may attract new entrants

5.7%

19.1%

34.8%

0% 10% 20% 30% 40%

Median LTM Rev. Growth %

Median LTM EBITDA Margin %

Median LTM GP Margin %

2.2x

12.2x

14.6x

19.5x

0x 10x 20x 30x

Median TEV / LTM Revenue

Median TEV / LTM EBITDA

Median TEV / LTM EBIT

Median Price / LTM Earnings

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Public Basket

Company TEV $mLTM

Rev $m

Rev Growth

YoY GP %EBITDA

%TEV / Rev X

TEV / EBITDA

X # FTEsRev / FTE $k

WNS (Holdings) Limited 2,158 928 15% 37% 19% 2.3 12.2 44,292 21

MAXIMUS, Inc. 4,206 3,040 25% 23% 13% 1.4 10.3 29,600 103

Genpact Limited 7,649 3,521 17% 35% 15% 2.2 12.8 96,500 36

Wipro Limited 10,152 8,104 4% 29% 19% 1.3 6.3 182,886 44

Cognizant Technology Solutions Corporation

27,401 16,783 4% 37% 20% 1.6 7.8 292,500 57

Automatic Data Processing, Inc. 61,075 14,538 5% 45% 25% 4.2 16.3 58,000 251

Accenture plc 110,189 44,656 6% 31% 16% 2.5 14.4 492,000 91

Average 31,833 13,081 11% 34% 18% 2.2 11.4 170,825 86

Median 10,152 8,104 6% 35% 19% 2.2 12.2 96,500 57

share price as of 24Apr20

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Public Basket Valuation Trends

Public EBITDA Multiples over Time

Public Revenue Multiples over Time

0x

1x

2x

3x

Jun-1

5

Sep-1

5

Dec-1

5

Mar-

16

Jun-1

6

Sep-1

6

Dec-1

6

Mar-

17

Jun-1

7

Sep-1

7

Dec-1

7

Mar-

18

Jun-1

8

Sep-1

8

Dec-1

8

Mar-

19

Jun-1

9

Sep-1

9

Dec-1

9

Mar-

20

TEV/Revenue - Median TEV/Revenue - Average

0x

5x

10x

15x

20x

Jun-1

5

Sep-1

5

Dec-1

5

Mar-

16

Jun-1

6

Sep-1

6

Dec-1

6

Mar-

17

Jun-1

7

Sep-1

7

Dec-1

7

Mar-

18

Jun-1

8

Sep-1

8

Dec-1

8

Mar-

19

Jun-1

9

Sep-1

9

Dec-1

9

Mar-

20

TEV/EBITDA - Median TEV/EBITDA - Average14.1x

2.4x

0x

5x

10x

15x

20x

Jun-1

5

Sep-1

5

Dec-1

5

Mar-

16

Jun-1

6

Sep-1

6

Dec-1

6

Mar-

17

Jun-1

7

Sep-1

7

Dec-1

7

Mar-

18

Jun-1

8

Sep-1

8

Dec-1

8

Mar-

19

Jun-1

9

Sep-1

9

Dec-1

9

Mar-

20

TEV/EBITDA - Median TEV/Revenue - Median

TEV/EBITDA - Average TEV/Revenue - Average

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Operational Metrics

LTM Gross Profit Margin % LTM EBITDA %

- 10% 20% 30%

Median

MAXIMUS, Inc.

Genpact Limited

Accenture plc

Wipro Limited

WNS (Holdings) Limited

Cognizant Technology

Solutions Corporation

Automatic Data Processing,

Inc.

- 10% 20% 30% 40% 50%

Median

MAXIMUS, Inc.

Wipro Limited

Accenture plc

Genpact Limited

Cognizant Technology

Solutions Corporation

WNS (Holdings) Limited

Automatic Data Processing,

Inc.

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Operational Metrics

LTM Revenue Growth %LTM Revenue per

Full Time Employee x 000’s

- 10% 20% 30%

Median

Cognizant Technology

Solutions Corporation

Wipro Limited

Automatic Data Processing,

Inc.

Accenture plc

WNS (Holdings) Limited

Genpact Limited

MAXIMUS, Inc.

$- $100 $200 $300

Median

WNS (Holdings) Limited

Genpact Limited

Wipro Limited

Cognizant Technology

Solutions Corporation

Accenture plc

MAXIMUS, Inc.

Automatic Data Processing,

Inc.

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Operational Metrics

Accounts Receivable TurnoverAverage Days

Sales Outstanding

0x 2x 4x 6x 8x

Median

Genpact Limited

Wipro Limited

Cognizant Technology

Solutions Corporation

MAXIMUS, Inc.

Automatic Data Processing,

Inc.

Accenture plc

WNS (Holdings) Limited

0x 20x 40x 60x 80x 100x

Median

WNS (Holdings) Limited

Accenture plc

Automatic Data Processing,

Inc.

MAXIMUS, Inc.

Cognizant Technology

Solutions Corporation

Wipro Limited

Genpact Limited

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Valuation

TEV / LTM Revenue TEV / LTM EBITDA

0x 1x 2x 3x 4x 5x

Median

Wipro Limited

MAXIMUS, Inc.

Cognizant Technology

Solutions Corporation

Genpact Limited

WNS (Holdings) Limited

Accenture plc

Automatic Data Processing,

Inc.

0x 10x 20x

Median

Wipro Limited

Cognizant Technology

Solutions Corporation

MAXIMUS, Inc.

WNS (Holdings) Limited

Genpact Limited

Accenture plc

Automatic Data Processing,

Inc.

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Valuation

TEV / LTM EBIT Price / LTM Earnings

0x 1x 2x 3x 4x 5x

Median

Wipro Limited

MAXIMUS, Inc.

Cognizant Technology

Solutions Corporation

Genpact Limited

WNS (Holdings) Limited

Accenture plc

Automatic Data Processing,

Inc.

0x 10x 20x

Median

Wipro Limited

Cognizant Technology

Solutions Corporation

MAXIMUS, Inc.

WNS (Holdings) Limited

Genpact Limited

Accenture plc

Automatic Data Processing,

Inc.

Page 12: Sectorwatch: BPO · BPO April 2020. 2 BPO April 2020 Sector Dashboard [4] Public Basket Performance [5] Operational Metrics [7] Valuation Comparison [10] Recent Deals [13] Appendix

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Valuation

Historical Valuation Multiples versus Gross Profit

Historical Valuation Multiples versus Revenue Growth Rate

6x 8x 10x 12x 13x 14x 16x

28.5%

36.6%

22.6%

37.1%

34.8%

31.3%

45.3%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

0x

2x

4x

6x

8x

10x

12x

14x

16x

18x

LTM

GP%

EBIT

DA(x

)

EBITDA(x) LTM GP%

6x 8x 10x 12x 13x 14x 16x

4.2%

4.1%

24.9%

14.7%

17.3%

5.7%

5.2%

0%

5%

10%

15%

20%

25%

30%

0x

2x

4x

6x

8x

10x

12x

14x

16x

18x

LTM

RG

R%

EBIT

DA(x

)

EBITDA(x) LTM RGR%

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13

Recent TransactionsDate Target Buyer / Investor

Total Transaction

Value Target

Revenue TEV /

Revenue TEV /

EBITDA

20Apr20 nexVortex, Inc. BCM One, Inc. - - - -

15Apr20 NIKE Group S.p.A. Accenture plc - - - -

26Mar20 Insigma Technology Co., Ltd. Zhejiang Wanliyang Co., Ltd. 69.76 504.66 2.7x 23.9x

25Mar20 WhiteSky Labs Pty. Ltd. Capgemini SE - - - -

9Mar20 U.S. State and Local Health and Human Services Business of DXC Technology Company

Veritas Capital Fund Management, L.L.C 5,000.00 1,400.00 3.6x -

24Feb20 JPD Financial, Inc Glantus Limited - - - -

17Feb20 Icon Integration Pty Ltd Accenture plc - - - -

11Feb20 psg Procurement Services GmbH EPSa GmbH - - - -

5Feb20 Arcus Systemy Informatyczne Sp. z o.o. Arcus S.A. 0.14 - - -

4Feb20 Knoah Solutions, Inc. 24-7 Intouch, Inc. - - - -

4Feb20 TEN DIGIT Communications LLC Alpine Management Services III, LLC - - - -

21Jan20 Blue Bird Technologies LLC Xceedance Inc - - - -

7Jan20 Symantec Cyber Security Services Business Accenture plc - - - -

27Dec19 True Touch Co., Ltd. BELLSYSTEM24 Holdings, Inc. 8.43 - - -

19Dec19 Softeam S.A. Docapost BPO SAS - - - -

10Dec19 Arise Virtual Solutions Inc. Warburg Pincus LLC; Vivtera - - - -

4Dec19 CCC Holding GmbH TELUS International (Cda) Inc. 1,003.84 - - -

26Oct19 First Call Resolution, LLC TTEC Services Corporation 115.13 - - -

10Oct19 MedData, Inc. Frazier Healthcare Partners; Frazier Healthcare Growth Buyout Fund IX, L.P.

300.00 - - -

16Sep19 Unified Dispatch LLC Resurgent Capital Partners - - - -

5Sep19 Convey Health Solutions, Inc. TPG Capital, L.P. - - - -

5Aug19 Northstream AB Accenture plc - - - -

2Aug19 Navigant Consulting, Inc. Guidehouse LLP 1,234.01 728.72 1.6x 13.4x

31Jul19 Portway International, Inc. Avalara, Inc. 25.00 - - -

1Aug19 RedCard Systems, LLC Zelis Healthcare Inc. - - - -

17Jun19 GBT Technologies, S.A Altcorp Trading LLC - - - -

Page 14: Sectorwatch: BPO · BPO April 2020. 2 BPO April 2020 Sector Dashboard [4] Public Basket Performance [5] Operational Metrics [7] Valuation Comparison [10] Recent Deals [13] Appendix

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APPENDIX:

Public Basket

Constituents

7 Mile Advisors appreciates the opportunity to present this confidential information to the Company. This document is meant to bedelivered only in conjunction with a verbal presentation, and is not authorized for distribution. Please see the Confidentiality Notice &Disclaimer at the end of the document. All data cited in this document was believed to be accurate at the time of authorship and camefrom publicly available sources. Neither 7 Mile Advisors nor 7M Securities make warranties or representations as to the accuracy orcompleteness of third-party data contained herein. This document should be treated as confidential and for the use of the intendedrecipient only. Please notify 7 Mile Advisors if it was distributed in error.

BPOApril 2020

Page 15: Sectorwatch: BPO · BPO April 2020. 2 BPO April 2020 Sector Dashboard [4] Public Basket Performance [5] Operational Metrics [7] Valuation Comparison [10] Recent Deals [13] Appendix

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Public Basket

WNS (Holdings) Limited

WNS (Holdings) Limited, a business process managementcompany, together with its subsidiaries, provides data,voice, analytical, and business transformation servicesworldwide. It operates through two segments, WNS GlobalBPM and WNS Auto Claims BPM. The company offersindustry-specific services to clients primarily in insurance;travel and leisure; diversified businesses, includingmanufacturing, retail, consumer packaged goods, media andentertainment, and telecommunication; utilities; consultingand professional services; healthcare; banking and financialservices; and shipping and logistics industries. It alsoprovides shared services, such as customer interaction,finance and accounting, research and analytics, technology,legal, and human resources outsourcing services. Inaddition, the company offers transformation servicesdesigned to help its clients to modify their businessprocesses to enhance productivity, as well as managechanges in the business environment and leverage businessknowledge to increase market competitiveness. WNS(Holdings) Limited was founded in 1996 and is based inMumbai, India.

Date Key Development Headline5/14/19 WNS (Holdings) Limited (NYSE:WNS) completed the

acquisition of certain assets and the related workforce of Hotelbeds Group, S.L.U..

0x

1x

2x

3x

4x

5x

Revenue Multiples - WNS (Holdings) Limited

TEV/Revenue Average

0x

10x

20x

30x

EBITDA Multiples - WNS (Holdings) Limited

TEV/EBITDA Average

0x

20x

40x

60x

P/E Multiples - WNS (Holdings) Limited

P/E Average

Page 16: Sectorwatch: BPO · BPO April 2020. 2 BPO April 2020 Sector Dashboard [4] Public Basket Performance [5] Operational Metrics [7] Valuation Comparison [10] Recent Deals [13] Appendix

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Public Basket

MAXIMUS, Inc.

MAXIMUS, Inc. provides business process services (BPS) togovernment health and human services programs in theUnited States, the United Kingdom, Australia, Canada,Singapore, and Saudi Arabia. The company’s Health Servicessegment offers various BPS, appeals, and assessments, aswell as related consulting services for state, provincial, andnational government programs comprising Medicaid,Children's Health Insurance Program, the Affordable CareAct, Health Insurance British Columbia, the HealthAssessment Advisory Service, and Preadmission Screeningand Resident Reviews. Its services include health insuranceexchange customer contact center operations and support;health insurance program eligibility and enrollment;beneficiary outreach and education; application assistanceand independent health plan enrollment counseling;premium payment processing and administration; eHealthsolutions; independent disability, long-term sick, and healthassessments; occupational health clinical assessments; andspecialized program consulting services. MAXIMUS, Inc. wasfounded in 1975 and is headquartered in Reston, Virginia.

Date Key Development Headline5/9/19 MAXIMUS Intends To Seek Acquisitions

0x

1x

2x

3x

Revenue Multiples - MAXIMUS, Inc.

TEV/Revenue Average

0x

5x

10x

15x

20xEBITDA Multiples - MAXIMUS, Inc.

TEV/EBITDA Average

0x

10x

20x

30x

40x

P/E Multiples - MAXIMUS, Inc.

P/E Average

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Public Basket

Genpact Limited

Genpact Limited provides business process outsourcing andinformation technology (IT) services North and LatinAmerica, India, rest of Asia, and Europe. Its finance andaccounting services include accounts payable, such asdocument management, invoice processing, approval andresolution management, and travel and expense processing;over-the counter services, including customer master datamanagement, credit and contract management, fulfillment,billing, collections, and dispute management services;record to report services comprising accounting, treasury,tax, product cost accounting, and closing and reportingservices; enterprise performance management consisting ofbudgeting, forecasting, and business performance reporting.Genpact Limited was founded in 1997 and is based inHamilton, Bermuda.

Date Key Development Headline9/17/19 Genpact and Celonis Partner to Provide Process Improvement

Roadmaps That Accelerate Enterprise Digital Transformation

4/23/19 Genpact To Seek Acquisitions

0x

1x

2x

3x

4xRevenue Multiples - Genpact Limited

TEV/Revenue Average

0x

5x

10x

15x

20xEBITDA Multiples - Genpact Limited

TEV/EBITDA Average

0x

10x

20x

30x

40x

P/E Multiples - Genpact Limited

P/E Average

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Public Basket

Wipro Limited

Wipro Limited operates as an information technology (IT),consulting, and business process services (BPS) companyworldwide. The company’s IT Services segment offers arange of IT and IT-enabled services, including digitalstrategy advisory, customer centric design, technologyconsulting, IT consulting, custom application design,development, re-engineering and maintenance, systemsintegration, package implementation, infrastructure services,analytics services, BPS, research and development services,and hardware and software design services to variousenterprises. Wipro Limited was founded in 1945 and isheadquartered in Bengaluru, India.

Date Key Development Headline4/15/20 Wipro Mulls Investments

4/3/20 Sree Chitra Tirunal Institute for Medical Sciences and Technology Collaborates with Wipro 3D

3/18/20 Wipro Launches Microsoft Business Unit for Digital Transformation Solutions

3/12/20 Wipro Limited Enters into Agreement with SAP SE

1/31/20 Wipro and Smart Energy Water Form Global Strategic Alliance to Accelerate Digital Transformation for Enterprises

0x

1x

1x

2x

2x

3x

3xRevenue Multiples - Wipro Limited

TEV/Revenue Average

0x

2x

4x

6x

8x

10x

12x

14xEBITDA Multiples - Wipro Limited

TEV/EBITDA Average

0x

5x

10x

15x

20x

25xP/E Multiples - Wipro Limited

P/E Average

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Public Basket

Cognizant Technology Solutions Corporation

Cognizant Technology Solutions Corporation, a professionalservices company, provides consulting and technology, andoutsourcing services worldwide. The company operatesthrough four segments: Financial Services; Healthcare;Products and Resources; and Communications, Media andTechnology. It offers business, process, operations, andtechnology consulting services; application design anddevelopment, and systems integration services; applicationtesting, consulting, and engineering services; and enterpriseinformation management services. The company wasfounded in 1994 and is headquartered in Teaneck, NewJersey.

Date Key Development Headline4/8/20 Cognizant Technology Solutions to Seek Acquisitions

3/30/20 Cognizant Technology Solutions Corporation (NasdaqGS:CTSH) completed the acquisition of Lev plus.

3/22/20 Cognizant Technology Solutions Corporation (NasdaqGS:CTSH) entered into an agreement to acquire Lev plus.

2/2/20 Cognizant Technology Solutions Corporation (NasdaqGS:CTSH) acquired Code Zero Consulting.

10/30/19 Cognizant Technology Solutions Corporation (NasdaqGS:CTSH) completed the acquisition of Contino LTD from Columbia Capital, L.P., Top Tier Capital Partners, LLC and others for approximately $240 million.

0x

1x

2x

3x

4xRevenue Multiples - Cognizant Technology

Solutions Corporation

TEV/Revenue Average

0x

5x

10x

15x

20xEBITDA Multiples - Cognizant Technology

Solutions Corporation

TEV/EBITDA Average

0x

10x

20x

30x

40xP/E Multiples - Cognizant Technology

Solutions Corporation

P/E Average

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Public Basket

Automatic Data Processing, Inc.

Automatic Data Processing, Inc. provides business processoutsourcing services worldwide. The company operatesthrough two segments, Employer Services and ProfessionalEmployer Organization (PEO) Services. The EmployerServices segment offers various human resources (HR)business process outsourcing and technology-enabled humancapital management solutions. Its offerings include payrollservices, benefits administration, talent management, HRmanagement, time and attendance management, insurance,retirement, and tax and compliance services. The companywas founded in 1949 and is headquartered in Roseland, NewJersey.

Date Key Development Headline6/16/19 Automatic Data Processing, Inc. (NasdaqGS:ADP) acquired

Softcom (Ireland) Limited.

5/1/19 Automatic Data To Seek Investments

7/31/18 Automatic Data Processing Inc. (NASDAQ:ADP) acquired Celergo LLC from Frontier Capital, LLC.

0x

1x

2x

3x

4x

5x

6xRevenue Multiples - Automatic Data

Processing, Inc.

TEV/Revenue Average

0x

5x

10x

15x

20x

25xEBITDA Multiples - Automatic Data Processing,

Inc.

TEV/EBITDA Average

0x

10x

20x

30x

40x

50xP/E Multiples - Automatic Data Processing,

Inc.

P/E Average

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Public Basket

Accenture plc

Accenture plc provides consulting, technology, andoutsourcing services worldwide. Its Communications, Media& Technology segment provides professional services thathelp clients accelerate and deliver digital transformation, andenhance business results through industry-specific solutionsfor communications, media, and high tech industries, as wellas for software platforms. The company’s Financial Servicessegment offers services that address profitability pressures,industry consolidation, regulatory changes, and the need tocontinually adapt to new digital technologies. This segmentserves clients in banking, capital markets, and insuranceindustriesAccenture plc was founded in 1989 and is based inDublin, Ireland.

Date Key Development Headline4/19/20 Accenture plc (NYSE:ACN) agreed to acquire Gekko Mentions

légales.

4/14/20 Accenture plc (NYSE:ACN) entered into an agreement to acquire NIKE Group S.p.A.

4/6/20 Accenture plc (NYSE:ACN) acquired Revolutionary Security LLC.

4/1/20 Accenture plc (NYSE:ACN) acquired Yesler, Inc.

3/27/20 Accenture and the Digital Dollar Foundation Announce Partnership

0x

1x

2x

3x

4x

Revenue Multiples - Accenture plc

TEV/Revenue Average

0x

5x

10x

15x

20xEBITDA Multiples - Accenture plc

TEV/EBITDA Average

0x

5x

10x

15x

20x

25x

30xP/E Multiples - Accenture plc

P/E Average

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7MA provides Investment Banking & Advisory Services to the Business Services and Technology Industries globally. We advise on M&A andprivate capital transactions and provide market assessments and benchmarking. As a close-knit team with a long history together and a laserfocus on our target markets, we help our clients sell their companies, raise capital, grow through acquisitions, and evaluate new markets.Securities offered through 7M Securities LLC.

Leroy Davis, Partner 704.899.5962 [email protected]

Tripp Davis, Partner 704.899.5762 [email protected]

Andy Johnston, Partner 704.899.5961 [email protected]

Mark Landry, Managing Director 561.972.0609 [email protected]

Ben Lunka, Managing Director 704.496.2995 [email protected]

John Cooper, Director 704.973.3996 [email protected]

Tim Frye, Director 704.973.3994 [email protected]

Kristina Sergueeva, Director 704.899.5149 [email protected]

Ben Garber, Vice President 412.626.7898 [email protected]

Nicholas Prendergast, Vice President 704.973.3995 [email protected]

Garth Martin, Vice President 704.973.3997 [email protected]

Ariail Barker, Director, Sales & Marketing 704.981.2908 [email protected]

Emily Halstenberg, Marketing & Sales Coordinator 704.409.9912 [email protected]

Marty Johnson, Senior Associate 704.973.3999 [email protected]

Sydney Scadden, Senior Associate 704.973.3998 [email protected]

Steve Buffington, Associate 704.960.1828 [email protected]

Dennis Fox, Associate 704.706.9168 [email protected]

Daniel Kim, Associate 704.912.4584 [email protected]

Olufunke Abass, Associate 704.285.8171 [email protected]

Robin Siegel, Analyst 704.490.4714 [email protected]

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