Sectorwatch:IT ConsultingMarch 2019

2

IT ConsultingMarch 2019

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 be delivered only inconjunction with a verbal presentation, and is not authorized for distribution. Please see the Confidentiality Notice & Disclaimer at the end of the document. Alldata cited in this document was believed to be accurate at the time of authorship and came from publicly available sources. Neither 7 Mile Advisors nor 7MSecurities make warranties or representations as to the accuracy or completeness of third-party data contained herein. This document should be treated asconfidential and for the use of the intended recipient only. Please notify 7 Mile Advisors if it was distributed in error.

3

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

4

Dashboard

Operating Metrics

Valuation

Revenue Growth

-0.4% 1 - year revenue growth compared to revenue growth

average for last 3 years

Pricing / Gross Margin Momentum

0.5% 1 - year gross profit % compared to gross profit %

average for last 3 years

Profitability Momentum

0.1% 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 exceeds the average of the last 3 years gross profit

margin by this amount, indicating supplier 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

2.3x

14.7x

16.2x

23.8x

0x 10x 20x 30x

Median TEV / LTM Revenue

Median TEV / LTM EBITDA

Median TEV / LTM EBIT

Median Price / LTM Earnings

8.4%

15.8%

32.9%

0% 10% 20% 30% 40%

Median LTM Rev. Growth %

Median LTM EBITDA Margin %

Median LTM GP Margin %

5

Public Basket

Company TEV $mLTM Rev

$m

Rev Growth

YoY GP %EBITDA

%TEV / Rev X

TEV / EBITDA

X # FTEsRev / FTE $k

Perficient, Inc. 979 498 3% 36% 12% 2.0 16.3 3,060 163

Reply S.p.A. 2,324 1,120 12% 15% 13% 2.1 16.9 6,456 173

EPAM Systems, Inc. 8,309 1,843 27% 36% 15% 4.5 29.4 30,156 61

NTT DATA Corporation 18,813 19,428 2% 25% 15% 1.0 6.4 118,006 165

CGI Inc. 19,784 8,541 6% 30% 17% 2.3 13.5 74,000 115

Capgemini SE 21,219 15,110 5% 12% 13% 1.4 11.2 211,300 72

Cognizant Technology Solutions Corporation 36,922 16,125 9% 39% 21% 2.3 11.1 281,600 57

Infosys Limited 42,549 11,545 8% 34% 26% 3.6 14.0 204,107 57

Accenture plc 101,264 40,840 9% 32% 16% 2.5 15.4 459,000 89

Tata Consultancy Services Limited 101,564 20,191 16% 44% 27% 5.0 18.4 394,998 51

Average 35,373 13,524 10% 30% 17% 2.7 15.3 178,268 100

Median 20,502 13,327 8% 33% 16% 2.3 14.7 161,057 80

share price as of 25Mar19

6

Public Basket Valuation Trends

Public EBITDA Multiples over Time

Public Revenue Multiples over Time

0x

1x

2x

3x

Jun-1

4

Sep-1

4

Dec-1

4

Mar-

15

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

TEV/Revenue - Median TEV/Revenue - Average

0x

5x

10x

15x

20x

Jun-1

4

Sep-1

4

Dec-1

4

Mar-

15

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

TEV/EBITDA - Median TEV/EBITDA - Average

12.5x

2.0x

0x

2x

4x

6x

8x

10x

12x

14x

16x

Jun-1

4

Sep-1

4

Dec-1

4

Mar-

15

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

TEV/EBITDA - Median TEV/Revenue - Median

TEV/EBITDA - Average TEV/Revenue - Average

7

Operational Metrics

LTM Gross Profit Margin % LTM EBITDA %

- 10% 20% 30%

Median

Perficient, Inc.

Reply S.p.A.

Capgemini SE

NTT DATA Corporation

EPAM Systems, Inc.

Accenture plc

CGI Inc.

Cognizant Technology

Solutions Corporation

Infosys Limited

Tata Consultancy Services

Limited

- 10% 20% 30% 40% 50%

Median

Capgemini SE

Reply S.p.A.

NTT DATA Corporation

CGI Inc.

Accenture plc

Infosys Limited

EPAM Systems, Inc.

Perficient, Inc.

Cognizant Technology

Solutions Corporation

Tata Consultancy Services

Limited

8

Operational Metrics

LTM Revenue Growth %LTM Revenue per

Full Time Employee x 000’s

- 10% 20% 30%

Median

NTT DATA Corporation

Perficient, Inc.

Capgemini SE

CGI Inc.

Infosys Limited

Cognizant Technology

Solutions Corporation

Accenture plc

Reply S.p.A.

Tata Consultancy Services

Limited

EPAM Systems, Inc.

$- $50 $100 $150 $200

Median

Tata Consultancy Services

Limited

Infosys Limited

Cognizant Technology

Solutions Corporation

EPAM Systems, Inc.

Capgemini SE

Accenture plc

CGI Inc.

Perficient, Inc.

NTT DATA Corporation

Reply S.p.A.

9

Operational Metrics

Accounts Receivable TurnoverAverage Days

Sales Outstanding

0x 2x 4x 6x

Median

Reply S.p.A.

Infosys Limited

Perficient, Inc.

Tata Consultancy

Services Limited

Cognizant

Technology

Solutions…

NTT DATA

Corporation

CGI Inc.

EPAM Systems, Inc.

Accenture plc

0 20 40 60 80 100

Median

Accenture plc

EPAM Systems, Inc.

CGI Inc.

NTT DATA

Corporation

Cognizant

Technology

Solutions…

Tata Consultancy

Services Limited

Perficient, Inc.

Infosys Limited

Reply S.p.A.

10

Valuation

TEV / LTM Revenue TEV / LTM EBITDA

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

Median

NTT DATA

Corporation

Capgemini SE

Perficient, Inc.

Reply S.p.A.

CGI Inc.

Cognizant

Technology…

Accenture plc

Infosys Limited

EPAM Systems, Inc.

Tata Consultancy

Services Limited

0x 10x 20x 30x

Median

NTT DATA

Corporation

Cognizant

Technology…

Capgemini SE

CGI Inc.

Infosys Limited

Accenture plc

Perficient, Inc.

Reply S.p.A.

Tata Consultancy

Services Limited

EPAM Systems, Inc.

11

Valuation

TEV / LTM EBIT Price / LTM Earnings

0x 10x 20x 30x 40x

Median

Cognizant

Technology…

Capgemini SE

NTT DATA

Corporation

CGI Inc.

Infosys Limited

Accenture plc

Reply S.p.A.

Tata Consultancy

Services Limited

Perficient, Inc.

EPAM Systems, Inc.

0x 10x 20x 30x 40x 50x

Median

Cognizant

Technology…

NTT DATA

Corporation

Infosys Limited

CGI Inc.

Reply S.p.A.

Capgemini SE

Tata Consultancy

Services Limited

Accenture plc

Perficient, Inc.

EPAM Systems, Inc.

12

Valuation

Historical Valuation Multiples versus Gross Profit

Historical Valuation Multiples versus Revenue Growth Rate

6x 11x 11x 14x 14x 15x 16x 17x 18x 29x

24.7%

39.0%

12.1%

30.4%

34.3%

31.5%

35.8%

15.4%

43.5%

35.6%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

0x

5x

10x

15x

20x

25x

30x

35x

LTM

GP%

EBIT

DA(x

)

EBITDA(x) LTM GP%

6x 11x 11x 14x 14x 15x 16x 17x 18x 29x

2.1%

8.9%

5.4% 6.1%

7.9%

11.3%

2.7%

12.2%

16.5%

27.1%

0%

5%

10%

15%

20%

25%

30%

0x

5x

10x

15x

20x

25x

30x

35x

LTM

RG

R%

EBIT

DA(x

)

EBITDA(x) LTM RGR%

13

Recent Transactions

Date Target Buyer / Investor

Total Transaction

Value Target

Revenue TEV /

Revenue TEV /

EBITDA

15Mar19 Omni Resources, Inc. Saggezza Inc. - - - -

8Feb19 iAppsconsulting DWC LLC Aspire Systems, Inc. - - - -

31Jan19 JIEC Co.,Ltd. SCSK Corporation 52.83 137.23 0.7x -

21Jan19 Software Information Systems, LLC Converge Technology Solutions Corp. 15.35 89.00 0.2x 5.9x

7Jan19 InterGlobe Technologies Private Limited Apollo Global Management, LLC; ICICI Venture Funds Management Company Limited; AION Capital Partners Ltd; Goldman Sachs Asia Strategic Pte. Ltd.

22.92 - - -

6Dec18 The Athene Group Insight Venture Partners LLC; Salesforce Ventures; Berenson Holdings Llc; Sagewind Capital LLC

- - - -

5Nov18 Intrigo Systems, Inc. Accenture plc - - - -

1Nov18 BusinessNow/TESM Limited Fruition Partners UK - - - -

9Oct18 COMPAREX AG SoftwareONE AG - 2,907.15 - -

2Oct18 Dev9, LLC Nortal AS - - - -

30Sep18 FusionStorm, Inc. Computacenter plc 90.00 595.50 0.2x -

18Sep18 Advanced Technology Group, Inc. Cognizant Technology Solutions Corporation - - - -

9Aug18 Pillar Technology Group LLC Accenture plc - 52.00 - -

31Jul18 ThinkIT Solutions, LLC NuMSP LLC - - - -

1Aug18 Integrity Consulting Group CompassMSP, LLC - - - -

16Jul18 Basefarm AS Orange Business Services SAS 409.79 117.08 3.5x -

3Jul18 V-NEO Inc. GFT Technologies SE - - - -

2Jul18 K&R Network Solutions, Inc. Winxnet, Inc. - - - -

1Jun18 InfoGuard LLC CloudCover LLC - - - -

23May18 G2 Technology Group Inc. Reliam, Inc. - - - -

21May18 Blue Chip Tek, Inc. Converge Technology Partners Inc. (nka:Converge Technology Solutions Corp.)

- - - -

21May18 Tranquilnet, Inc. Protel Communications, Inc. - - - -

16May18 Facilite Informatique Canada Inc CGI Group Inc. (nka:CGI Inc.) 32.77 - - -

2May18 Hedera Consulting BVBA Cognizant Technology Solutions Corporation - - - -

16Apr18 Lenati, LLC ProKarma Inc. - - - -

12Apr18 Actian Corporation HCL Technologies Limited; Sumeru Equity Partners, Inc. 330.00 107.10 3.1x 8.6x

14

APPENDIX:

Public Basket

Constituents

7 Mile Advisors appreciates the opportunity to present this confidential information to the Company. This document is meant to be delivered only inconjunction with a verbal presentation, and is not authorized for distribution. Please see the Confidentiality Notice & Disclaimer at the end of the document. Alldata cited in this document was believed to be accurate at the time of authorship and came from publicly available sources. Neither 7 Mile Advisors nor 7MSecurities make warranties or representations as to the accuracy or completeness of third-party data contained herein. This document should be treated asconfidential and for the use of the intended recipient only. Please notify 7 Mile Advisors if it was distributed in error.

IT ConsultingMarch 2019

15

Public Basket

Perficient, Inc.

Perficient, Inc. provides information technology andmanagement consulting services in the United States. Thecompany designs, builds, and delivers solutions usingmiddleware software products developed by third-partyvendors. Its solutions include portals and collaboration, such assearchable data systems, collaborative systems for processimprovement, transaction processing, unified and extendedreporting, and other services; and platform implementationsservices, including application server selection, architectureplanning, installation and configuration, clustering foravailability, performance assessment and issue remediation,security, and technology migrations. The company also offersmanagement consulting services in the areas of organizationalchange management, business analytics, project management,process excellence, and other; and cloud services comprisingarchitecture, business value and health checks assessments,strategy and road maps, and vendor evaluation and selectionservices. In addition, it provides product configuration digitalmarketing services, including search engine marketing, userexperience and design, and conversion rate optimization;commerce solutions; and content management solutions.Perficient, Inc. was founded in 1997 and is headquartered in St.Louis, Missouri.

Date Key Development Headline10/28/18 Perficient Inc. (NASDAQ:PRFT) acquired Elixiter Inc.

0x

1x

2x

3x

Revenue Multiples - Perficient, Inc.

TEV/Revenue Average

0x

10x

20x

30x

EBITDA Multiples - Perficient, Inc.

TEV/EBITDA Average

0x

15x

30x

45x

60x

P/E Multiples - Perficient, Inc.

P/E Average

16

Public Basket

Reply S.p.A.

Reply S.p.A. provides consulting, system integration, applicationmanagement, and business process outsourcing services in Italyand internationally. The company implements solutions basedon communication channels and digital media. It provides BrickReply, a manufacturing operations management platform forthe management and control of a smart factory; Click Reply, asupply chain execution platform; Definio Reply, a technologicalplatform for collection, analysis, control, processing, anddistribution of financial data; Discovery Reply, a platform for thedigital media management projects; and Gaia Reply platformfor use in the field of mobility and multimedia. The companyalso offers Hi engage, a commercial contextual marketingsolution; Pay Reply platform that provides mobile paymentsolutions, as well as helps banks, financial institutions andtelecommunications companies, utilities, and retailers to createand deliver remote and proximity payment services; SideUpReply, a software application for warehouse management;Starbytes, an online employment service for freelancers and ICTspecialists; The company was founded in 1996 and isheadquartered in Turin, Italy.

Date Key Development Headline2/28/19 Deutsche Telekom Partners with Reply to Develop Open-Source

Backhaul System

4/9/18 Reply S.p.A. (BIT:REY) acquired a majority stake in Valorem Consulting Group, LLC.

0x

1x

2x

3x

Revenue Multiples - Reply S.p.A.

TEV/Revenue Average

0x

10x

20x

30xEBITDA Multiples - Reply S.p.A.

TEV/EBITDA Average

0x

10x

20x

30x

40xP/E Multiples - Reply S.p.A.

P/E Average

17

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. It also offers application testing services,including software application testing, testing for enterprise IT,and consulting services; The company was founded in 1993 andis headquartered in Newtown, Pennsylvania.

Date Key Development Headline10/31/18 EPAM Systems, Inc. (NYSE:EPAM) acquired Think Limited.

9/17/18 EPAM Systems, Inc. Partners with Positive, on Research-Driven Cybersecurity R&D Lab

0x

2x

4x

6xRevenue Multiples - EPAM Systems, Inc.

TEV/Revenue Average

0x

10x

20x

30x

40xEBITDA Multiples - EPAM Systems, Inc.

TEV/EBITDA Average

0x

30x

60x

90x

120x

P/E Multiples - EPAM Systems, Inc.

P/E Average

18

Public Basket

CGI Group Inc.

CGI Group Inc. provides information technology and businessprocess services in Canada and internationally. It offersapplication development and maintenance, portfoliomanagement, quality assurance and testing, modernization,and migration services; agile, business transformation, changemanagement, CIO advisory, cybersecurity, data analytics, digitalenterprise, project management, and industry-specific businessconsulting services; business-to-business and customeroperations support, purchase management, revenuemanagement, and supplier payment services; and data centerfacilities and management, technical service desk, printing anddocument management, remote infrastructure, transformation,storage as a service, data vaulting, disaster recovery andarchiving as a service, bottomless edge-to-core storage, andfile sync and share as a service, as well as infrastructuresolutions and consulting services. The company was founded in1976 and is headquartered in Montreal, Canada.

Date Key Development Headline3/10/19 CGI Inc. (TSX:GIB.A) made an offer to acquire 77.37% stake in

Acando AB (publ.) (OM:ACAN B) for SEK 3.3 billion.

12/12/18 NASBA Launches Long-Term Collaboration with CGI for Managed IT Services

11/8/18 CGI Group May Sell Shares

10/10/18 CGI Group Inc. (TSX:GIB.A) completed the acquisition of ckc agfor CAD 23.5 million (€13.8 million).

0x

1x

2x

3xRevenue Multiples - CGI Group Inc.

TEV/Revenue Average

0x

5x

10x

15x

20xEBITDA Multiples - CGI Group Inc.

TEV/EBITDA Average

0x

10x

20x

30xP/E Multiples - CGI Inc.

P/E Average

19

Public Basket

Capgemini SE

Capgemini SE provides consulting, technology, outsourcing,and other managed services. The company’s ConsultingServices segment offers services to enhance the performance oforganizations based on the knowledge of client industries andprocesses. Its Technology & Engineering Services segmentprovides assistance and support to internal IT teams of clientcompanies. The company’s Application Services segmentdesigns, develops, implements, and maintains IT applications,including system integration and application maintenanceservices. Its Other Managed Services segment integrates,manages, and/or develops client’s IT infrastructure systems, aswell as provides transaction, on-demand, and/or businessprocess outsourcing services. Capgemini SE was founded in1967 and is based in Paris, France.

Date Key Development Headline2/20/19 Capgemini SE (ENXTPA:CAP) completed the acquisition of

Leidos Cyber, Inc. from Leidos Intermediate Holdings, Inc. and others.

2/14/19 Capgemini To Seek Acquisitions

6/21/18 Capgemini Seeks Acquisitions in India

6/6/18 Capgemini SE (ENXTPA:CAP) entered into an agreement to acquire Leidos Cyber, Inc. from Leidos Intermediate Holdings, Inc. and others.

6/4/18 SAP SE to Team with Accenture, Capgemini and Deloitte to Accelerate Customer Adoption of SAP S/4Hana(R) Cloud in Target Industries

0.0x

0.5x

1.0x

1.5x

2.0xRevenue Multiples - Capgemini SE

TEV/Revenue Average

0x

5x

10x

15x

20xEBITDA Multiples - Capgemini SE

TEV/EBITDA Average

0x

10x

20x

30xP/E Multiples - Capgemini SE

P/E Average

20

Public Basket

NTT DATA Corporation

NTT DATA Corporation provides consulting, systemdevelopment, and business information technology (IT)outsourcing services worldwide. The company operatesthrough four segments: Public & Social Infrastructure, Financial,Enterprise & Solutions, and Global. It offers business consultingservices, such as business strategy, business processoptimization, and organizational change management; and ITconsulting services, including IT strategy and governance,information and knowledge management, and programmanagement office consulting services. NTT DATA Corporationis a subsidiary of Nippon Telegraph and TelephoneCorporation.

Date Key Development Headline3/5/19 NTT DATA Corporation (TSE:9613) completed the acquisition of

48.52% stake in Netyear Group Corporation (TSE:3622) from group of sellers for ¥2.9 billion.

2/4/19 NTT DATA Corporation (TSE:9613) made a tender offer to acquire 60% stake in Netyear Group Corporation (TSE:3622) from group of sellers for ¥3.6 billion.

1/30/19 NTT DATA Corporation (TSE:9613) entered into an agreement to acquire 50% stake in Paygent Co.,Ltd. frm DeNA Co., Ltd. (TSE:2432) for ¥6.3 billion.

1/28/19 GI Partners, LLC acquired two technology intensive properties from NTT DATA Corporation (TSE:9613).

12/30/18 NTT DATA Corporation (TSE:9613) completed the acquisition of 55.35% stake in atom technologies Ltd. from 63 moons technologies limited (BSE:526881).

0.0x

0.5x

1.0x

1.5x

2.0xRevenue Multiples - NTT DATA Corporation

TEV/Revenue Average

0x

3x

6x

9x

12x

15xEBITDA Multiples - NTT DATA Corporation

TEV/EBITDA Average

0x

15x

30x

45x

60xP/E Multiples - NTT DATA Corporation

P/E Average

21

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 Headline3/4/19 Cognizant Technology Solutions Corporation (NasdaqGS:CTSH)

acquired Meritsoft from Synova Capital Fund II managed by Synova Capital LLP, 22C Capital and others.

1/22/19 Cognizant Technology Solutions Corporation (NasdaqGS:CTSH) agreed to acquire Oy Samlink AB from Posti Group Oyj, Aktia Bank p.l.c. (HLSE:AKTIA), Oma Säästöpankki Oyj (HLSE:OMASP), Savings Bank Group, Svenska Handelsbanken AB (publ), Asset Management Arm, POP Pankkiliitto osk and other minority shareholders.

12/30/18 Cognizant Technology Solutions Corporation (NasdaqGS:CTSH) completed the acquisition of acquire SaaSforce Consulting Pvt Ltd.

12/10/18 Cognizant Technology Solutions Corporation (NasdaqGS:CTSH) agreed to acquire Mustache LLC.

12/4/18 Cognizant Technology Intends To Seek Acquisitions

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

22

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. Infosys Limited wasfounded in 1981 and is headquartered in Bengaluru, India.

Date Key Development Headline1/11/19 Infosys Drops Plan To Sell Panaya, Skava and Kallidus

1/9/19 Amazon Web Services, Inc. completed the acquisition of CloudEndure Ltd. from Infosys Limited (NSEI:INFY) and others.

12/26/18 Infosys Seeks Investments

12/14/18 Amazon Web Services, Inc. entered into an agreement to acquire CloudEndure Ltd. from Infosys Limited (NSEI:INFY) and others.

12/13/18 Infosys Announces Joint Venture with Hitachi, Panasonic and Pasona in Japan

0x

1x

2x

3x

4x

5x

Revenue Multiples - Infosys Limited

TEV/Revenue Average

0x

5x

10x

15x

20x

EBITDA Multiples - Infosys Limited

TEV/EBITDA Average

0x

10x

20x

30x

P/E Multiples - Infosys Limited

P/E Average

23

Public Basket

Accenture plc

Accenture plc provides consulting, technology, and outsourcingservices worldwide. Its Communications, Media & Technologysegment provides professional services that help clientsaccelerate and deliver digital transformation, and enhancebusiness results through industry-specific solutions forcommunications, media, and high tech industries, as well as forsoftware platforms. The company’s Financial Services segmentoffers services that address profitability pressures, industryconsolidation, regulatory changes, and the need to continuallyadapt to new digital technologies. This segment serves clients inbanking, capital markets, and insurance industries. Accentureplc was founded in 1989 and is based in Dublin, Ireland.

Date Key Development Headline3/14/19 Accenture plc (NYSE:ACN) acquired Storm Digital.

3/4/19 Accenture plc (NYSE:ACN) agreed to acquire Enterprise System Partners Limited.

3/3/19 Accenture plc (NYSE:ACN) acquired ?What If! Limited.

2/28/19 Accenture Forms Alliance with and Invests in P97 Networks Inc

2/26/19 Accenture plc and nCino, Inc. Expand Alliance Scope to Help Financial Institutions in Asia-Pacific and EMEA Accelerate Their Digital Transformations

2/14/19 Accenture, Qualcomm Technologies, Inc. and Kellogg Company Collaborate to Develop and Pilot a Solution

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

24

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Tata Consultancy Services Limited

Tata Consultancy Services Limited provides informationtechnology (IT) and IT enabled services worldwide. It offersCHROMA, a cloud-based talent management platform forenterprises to drive next generation employee experiencesacross the requisition-to-retire employee lifecycle; ignio, acognitive automation system for IT operations in enterprises;iON, an assessment solution; TAP, an accounts payableplatform; and TCS MasterCraft, a digital platform to automateand manage IT processes. Tata Consultancy Services Limited isa subsidiary of Tata Sons Limited.

Date Key Development Headline2/11/19 Tata Consultancy Services Announces Global Partnership with

JDA Software to Build Next-Generation Cognitive Solutions

1/10/19 TCS Seeks Acquisitions

12/18/18 Tata Consultancy Services Extends Collaboration with Red Hat to Build Microservices-Based Open Source Solutions and Frameworks

11/27/18 Tata Consultancy Services Limited (NSEI:TCS) acquired Assets of BridgePoint Group, LLC.

11/20/18 Tata Consultancy Services Partners with SAP to Build Intelligent Rail Digital Maintenance

11/11/18 Tata Consultancy Services Partners with ENGIE Laborelec to Protect Critical Infrastructures Against Cyber Attacks

11/2/18 Tata To Seek Acquisitions

10/31/18 Tata Consultancy Services Limited (NSEI:TCS) acquired W12 Studios for £7 million.

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25

CONTACT INFO7MA 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 leroy@7mileadvisors.com

Tripp Davis, Partner 704.899.5762 tripp@7mileadvisors.com

Andy Johnston, Partner 704.899.5961 andy@7mileadvisors.com

Ben Lunka, Managing Director 704.496.2995 ben@7mileadvisors.com

Jeff Stoecklein, Managing Director 312.796.9330 jeff@7mileadvisors.com

Mark Landry, Managing Director 561.972.0609 mark@7mileadvisors.com

Kristina Sergueeva, Director 704.899.5149 kristina@7mileadvisors.com

Neil Churman, Director 281.742.9340 neil@7mileadvisors.com

John Cooper, Director 704.973.3996 john@7mileadvisors.com

Tim Frye, Director 704.973.3994 tim@7mileadvisors.com

Nicholas Prendergast, Financial Analyst 704.973.3995 nicholas@7mileadvisors.com

Ariail Siggins, Marketing Director 704.981.2908 ariail@7mileadvisors.com

Sydney Larese, Associate 704.973.3998 sydney@7mileadvisors.com

Marty Johnson, Associate 704.973.3999 marty@7mileadvisors.com

Rory Julyan, Associate 704.981.2520 rory@7mileadvisors.com

Garth Martin, Associate 704.973.3997 garth.martin@7mileadvisors.com

Dennis Fox, Associate 704.706.9168 dennis@7mileadvisors.com

Steve Buffington, Associate 704.960.1828 steve@7mileadvisors.com

Emily Halstenberg 704.409.9912 emily@7mileadvisors.com