2018年Q1技术市场回顾报告（英文版）-15mb

Q1 2018 Digital Services Market Review Summary

Core Content

This document provides a comprehensive overview of the Q1 2018 Digital Services market, highlighting key trends, deal activity, and valuation benchmarks across various subsectors. It is produced by Results International, a firm specializing in M&A and fundraising, with over 25 years of experience in the field.

Key Statistics

• Total Deals Announced in Q1 2018: 97 (up from 75 in Q4 2017)
• Most Active Subsector: Bespoke Software and Systems Integration (57 deals)
• Other Active Subsectors:
  • Strategy, UX, Design & Build (18 deals)
  • eCommerce (8 deals)
  • Mobile App Development (7 deals)
  • Data and Analytics (7 deals)
• Total Deal Value in Past 2 Years: $1 billion+
• Number of Offices: 3
• Number of Buyers & Investors: 1,000+
• Diverse Background: 15 nationalities represented
• Team Size: 50 people

Main Trends and Views

Market Performance

• Public Market Indices:
  • IT/Consulting Services: Up 10.5%
  • Marketing Communications: Volatile, down 12.5% over the previous twelve months
  • Nasdaq: Up 0.8%
• Notable Companies:
  • WPP and other large agencies faced challenges.
  • Tech Mahindra and Unisys contributed to the IT/Consulting Services index growth.

M&A Activity

• Large Deals:
  • NEC Corporation acquired Northgate Public Services for £475M.
  • Capgemini acquired LiquidHub for $495M, indicating a strategic move into the digital marketing space.
• Other Acquisitions:
  • EY acquired Sonoma Partners (Microsoft Dynamics integration).
  • Deloitte acquired API (Amazon Web Services integration).
  • RE/MAX acquired Surge (real estate website specialist).
  • Cars.com acquired Launch Digital (website development for auto dealers).
• Private Equity and Traditional Buyers:
  • Continued to show interest in digital services through acquisitions.

Emerging Trends

• Cloud Service Integrations: Active with EY and Deloitte acquiring specialized consultancies.
• Digital Transformation: Increasingly becoming a strategic priority, driving M&A activity.
• Bespoke Solutions: High demand for specialized services, especially in software integration and customer experience.

Key Deals in Q1 2018

Data & Analytics

• Fractal acquired finalmile. (Consumer and social behaviour analytics)
• PARAGON PARTNERS acquired Unicepta (Media monitoring and analytics evaluation)
• Abbonamenti PRESS-DI acquired DIRECT CHANNEL (Database management and information solutions)
• shaw + scott acquired loxley+ (Customer experience interaction monitoring and data)
• 10TH MAGNITUDE acquired Northwest Cadence (Cloud integration and data analytics services)
• Association of Equipment Manufacturers acquired hargrove (Data processing and business analytics services for manufacturers)
• CapitalOne acquired NOTCH (Data agency providing machine learning consulting and engineering)

Strategy, UX, Design & Build

• The Glimpse Group acquired early-adopter.com (Web strategy and design)
• silvertech acquired bitwise (Design and development of websites and web apps)
• Alcuin Capital Partners acquired JIGSAW (Web development and design)
• virtusa acquired eTouch (Design and delivery of Web 2.0 products) for $140M
• Private Investor acquired Interstruct Communications AG (Web design and marketing communications)
• RE/MAX acquired booj (Web design and development for real estate brokerages)
• ICTA acquired FFW (Design and development of websites and web apps)
• MSM acquired EANCY BOYS (Web design and branding agency)
• COPS.COM acquired LAUNCH DIGITAL MARKETING (Website development for car dealerships)
• catalyte acquired surge (Website and mobile application development)
• Maltem Consulting Group acquired OMNLOG (Website and eCommerce development)
• salesforce acquired Sequence LLC (Design and development of customer experiences and digital products)
• Indra acquired {paradigma} (SEO and online marketing)
• planeetta acquired SITEFACTORY (Web and SEO agency)
• blink acquired tectonic (Customer experience and design studio)
• VISMA acquired COe (Design and development of websites)

Bespoke Software & Systems Integration

• EY acquired Sonoma Partners (Microsoft Dynamics systems integration and consulting)
• ZenSARTECHNOLOGIES acquired CYNSURE (Guidewire systems integration) for $33M
• Deloitte acquired APL (Amazon Web Services systems design and integration)
• EvSYS acquired Newbury Taleo Group (Oracle Cloud-based systems integration and IT consulting)
• KONICA MINOLTA acquired TECHLINECOMMUNICATIONS, INC. (Design and implementation of process and content systems)
• brillio acquired comity (Software development and Salesforce integration)
• <epam> acquired CONTINUUM (Software development and design)
• Alithya acquired EDGEWATER (Diversified technology and product consulting)
• Telia acquired SOLUTIONS (Cloud and security systems design and integration)
• PINNACLE acquired MSA (Sage ERP systems integration and software development)
• Apax PARTNERS acquired Bip. (Innovation sciences and diversified IT consulting)
• DXC.technology acquired m-powersolutions (Oracle and Business intelligence (BI) systems integration)
• Capgemini acquired liquidhub (Diversified integration and software development) for $495.2M

E-Commerce

• EMAKINA acquired wittyCOMMERCE (eCommerce and technology consultants) for $1.2M
• Sinapsis acquired Vian. (Technical consultancy for Magento eCommerce platform)
• CreativeDrive acquired decora (CGI software developer and consultant for furniture companies) for $100M
• astound COMMERCE acquired FLUID (Web design and on-demand visual merchandising solutions)
• visiture acquired ExpandLab (eCommerce web design and on-demand visual merchandising solutions)
• valtech. acquired TRUECLARITY (Web software and consultancy services for retailers)
• KPS acquired ENVoy (eCommerce agency and SAP Hybris consultant)
• Hamee acquired Consulting (eCommerce web consultancy) for $3.2M
• Right of Reply Ltd. acquired BSSONE (Development and mobile consulting) for $1M
• Taldor we deliver IT acquired SPECTORY. (Mobile led eCommerce application development) for $4.4M

Mobile App Development

• Xiamen Jihong Package Technology acquired Beijing SDL Technology (Mobile marketing consulting) for $29.8M
• Life360 acquired PathSense (Development tools and consulting for mobile applications)
• KPMG acquired RAINMAKER LABS (Mobile application development and mobile marketing) in Singapore and Vietnam
• Investor consortium acquired WEYLAND TECH (Mobile development and consulting)
• Right of Reply Ltd. acquired BSSONE (Development and mobile consulting) for $1M
• Taldor we deliver IT acquired SPECTORY. (Mobile led eCommerce application development) for $4.4M
• SPIRIA acquired devBBQ (Mobile and web applications development)

Publicly Traded Companies in IT/Consulting Services

• Accenture (Revenue CY2018: $40,097M, EBITDA CY2018: $17,097M, EV/Revenue: 2.4x, EV/EBITDA: 14.0x)
• Capgemini (Revenue CY2018: $15,908M, EBITDA CY2018: $10,568M, EV/Revenue: 1.4x, EV/EBITDA: 10.1x)
• CGI Group (Revenue CY2018: $8,889M, EBITDA CY2018: $2,734M, EV/Revenue: 2.1x, EV/EBITDA: 11.4x)
• Cognizant (Revenue CY2018: $16,231M, EBITDA CY2018: $20,278M, EV/Revenue: 2.7x, EV/EBITDA: 12.5x)
• DXC Technology (Revenue CY2018: $24,255M, EBITDA CY2018: $1,486M, EV/Revenue: 1.4x, EV/EBITDA: 6.8x)
• Devoteam (Revenue CY2018: $1,211M, EBITDA CY2018: $1,191M, EV/Revenue: 1.6x, EV/EBITDA: 10.8x)
• Reply (Revenue CY2018: $1,211M, EBITDA CY2018: $1,191M, EV/Revenue: 1.6x, EV/EBITDA: 11.6x)
• Sopra Steria Group (Revenue CY2018: $4,983M, EBITDA CY2018: $2,002M, EV/Revenue: 0.9x, EV/EBITDA: 9.6x)
• Virtusa Corporation (Revenue CY2018: $1,191M, EBITDA CY2018: $1,191M, EV/Revenue: 1.2x, EV/EBITDA: 15.1x)
• Wipro (Revenue CY2018: $8,760M, EBITDA CY2018: $2,002M, EV/Revenue: 2.0x, EV/EBITDA: 9.5x)

Publicly Traded Companies in Marketing Communications

• BlueFocus Communication Group (Market Cap: $2,776M, Enterprise Value: $3,296M, EV/Revenue: 1.1x, EV/EBITDA: 0.9x)
• CACI International (Market Cap: $3,727M, Enterprise Value: $4,824M, EV/Revenue: 1.1x, EV/EBITDA: 1.0x)
• Cello Group Plc (Market Cap: $166M, Enterprise Value: $164M, EV/Revenue: 1.4x, EV/EBITDA: 1.3x)

Conclusion

The Q1 2018 market review highlights a significant increase in M&A activity across the digital services sector, driven by the need for digital transformation and the strategic acquisition of specialized firms. With a diverse range of buyers, including traditional and private equity firms, and a growing focus on cloud integration, bespoke software, and e-commerce, the sector is evolving rapidly. This is a favorable time for companies considering fundraising, exit, or growth through acquisitions.