2021年Q2网络服务报告（英）-24页_1mb

报告摘要

Q2 2021 Digital Services Sector Summary

Core Content

The Q2 2021 Digital Services sector update highlights key trends, including the growing demand for digital engineering specialists, the increasing importance of Managed Security Service Providers (MSSPs), and the shift towards Over-The-Top (OTT) advertising for TV advertisers. These trends reflect the ongoing transformation of the digital landscape, driven by the need for agility, innovation, and enhanced security and advertising capabilities.

Main Trends and Insights

1. Growing Demand for Digital Engineering Specialists

Digital Product Engineering is accelerating tech-led growth by reducing time to market, streamlining development cycles, and enabling product localisation and optimisation.
Outsourced Engineering is becoming a core strategic pillar for enterprises, especially in the post-pandemic era.
Consolidators are enhancing their digital engineering capabilities through acquisitions, such as:
- Hitachi's acquisition of GlobalLogic (Mar-21, $9.6bn, 12.5x EV/Rev)
- Accenture's acquisition of Umlaut (Jun-21, N/A, N/A)
- Cognizant's acquisition of Magenic (Feb-21, N/A, N/A)

2. MSSPs are Key to Managing Cybersecurity Complexity

Organizations are increasingly adopting MSSPs to manage the growing complexity of the cyber threat landscape.
MSSPs provide cost-effective, flexible, and advanced threat defence capabilities, making them a critical asset in the digital security arena.
Market Growth is expected to exceed $100bn by 2026, with an 18% CAGR.
Cyber Skill Shortage and the need for new capabilities are driving M&A activity in the MSSP space:
- Atos acquired In Fidem (Jan-21, N/A, N/A)
- Accenture acquired Open Minded (Apr-21, N/A, N/A)

3. OTT Unlocking New Opportunities for TV Advertisers

The momentum towards Connected TV (CTV) and Over-The-Top (OTT) continues to grow, especially after the strong performance in 2020.
CTV advertising is expected to reach $18bn in 2023, a 125% increase from 2020.
Advantages of OTT include precise audience targeting, improved engagement, and enhanced campaign insights.
M&A Activity in the OTT space includes:
- Magnite's acquisition of SpotX (Feb-21, $1.2bn, N/A)

Key Transactions in Q2 2021

Close Date	Target	Buyer	Deal Value	EV/Rev
Jun-21	BIONIC	Accenture	N/A	N/A
Jun-21	SENIOR	Accenture	N/A	N/A
Jun-21	BrainScale	Tech Mahindra	$29M	N/A
Jun-21	exton consulting	Accenture	N/A	N/A
Jun-21	FlowSense UNWired IMOX Mob Target LEMMONET	DigitalReef	N/A	N/A
Jun-21	closerlook AT THE HEART OF WHAT MATTERS	FISHAWACK group	N/A	N/A
Jun-21	HALFAKER CONTINUING TO SERVE	SAIC	N/A	N/A
Jun-21	CORE	Accenture	N/A	N/A
Jun-21	DigitalOnUs Accounting Digital Business	Tech Mahindra	$150M	N/A
Jun-21	LEVEL	endava	N/A	N/A
May-21	dialogtech.	IBM	N/A	N/A
May-21	MORNING CONSULT	AVP Susquehanna Growth Equity	$60M	N/A
May-21	waeg	IBM	N/A	N/A
May-21	AI VOLE	Hakuhodo	N/A	N/A
May-21	HOMBURG & Partner	Accenture	N/A	N/A
Apr-21	turbanomic	IBM	N/A	N/A
Apr-21	OPEN MINDED	Accenture	N/A	N/A
Apr-21	TRYING LEARNED	Public Groupe	N/A	N/A
Apr-21	PROCESSIA PROPELLING INNOVATION®	AtosS	N/A	N/A
Apr-21	PS.TEN	AtosS	N/A	N/A
Apr-21	SMG. Shopper Media Group	NEXT15	$22M	1.8x
Apr-21	gumgum®	West Street Capital Partners	$75M	N/A
Apr-21	CORECOMPETE	Accenture	N/A	N/A
Apr-21	CONCORD	HIG Capital	N/A	N/A

Market Performance and Valuation

Deal Volume Recovery has been observed across all regions, with LTM deal volume approaching pre-pandemic levels.
Accenture emerged as the most active consolidator in H1 2021.
GP Bullhound's Digital Services Index showed strong performance, with valuations reaching a 5-year high.
EBITDA Margins across the index companies remained stable, ranging from 13.9% to 26.4%.

Public Comparables

Company Name	Share Price (USD)	Market Cap (USD)	EV (USD)	Revenue Multiple (CY2020 - CY2022)	EBITDA Multiple (CY2020 - CY2022)	EBITDA Margin (CY2020 - CY2022)	CAGR (CY2020 - CY2022)
Accenture plc	294.8	186,937	180,922	4.1x, 3.5x, 3.2x	21.8x, 18.1x, 16.2x	18.7%, 19.1%, 19.9%	12.5%, 16.1%, 16.1%
Atos SE	60.8	6,645	8,797	0.7x, 0.7x, 0.6x	4.7x, 4.6x, 4.3x	13.9%, 14.2%, 14.7%	1.8%, 2.4%, 4.6%
BlueFocus Intelligent Communications Group Co., Ltd	0.9	2,309	2,230	0.4x, 0.3x, 0.3x	12.8x, 10.4x, 9.0x	2.8%, 2.8%, 2.8%	20.0%, 19.4%, 19.4%
Booz Allen Hamilton Holding Corporation	85.2	11,534	13,256	1.7x, 1.6x, 1.6x	16.1x, 15.3x, 13.6x	10.3%, 10.5%, 11.7%	2.4%, 2.8%, 2.8%
Capgemini SE	192.1	32,343	39,720	2.1x, 2.0x, 1.9x	13.8x, 12.3x, 11.6x	15.3%, 15.9%, 16.0%	6.9%, 6.9%, 6.9%
CGI Inc.	90.7	22,230	24,592	2.5x, 2.5x, 2.4x	12.5x, 12.3x, 11.8x	20.0%, 20.0%, 20.0%	2.8%, 2.8%, 2.9%
Cognizant Technology Solutions Corporation	69.3	36,529	36,086	2.2x, 2.0x, 1.9x	11.8x, 10.8x, 10.0x	18.2%, 18.5%, 18.9%	6.8%, 8.6%, 8.6%
Dentsu Group Inc.	35.8	10,077	12,071	1.4x, 1.4x, 1.3x	15.9x, 9.1x, 7.2x	9.1%, 15.0%, 18.1%	5.0%, 5.0%, 50.3%
DXC Technology Company	38.9	9,922	14,257	0.5x, 0.8x, 0.8x	3.3x, 5.4x, 5.2x	15.9%, 15.6%, 16.2%	(20.8%), (20.1%), (20.1%)
EPAM Systems, Inc.	511.0	28,821	27,691	10.5x, 8.0x, 6.6x	53.6x, 42.4x, 34.2x	19.5%, 18.9%, 19.2%	26.4%, 25.2%, 25.2%
Globant S.A.	219.2	9,068	8,967	11.2x, 7.9x, 6.5x	59.3x, 38.7x, 31.9x	18.8%, 20.4%, 20.3%	31.3%, 36.4%, 36.4%

Key Figures and Highlights

The Digital Engineering Market is forecasted to grow at a 19% CAGR through 2025, reaching $1.1tn in global spend.
MSSP Market is expected to exceed $100bn by 2026, with a 18% CAGR.
CTV Advertising grew by 25% in 2020, and is expected to reach $18bn in 2023.
Accenture and IBM were prominent acquirers in Q2 2021, acquiring multiple digital service firms.

Conclusion

The Q2 2021 Digital Services sector is marked by a strong recovery from pandemic-related disruptions, with a focus on digital engineering, cybersecurity, and OTT advertising. Key players are investing in these areas to stay competitive, and the market is showing signs of sustained growth and innovation.

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