Sectorwatch: Digital Transformation

23
Sectorwatch: Digital Transformation February 2020

Transcript of Sectorwatch: Digital Transformation

Page 1: Sectorwatch: Digital Transformation

Sectorwatch:Digital TransformationFebruary 2020

Page 2: Sectorwatch: Digital Transformation

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Digital TransformationFebruary 2020

Sector Dashboard [4]

Public Basket Performance [5]

Operational Metrics [7]

Valuation Comparison [10]

Recent Deals [13]

Appendix [14]

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.

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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

8.3%

15.7%

31.5%

0% 10% 20% 30% 40%

Median LTM Rev. Growth %

Median LTM EBITDA Margin %

Median LTM GP Margin %

3.2x

16.5x

18.3x

24.7x

0x 10x 20x 30x

Median TEV / LTM Revenue

Median TEV / LTM EBITDA

Median TEV / LTM EBIT

Median Price / LTM Earnings

Revenue Growth

-0.7% 1 - year revenue growth compared to revenue growth

average for last 3 years

Pricing / Gross Margin

-2.6% 1 - year gross profit % compared to gross profit %

average for last 3 years

Profitability Momentum

0.02% 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

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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

Endava plc 2,693 421 23% 28% 9% 6.4 69.6 5,754 73

Globant S.A. 4,543 659 26% 39% 17% 6.9 41.0 11,855 56

EPAM Systems, Inc. 11,755 2,294 24% 35% 15% 5.1 27.9 36,700 63

Capgemini SE 22,976 15,851 7% 12% 13% 1.5 11.7 219,300 72

WPP plc 23,685 19,984 1% 18% 11% 1.2 9.8 134,281 149

Cognizant Technology Solutions Corporation 35,276 16,783 4% 37% 20% 2.1 10.0 292,500 57

Infosys Limited 44,765 12,642 10% 32% 24% 3.6 15.0 228,123 55

Accenture plc 127,770 43,968 5% 31% 16% 2.9 18.1 492,000 89

Average 34,183 14,075 13% 29% 16% 3.7 25.4 177,564 77

Median 23,330 14,247 8% 32% 16% 3.2 16.5 176,791 67

share price as of 25Feb20

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Public Basket Valuation Trends

Public EBITDA Multiples over Time

Public Revenue Multiples over Time

0x

1x

2x

3x

4x

May-1

5

Aug-1

5

Nov-1

5

Feb-1

6

May-1

6

Aug-1

6

Nov-1

6

Feb-1

7

May-1

7

Aug-1

7

Nov-1

7

Feb-1

8

May-1

8

Aug-1

8

Nov-1

8

Feb-1

9

May-1

9

Aug-1

9

Nov-1

9

Feb-2

0

TEV/Revenue - Median TEV/Revenue - Average

0x

5x

10x

15x

20x

May-1

5

Aug-1

5

Nov-1

5

Feb-1

6

May-1

6

Aug-1

6

Nov-1

6

Feb-1

7

May-1

7

Aug-1

7

Nov-1

7

Feb-1

8

May-1

8

Aug-1

8

Nov-1

8

Feb-1

9

May-1

9

Aug-1

9

Nov-1

9

Feb-2

0

TEV/EBITDA - Median TEV/EBITDA - Average

13.8x

2.8x

0x

2x

4x

6x

8x

10x

12x

14x

16x

18x

May-1

5

Aug-1

5

Nov-1

5

Feb-1

6

May-1

6

Aug-1

6

Nov-1

6

Feb-1

7

May-1

7

Aug-1

7

Nov-1

7

Feb-1

8

May-1

8

Aug-1

8

Nov-1

8

Feb-1

9

May-1

9

Aug-1

9

Nov-1

9

Feb-2

0

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

Endava plc

WPP plc

Capgemini SE

EPAM Systems, Inc.

Accenture plc

Globant S.A.

Cognizant Technology

Solutions Corporation

Infosys Limited

- 10% 20% 30% 40% 50%

Median

Capgemini SE

WPP plc

Endava plc

Accenture plc

Infosys Limited

EPAM Systems, Inc.

Cognizant Technology

Solutions Corporation

Globant S.A.

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Operational Metrics

LTM Revenue Growth %LTM Revenue per

Full Time Employee x 000’s

- 5% 10% 15% 20% 25% 30%

Median

WPP plc

Cognizant Technology

Solutions Corporation

Accenture plc

Capgemini SE

Infosys Limited

Endava plc

EPAM Systems, Inc.

Globant S.A.

$- $50 $100 $150 $200

Median

Infosys Limited

Globant S.A.

Cognizant Technology

Solutions Corporation

EPAM Systems, Inc.

Capgemini SE

Endava plc

Accenture plc

WPP plc

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Operational Metrics

Accounts Receivable TurnoverAverage Days

Sales Outstanding

0x 1x 2x 3x 4x 5x 6x

Median

WPP plc

Infosys Limited

Endava plc

Cognizant Technology

Solutions Corporation

Globant S.A.

EPAM Systems, Inc.

Accenture plc

0 50 100 150 200

Median

Accenture plc

EPAM Systems, Inc.

Globant S.A.

Cognizant

Technology

Solutions

Corporation

Endava plc

Infosys Limited

WPP plc

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Valuation

TEV / LTM Revenue TEV / LTM EBITDA

0x 2x 4x 6x 8x

Median

WPP plc

Capgemini SE

Cognizant

Technology

Solutions…

Accenture plc

Infosys Limited

EPAM Systems, Inc.

Endava plc

Globant S.A.

0x 20x 40x 60x 80x

Median

WPP plc

Cognizant Technology

Solutions Corporation

Capgemini SE

Infosys Limited

Accenture plc

EPAM Systems, Inc.

Globant S.A.

Endava plc

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Valuation

TEV / LTM EBIT Price / LTM Earnings

0x 50x 100x 150x

Median

Cognizant Technology

Solutions Corporation

Capgemini SE

WPP plc

Infosys Limited

Accenture plc

EPAM Systems, Inc.

Globant S.A.

Endava plc

0x 50x 100x 150x

Median

WPP plc

Cognizant Technology

Solutions Corporation

Infosys Limited

Capgemini SE

Accenture plc

EPAM Systems, Inc.

Globant S.A.

Endava plc

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Valuation

Historical Valuation Multiples versus Gross Profit

Historical Valuation Multiples versus Revenue Growth Rate

10x 10x 12x 15x 18x 28x 41x 70x

18.4%

36.6%

12.3%

32.0%

31.1%

35.1%

38.5%

27.8%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

0x

10x

20x

30x

40x

50x

60x

70x

80x

LTM

GP%

EBIT

DA(x

)

EBITDA(x) LTM GP%

10x 10x 12x 15x 18x 28x 41x 70x

0.5%

4.1%

7.0%

9.5%

5.4%

24.5% 26.2%

23.1%

0%

5%

10%

15%

20%

25%

30%

0x

10x

20x

30x

40x

50x

60x

70x

80x

LTM

RG

R%

EBIT

DA(x

)

EBITDA(x) LTM RGR%

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Recent Transactions

Date Target Buyer / Investor

Total Transaction Value ($m)

Target Revenue

($m)

TEV / Revenue

(X)

TEV / EBITDA

(X)

12-Jan-20 Incentive Technology Group, LLC ICF Incorporated, L.L.C. 255.00 90.00 2.8 -

20-Dec-19 Altran Technologies S.A. Goldman Sachs International - 3475.60 - -

18-Dec-19 Maven Wave Partners LLC Atos SE - - - -

17-Dec-19 Exozet Berlin GmbH Endava plc - - - -

13-Dec-19 Proact IT Group AB (publ) Carey Trustees Ltd - 359.87 - -

22Nov19 SpireMedia, Inc. Kin and Carta plc 34.85 9.40 3.7x -

5-Nov-19 Born Commerce Pvt Ltd/Born Group Pte Ltd Tech Mahindra Ltd. 120.00 - - -

5-Nov-19 Naya Pai Technologies Ltd EPAM Systems, Inc. - - - -

4-Nov-19 Onica Inc. Rackspace Hosting, Inc. - - - -

1-Nov-19 Intuitus Limited Endava plc - - - -

15-Oct-19 Rightpoint Consulting, LLC Genpact USA, Inc. 270.00 100.00 2.7 18.0

9-Oct-19 Essex Technology Group, Inc. Converge Technology Solutions Corp. - 52.00 - -

9-Aug-19 Belatrix Global Corporation Globant S.A. (NYSE:GLOB) 69.00 - - -

30-Jul-19 Mad*Pow Media Solutions LLC Tech Mahindra (Americas), Inc. 16.71 14.70 1.7

1-Jul-19 COMPETENTUM USA, Ltd. EPAM Systems, Inc. 14.20 - - -

19-Jun-19 Tieto Oyj (nka:TietoEVRY Oyj) Solidium Oy 137.54 1796.52 2.2 20.4

18-Jun-19 Zenith Technologies Limited Cognizant Technology Solutions Corporation (NasdaqGS:CTSH)

144.19 84.80 8.0 -

13-May-19 Assets of Sundog Interactive, Inc. Perficient, Inc. - - - -

2-May-19 Advanced Broadcast Solutions, Inc. Key Code Media, Inc. - - - -

12-Apr-19 Epsilon Data Management, LLC Publicis Groupe Holdings B.V.; MMS USA Investments, Inc.

4400.00 1900.00 2.3 8.2

6-Apr-19 NIIT Technologies Limited Hulst B.V. 292.24 531.74 2.1 12.6

29-Mar-19 Droga5, LLC Accenture Interactive - - - -

18-Mar-19 Mindtree Limited Larsen & Toubro Limited 476.47 968.61 2.3 14.3

13-Mar-19 Strong-Bridge Holdings, Inc. HCL America, Inc. 45.00 45.60 1.0 -

5-Mar-19 Touchtown, Inc. Uniguest Inc. - - - -

1-Mar-19 Microsoft Business Unit of SADA Systems, Inc.

Core BTS, Inc. - - - -

21-Feb-19 Happy Marketer Private Ltd. Dentsu Aegis Network Ltd. - 4.85 - -

15-Jan-19 Brillio, LLC Bain Capital Private Equity, LP - - - -

6-Jan-19 Luxoft Holding, Inc. DXC Technology Company 2072.15 904.44 2.2 20.6

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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.

Digital TransformationFebruary 2020

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Public Basket

Endava plc

Endava plc provides technology services for clients in theconsumer products, healthcare, logistics, and retail verticals inEurope, Latin America, and the United States. It offers strategy,creative and user experience, insights through data, mobile andInternet of Things, architecture, smart automation, softwareengineering, test automation and engineering, continuousdelivery, cloud, applications management, and smart deskservices across the digital evolution, agile transformation, andautomation solution areas. The company was founded in 2000and is headquartered in London, United Kingdom.

Date Key Development Headline12/16/19 Endava plc (NYSE:DAVA) acquired Exozet Berlin GmbH from

German Startups Group GmbH & Co. KGaA (XTRA:GSJ) and others.

11/3/19 Endava plc (NYSE:DAVA) acquired of Intuitus Limited.

8/30/19 WorldPay (UK) Limited completed the acquisition of EndavaTechnology SRL from Endava plc (NYSE:DAVA).

6/2/19 WorldPay (UK) Limited agreed to acquire Endava Technology SRL from Endava plc (NYSE:DAVA) for £6 million.

0x

2x

4x

6x

8x

Revenue Multiples - Endava plc

TEV/Revenue Average

0x

10x

20x

30x

40x

50x

EBITDA Multiples - Endava plc

TEV/EBITDA Average

0x

20x

40x

60x

80x

100x

P/E Multiples - Endava plc

P/E Average

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Public Basket

Globant S.A., a technology services company, provides servicesrelated to application development, testing, infrastructuremanagement, and application maintenance worldwide. Thecompany offers machine learning, pattern recognition, naturallanguage understanding, future of organizations, customerinsight, behavioral change, product innovation, design thinking,product management discovery and delivery, and productcoaching services. It also provides process appraisal,automated, process evolution, delivery management, agileconsultancy, management consulting, user experience, visualand service, industrial design, mobile engineering, fastprototyping, and mobile and product strategy services. Inaddition, the company offers game engineering andexperience, digital platform, virtual and augmented reality,graphics engineering, 3D and 2D art, e-Sports, dataarchitecture, data science, distributed platform, data integration,data visualization, and blockchain services. Globant S.A. wasfounded in 2003 and is based in Luxembourg City,Luxembourg.

Globant S.A.

Date Key Development Headline8/11/19 Globant S.A. (NYSE:GLOB) acquired Belatrix Global Corporation

S.A. for $65 million.

1/31/19 Globant S.A. (NYSE:GLOB) completed the acquisition of Avanxo(Bermuda) Limited.

0x

2x

4x

6x

8x

Revenue Multiples - Globant S.A.

TEV/Revenue Average

0x

10x

20x

30x

40x

50xEBITDA Multiples - Globant S.A.

TEV/EBITDA Average

0x

20x

40x

60x

80x

P/E Multiples - Globant S.A.

P/E Average

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Public Basket

EPAM Systems, Inc.

EPAM Systems, Inc. provides software product developmentand digital platform engineering services primarily in NorthAmerica, Europe, Asia, and Australia. It offers software productdevelopment services, including product research, customerexperience design, prototyping, program management,component design and integration, lifecycle software testing,product deployment, end-user customization, performancetuning, product support and maintenance, managed services,and porting and cross-platform migration. The companyprovides custom application development services, such asbusiness and technical requirement analysis, user experiencedesign, solution architecture creation and validation,development, component design and integration, qualityassurance and testing, deployment, performance tuning,support and maintenance, legacy applications re-engineering/refactoring, porting and cross-platform migration,and documentation. The company was founded in 1993 and isheadquartered in Newtown, Pennsylvania.

Date Key Development Headline11/4/19 EPAM Systems, Inc. (NYSE:EPAM) acquired NAYA Technologies.

7/1/19 EPAM Systems, Inc. (NYSE:EPAM) acquired Competentum-USA Ltd. for $14.2 million.

5/9/19 EPAM To Seek Investments

5/8/19 EPAM Systems, Inc. (NYSE:EPAM) acquired testCloud.de GmbH for approximately $17.3 million.

0x

2x

4x

6xRevenue Multiples - EPAM Systems, Inc.

TEV/Revenue Average

0x

15x

30x

45xEBITDA Multiples - EPAM Systems, Inc.

TEV/EBITDA Average

0x

20x

40x

60x

80x

100x

P/E Multiples - EPAM Systems, Inc.

P/E Average

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Public Basket

Capgemini SE

Capgemini SE provides consulting, technology, and digitaltransformation services. It addresses clients’ opportunities inthe world of cloud, digital, and platforms, as well as enablesorganizations to realize business ambitions through an array ofservices from strategy to operations. The company’sConsulting Services segment offers strategy and transformationconsulting services primarily in digital transformation thatenhance the performance of organizations based on intimateclient relationships, and the knowledge of client industries andprocesses. Its Technology & Engineering Services segmentprovides assistance and support to internal IT teams of clientcompanies. Capgemini SE was founded in 1967 and is based inParis, France.

Date Key Development Headline2/17/20 Capgemini SE (ENXTPA:CAP) entered into an agreement to

acquire Advectas AB.

2/9/20 Capgemini SE (ENXTPA:CAP) completed the acquisition of 54.7% stake Altran Technologies S.A. (ENXTPA:ALT) from Altamir SCA (ENXTPA:LTA), Apax Partners SAS, Elliott Management Corporation and others for €2 billion.

6/24/19 Altran Technologies S.A., Capgemini SE - M&A Call

6/23/19 Capgemini SE (ENXTPA:CAP) entered into an agreement to acquire Altran Technologies S.A. (ENXTPA:ALT) from Altamir SCA (ENXTPA:LTA), Apax Partners SAS, Elliott Management Corporation and others for €3.7 billion.

4/3/19 Capgemini to Enter into Alliance Partnership with Autodesk, Inc. for the Deployment of a Comprehensive BIM Platform

0.0x

0.5x

1.0x

1.5x

2.0xRevenue Multiples - Capgemini SE

TEV/Revenue Average

0x

3x

6x

9x

12x

15x

EBITDA Multiples - Capgemini SE

TEV/EBITDA Average

0x

10x

20x

30xP/E Multiples - Capgemini SE

P/E Average

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Public Basket

WPP plc

WPP plc, a creative transformation company, providescommunications, experience, commerce, and technologyservices worldwide. The company operates through foursegments: Advertising and Media Investment Management;Data Investment Management; Public Relations & Public Affairs;and Brand Consulting, Health & Wellness and SpecialistCommunications. It offers advertising, content, mediainvestment, and public relations and public affairs services; andbranding and design, service design, and platforms andapplications. The company also creates direct-to-consumerplatforms and helps clients navigate marketplaces; and providesonline and offline commerce solutions. In addition, it providesdata management, marketing technology consulting, andsystems integration services. WPP plc was founded in 1985 andis based in London, the United Kingdom.

Date Key Development Headline2/10/20 WPP plc (LSE:WPP) acquired an additional 21% stake in The &

Partners London Limited from Johnny Hornby and his management team.

12/15/19 Bruin Sports Capital LLC agreed to acquire unknown majority stake in Two Circles Limited from WPP plc (LSE:WPP).

12/4/19 Bain Capital Private Equity, LP completed the acquisition of 60% stake in Kantar from WPP plc (LSE:WPP).

0x

1x

2x

3xRevenue Multiples - WPP plc

TEV/Revenue Average

0x

5x

10x

15x

20xEBITDA Multiples - WPP plc

TEV/EBITDA Average

0x

10x

20x

30x

40xP/E Multiples - WPP plc

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; Productsand Resources; and Communications, Media and Technology. Itoffers business, process, operations, and technology consultingservices; application design and development, and systemsintegration services; application testing, consulting, andengineering services; and enterprise information managementservices. The company was founded in 1994 and isheadquartered in Teaneck, New Jersey.

Date Key Development Headline2/2/20 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.

10/15/19 Cognizant Technology Solutions Corporation (NasdaqGS:CTSH) entered into an agreement to acquire Contino LTD from Columbia Capital, L.P., Top Tier Capital Partners, LLC and others.

8/12/19 Cognizant Technology Solutions To Seek Acquisitions

7/30/19 Cognizant Technology Solutions Corporation (NasdaqGS:CTSH) completed the acquisition of Zenith Technologies Ltd. from GE UK Group and other shareholders.

0x

1x

2x

3x

4x

5xRevenue Multiples - Cognizant Technology

Solutions Corporation

TEV/Revenue Average

0x

10x

20x

30xEBITDA Multiples - Cognizant Technology

Solutions Corporation

TEV/EBITDA Average

0x

10x

20x

30x

40x

50xP/E Multiples - Cognizant Technology

Solutions Corporation

P/E Average

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Public Basket

Infosys Limited

Infosys Limited, together with its subsidiaries, providesconsulting, technology, and outsourcing services in NorthAmerica, Europe, India, and internationally. It provides businessinformation technology services, including applicationdevelopment and maintenance, independent validation,infrastructure management, and business process managementservices, as well as engineering services, such as engineeringand life cycle solutions; and consulting and systems integrationservices comprising consulting, enterprise solutions, systemsintegration, and advanced technologies. The company’sproducts include Finacle, a banking solution that providesanalytics, core banking, consumer e-banking, corporate e-banking, Islamic banking, mobile banking, origination,payments, SME enable, treasury, wealth management, andyouth banking solutions. Infosys Limited was founded in 1981and is headquartered in Bengaluru, India.

Date Key Development Headline2/9/20 Infosys Limited (NSEI:INFY) entered into a definitive agreement

to acquire Simplus from Salesforce Ventures, Inc., other institutional investors, founders, key employees for $200 million.

10/9/19 Infosys Enters into Strategic Partnership with Eishtec

8/22/19 Infosys and University of Illinois Urbana-Champaign Enter a Strategic Partnership for Precision Medicine

7/12/19 Infosys To Seek Acquisitions

5/9/19 Infosys Seeks Acquisitions

0x

2x

4x

6xRevenue Multiples - Infosys Limited

TEV/Revenue Average

0x

10x

20x

30xEBITDA Multiples - Infosys Limited

TEV/EBITDA Average

0x

10x

20x

30xP/E Multiples - Infosys Limited

P/E Average

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Public Basket

Accenture plc

Accenture plc provides consulting, technology, and outsourcingservices in Ireland and internationally. Its Communications,Media & Technology segment provides professional servicesthat help clients accelerate and deliver digital transformation,develop industry-specific solutions, and enhance efficienciesand business results for communications, media, high tech,software, and platform companies. The company’s FinancialServices segment offers services that address profitabilitypressures, industry consolidation, regulatory changes, and theneed to continually adapt to new digital technologies forbanking, capital markets, and insurance industries. Accentureplc was founded in 1989 and is based in Dublin, Ireland.

Date Key Development Headline2/18/20 Accenture plc (NYSE:ACN) acquired VanBerlo.

2/16/20 Accenture plc (NYSE:ACN) acquired Icon Integration Pty Ltd.

2/10/20 Accenture plc (NYSE:ACN) completed the acquisition of maihiro GmbH.

2/2/20 Accenture plc (NYSE:ACN) agreed to acquire Mudano.

1/30/20 Accenture plc (NYSE:ACN) agreed to acquire Workday, Salesforce and U.S. MuleSoft Practices from Sierra-Cedar Group Inc.

0x

1x

2x

3x

4x

Revenue Multiples - Accenture plc

TEV/Revenue Average

0x

10x

20x

30xEBITDA Multiples - Accenture plc

TEV/EBITDA Average

0x

10x

20x

30x

40xP/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 and private capital

transactions and provide market assessments and benchmarking. As a close-knit team with a long history together and a laser focus 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]

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]

Garth Martin, Senior Associate 704.973.3997 [email protected]

Steve Buffington, Associate 704.960.1828 [email protected]

Dennis Fox, Associate 704.706.9168 [email protected]

Rory Julyan, Associate 704.981.2520 [email protected]

Daniel Kim, Associate 704.912.4584 [email protected]

Olufunke Abass, Associate 704.285.8171 [email protected]

CONTACT INFO