Business Services Market Update H1 2021 Cascadia Capital Services Index

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3-Year Share Price Performance ▪ The S&P 500 and Cascadia Capital Services Index

have recovered from the initial shock of the 170% COVID-19 pandemic and now trade at a premium 160% 150% to pre-COVID levels 140% 130% 120% ▪ The feedback that Cascadia is receiving from M&A 110% market participants suggests that activity is at 100% 90% levels not seen in recent memory 80%

70%

Jul-18

Jul-19

Jul-20

Jan-19

Jan-20

Jan-21

Jun-19

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Jun-21

Sep-18

Sep-19

Sep-20

Oct-18

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Oct-19

Feb-20

Oct-20

Feb-21

Apr-19

Apr-20

Apr-21

Mar-19

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Dec-18

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Aug-18

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Nov-18 Nov-19 ▪ Adoption of digital transformation initiatives and Nov-20 Cascadia Capital Services Index S&P 500 demand for outsourced services continue to provide momentum for attractive valuations 3-Year TTM EBITDA Multiples By the Numbers 20.0x

Cascadia Capital Services Price Index increase 18.0x 35% from pre-COVID high 16.0x 14.0x

Cascadia Capital Services Price Index growth 12.0x 50% over the last 3 years 10.0x 8.0x

Cascadia Capital Services Index EBITDA 6.0x

Jul-18 Jul-19 Jul-20

Jan-19 Jan-20 Jan-21

Jun-19 Jun-20 Jun-21

Sep-18 Sep-19 Sep-20

Oct-18 Feb-19 Oct-19 Feb-20 Oct-20 Feb-21

Apr-19 Apr-20 Apr-21

Mar-19 Mar-20 Mar-21

Dec-18 Dec-19 Dec-20

Aug-18 Aug-19 Aug-20

May-19 May-20 May-21

Nov-19 Nov-20 14x Multiple Nov-18 Cascadia Capital Services Index S&P 500 Data as of June 30, 2021 Source: Capital IQ; Cascadia Capital Services Index is a proprietary market cap-weighted index; multiples reflect the 1 median of the index constituents, excluding multiples less than zero or greater than 70x Publicly Traded Services Companies

($ in millions) Enterprise Market LTM Revenue Growth LTM Margins LTM Multiples Company Value Cap Revenue EBITDA 1YR 3YR Gross EBITDA Revenue EBITDA Accenture plc $180,922 $186,937 $47,949 $8,031 7.6% 6.6% 32.0% 16.7% 3.8x 20.2x Allgeier SE $367 $324 $417 $21 25.8% (15.9%) 13.6% 5.1% 0.9x 12.1x Atos SE $8,797 $6,645 $13,677 $1,525 (3.5%) (2.3%) 9.1% 11.2% 0.7x 4.6x Bechtle AG $7,939 $7,801 $7,011 $388 8.8% 17.1% 14.6% 5.5% 1.1x 18.0x Capgemini SE $39,720 $32,343 $19,386 $2,422 12.2% 8.2% 26.1% 12.5% 2.1x 14.6x CGI Inc. $24,592 $22,230 $9,601 $1,678 (1.5%) 2.5% 31.9% 17.5% 2.5x 13.4x Cognizant Technology Solutions Corporation $36,086 $36,529 $16,828 $2,948 (0.4%) 3.5% 36.9% 17.5% 2.1x 11.0x DXC Technology Company $14,257 $9,922 $17,729 $1,776 (9.4%) (6.6%) 21.6% 10.0% 0.8x 5.8x Endava plc $6,121 $6,165 $555 $87 19.6% 26.5% 33.6% 15.7% 11.0x 61.4x Diversified EPAM Systems, Inc. $27,691 $28,821 $2,789 $464 15.1% 21.6% 34.5% 16.6% 9.9x 51.0x Globant S.A. $8,967 $9,068 $893 $143 26.7% 26.2% 37.6% 16.1% 10.0x 55.9x IT Services Hexaware Technologies Limited $1,906 $1,902 $858 $134 12.2% 16.7% 38.3% 15.6% 2.3x 13.6x International Business Machines Corporation $181,095 $130,982 $74,401 $16,587 (1.5%) (2.7%) 48.7% 22.3% 2.5x 10.1x NEC Corporation $17,862 $14,045 $27,071 $2,917 (3.3%) 1.7% 28.8% 10.8% 0.7x 6.0x NTT DATA Corporation $26,301 $21,901 $20,965 $3,196 2.3% 3.1% 25.2% 15.2% 1.3x 8.4x Perficient, Inc. $2,810 $2,658 $636 $107 10.2% 8.7% 38.1% 16.8% 4.4x 23.5x Persistent Systems Limited $2,813 $3,017 $598 $100 19.3% 12.3% 26.0% 16.6% 5.0x 30.6x Reply S.p.A. $5,961 $6,147 $1,553 $217 5.3% 12.1% 16.6% 14.0% 4.0x 24.6x Softcat plc $4,778 $4,865 $1,550 $154 4.4% 11.6% 22.9% 9.9% 3.1x 30.2x Sopra Steria Group SA $4,812 $3,873 $5,215 $430 (3.9%) 3.6% 13.4% 8.2% 1.0x 8.8x

Mean 7.3% 7.7% 27.5% 13.7% 3.5x 21.2x Median 6.5% 7.4% 27.4% 15.4% 2.4x 14.1x

($ in millions) Enterprise Market LTM Revenue Growth LTM Margins LTM Multiples Company Value Cap Revenue EBITDA 1YR 3YR Gross EBITDA Revenue EBITDA Alten S.A. $4,449 $4,480 $2,853 $184 (11.1%) 5.7% 16.5% 6.4% 1.6x 18.5x Cancom SE $2,050 $2,331 $1,976 $124 8.9% 11.5% 27.9% 6.3% 1.0x 14.5x CDW Corporation $28,049 $24,487 $18,916 $1,645 2.4% 7.6% 17.2% 8.7% 1.5x 16.6x Value-Added Computacenter plc $3,953 $4,019 $7,429 $307 7.7% 12.8% 13.2% 4.1% 0.5x 10.6x Dustin Group AB (publ) $1,503 $1,281 $1,645 $82 2.2% 10.8% 15.8% 5.0% 0.9x 15.4x Resellers ePlus inc. $1,223 $1,171 $1,568 $128 (1.3%) 3.4% 24.0% 8.1% 0.8x 9.1x Insight Enterprises, Inc. $4,120 $3,532 $8,390 $352 2.4% 6.4% 15.6% 4.2% 0.5x 11.7x

Mean 1.6% 8.3% 18.6% 6.1% 1.0x 13.8x Median 2.4% 7.6% 16.5% 6.3% 0.9x 14.5x

Data as of June 30, 2021 2 Source: Capital IQ; multiples less than zero or greater than 70x are considered not meaningful (NM) Publicly Traded Services Companies (cont’d)

($ in millions) Enterprise Market LTM Revenue Growth LTM Margins LTM Multiples Company Value Cap Revenue EBITDA 1YR 3YR Gross EBITDA Revenue EBITDA comScore, Inc. $609 $403 $357 $14 (5.1%) (4.4%) 48.4% 4.0% 1.7x 23.6x CoStar Group, Inc. $30,121 $32,709 $1,725 $443 17.9% 19.4% 81.5% 25.7% 17.5x NM Dun & Bradstreet Holdings, Inc. $12,786 $9,219 $1,847 $547 12.9% 1.3% 69.3% 29.6% 6.9x 22.0x Experian plc $39,338 $35,081 $5,372 $1,611 3.7% 5.4% 39.6% 30.0% 7.3x 23.3x FactSet Research Systems Inc. $12,906 $12,704 $1,563 $518 6.0% 5.5% 50.6% 33.1% 8.3x 22.3x Fair Isaac Corporation $15,292 $14,466 $1,332 $426 8.6% 11.0% 73.0% 32.0% 11.5x 33.7x Information Forrester Research, Inc. $943 $876 $456 $50 (2.3%) 10.5% 59.5% 10.9% 2.1x 13.9x Gartner, Inc. $23,306 $20,848 $4,185 $794 (2.5%) 4.7% 68.0% 19.0% 5.6x 25.7x Services Informa plc $13,528 $10,408 $2,267 $382 (42.5%) (1.9%) 30.0% 16.9% 5.9x 31.5x Moody's Corporation $71,976 $67,823 $5,681 $2,946 14.1% 9.3% 73.1% 51.9% 12.7x 23.4x Morningstar, Inc. $11,179 $11,042 $1,458 $359 17.2% 15.5% 60.5% 24.6% 7.7x 26.5x Nielsen Holdings plc $14,822 $8,844 $6,311 $1,210 9.2% (1.8%) 57.0% 19.2% 2.3x 11.1x Thomson Reuters Corporation $50,689 $49,260 $6,044 $1,445 1.8% 4.2% 34.6% 23.9% 8.3x 6.8x Verisk Analytics, Inc. $31,412 $28,321 $2,821 $1,283 5.6% 8.3% 64.6% 45.5% 11.1x 23.5x

Mean 3.2% 6.2% 57.8% 26.2% 7.8x 22.1x Median 5.8% 5.5% 60.0% 25.2% 7.5x 23.4x

($ in millions) Enterprise Market LTM Revenue Growth LTM Margins LTM Multiples Company Value Cap Revenue EBITDA 1YR 3YR Gross EBITDA Revenue EBITDA Adecco Group AG $11,732 $10,956 $22,762 $961 (15.4%) (6.4%) 19.6% 4.2% 0.5x 9.2x ASGN Incorporated $5,887 $5,156 $3,986 $405 (0.1%) 14.1% 27.3% 10.2% 1.5x 13.1x Barrett Business Services, Inc. $435 $549 $880 $39 (6.7%) (2.0%) 69.3% 4.5% 0.5x 8.8x Heidrick & Struggles International, Inc. $794 $869 $644 $64 (8.9%) 0.1% 26.9% 9.9% 1.2x 8.9x Kelly Services, Inc. $788 $944 $4,461 $67 (14.8%) (6.5%) 18.3% 1.5% 0.2x 7.5x Kforce Inc. $1,325 $1,307 $1,426 $89 5.2% 2.1% 28.1% 6.2% 0.9x 13.6x Staffing & Korn Ferry $3,617 $3,918 $1,810 $216 (6.3%) 0.8% 24.0% 12.0% 2.0x 12.7x ManpowerGroup Inc. $6,453 $6,484 $18,306 $457 (10.4%) (5.7%) 15.7% 2.5% 0.4x 10.3x Recruiting Randstad N.V. $14,299 $14,068 $24,451 $804 (10.9%) (3.8%) 19.0% 3.3% 0.6x 13.7x Resources Connection, Inc. $475 $471 $636 $42 (10.1%) 0.9% 38.6% 6.6% 0.7x 8.6x Robert Half International Inc. $9,659 $9,869 $5,001 $374 (18.2%) (2.4%) 39.2% 7.5% 1.9x 21.1x Sykes Enterprises, Incorporated $2,242 $2,137 $1,757 $198 8.3% 2.8% 38.5% 11.3% 1.3x 8.6x TrueBlue, Inc. $896 $917 $1,811 $37 (21.6%) (10.1%) 23.5% 2.0% 0.5x 13.8x

Mean (8.5%) (1.2%) 29.8% 6.3% 0.9x 11.5x Median (10.1%) (2.0%) 26.9% 6.2% 0.7x 10.3x

Data as of June 30, 2021 3 Source: Capital IQ; multiples less than zero or greater than 70x are considered not meaningful (NM) Publicly Traded Services Companies (cont’d)

($ in millions) Enterprise Market LTM Revenue Growth LTM Margins LTM Multiples Company Value Cap Revenue EBITDA 1YR 3YR Gross EBITDA Revenue EBITDA Capita plc $2,476 $857 $4,539 $271 (9.6%) (7.7%) 20.6% 6.0% 0.5x 6.2x eClerx Services Limited $800 $887 $214 $61 8.8% 4.7% 40.0% 28.6% 3.8x 13.3x ExlService Holdings, Inc. $3,508 $3,555 $974 $168 (2.4%) 7.4% 36.3% 17.3% 3.6x 18.0x FPT Corporation $3,478 $3,463 $1,326 $262 7.3% (6.8%) 39.3% 19.8% 2.6x 12.5x Genpact Limited $9,931 $8,510 $3,732 $654 2.7% 10.0% 35.7% 17.5% 2.7x 13.2x HCL Technologies Limited $34,752 $35,905 $10,175 $2,612 2.4% 9.1% 40.1% 25.7% 3.5x 13.0x BPO & Infosys Limited $87,383 $90,294 $13,561 $3,682 6.1% 7.4% 34.0% 27.2% 6.5x 23.6x Mindtree Limited $5,474 $5,763 $1,089 $209 2.6% 13.4% 35.4% 19.2% 5.1x 24.8x Managed NIIT Limited $303 $513 $130 $23 6.8% 3.7% 43.2% 18.1% 2.4x 13.1x Rimini Street, Inc. $524 $525 $337 $35 14.8% 14.7% 61.4% 10.5% 1.6x 12.4x Services Tata Consultancy Services Limited $162,473 $166,499 $22,441 $6,157 4.6% 10.1% 43.2% 27.4% 7.4x 25.9x Tech Mahindra Limited $11,199 $12,891 $5,174 $874 2.7% 7.1% 35.9% 16.9% 2.2x 12.2x TTEC Holdings, Inc. $5,232 $4,827 $2,056 $334 22.3% 10.7% 28.6% 16.2% 2.5x 13.4x Wipro Limited $36,857 $40,079 $8,467 $1,937 1.5% 4.4% 31.7% 22.9% 4.4x 18.5x WNS (Holdings) Limited $3,845 $3,946 $913 $164 (1.7%) 6.4% 35.7% 18.0% 4.2x 20.0x Zensar Technologies Limited $828 $945 $517 $94 (9.6%) 6.8% 25.5% 18.1% 1.6x 9.0x

Mean 3.7% 6.3% 36.7% 19.3% 3.4x 15.6x Median 2.7% 7.3% 35.8% 18.1% 3.1x 13.2x

($ in millions) Enterprise Market LTM Revenue Growth LTM Margins LTM Multiples Company Value Cap Revenue EBITDA 1YR 3YR Gross EBITDA Revenue EBITDA Booz Allen Hamilton Holding Corporation $13,256 $11,534 $7,859 $834 5.3% 8.4% 23.9% 10.6% 1.7x 14.4x CBIZ, Inc. $2,053 $1,726 $987 $109 3.3% 3.9% 13.7% 11.1% 2.1x 14.3x CRA International, Inc. $786 $627 $529 $55 12.1% 11.5% 27.2% 10.3% 1.5x 9.8x FTI Consulting, Inc. $4,952 $4,534 $2,543 $350 5.7% 11.0% 31.6% 13.8% 1.9x 12.0x Management GP Strategies Corporation $283 $274 $459 $29 (19.7%) (3.5%) 19.0% 6.4% 0.6x 7.5x Huron Consulting Group Inc. $1,382 $1,063 $825 $71 (7.8%) 3.8% 29.2% 8.6% 1.7x 17.1x Consulting ICF International, Inc. $2,115 $1,655 $1,527 $149 2.1% 7.3% 36.2% 9.8% 1.4x 11.2x Information Services Group, Inc. $313 $281 $252 $26 (4.8%) (2.5%) 40.5% 10.3% 1.2x 10.9x The Hackett Group, Inc. $497 $543 $233 $26 (11.6%) (3.1%) 31.8% 11.1% 2.1x 17.6x Wavestone SA $944 $946 $490 $77 (1.1%) 5.1% 22.4% 15.7% 1.9x 11.0x

Mean (1.7%) 4.2% 27.5% 10.8% 1.6x 12.6x Median 0.5% 4.5% 28.2% 10.5% 1.7x 11.6x

Data as of June 30, 2021 4 Source: Capital IQ; multiples less than zero or greater than 70x are considered not meaningful (NM) Publicly Traded Services Companies (cont’d)

($ in millions) Enterprise Market LTM Revenue Growth LTM Margins LTM Multiples Company Value Cap Revenue EBITDA 1YR 3YR Gross EBITDA Revenue EBITDA BlueFocus Intelligent Communications Group Co., Ltd. $2,230 $2,309 $6,532 $143 39.7% 35.2% 6.2% 2.2% 0.3x 14.2x Dentsu Group Inc. $12,071 $10,077 $8,457 $1,607 (10.9%) (0.2%) 88.8% 19.0% 1.4x 7.4x Hakuhodo DY Holdings Inc $5,221 $5,802 $11,736 $546 (11.5%) (0.9%) 24.1% 4.7% 0.4x 9.5x Harte Hanks, Inc. $78 $39 $180 $3 (9.5%) (21.3%) 13.2% 1.8% 0.4x 5.6x Kin and Carta plc $685 $629 $179 $20 (3.6%) 3.3% 48.4% 11.4% 3.8x 32.4x Marketing & Next Fifteen Communications Group plc $1,277 $1,237 $444 $46 7.6% 11.4% 24.2% 10.4% 2.9x 22.1x Omnicom Group Inc. $19,820 $17,204 $13,962 $2,172 (0.1%) (3.2%) 18.2% 15.6% 1.5x 8.6x Communication Publicis Groupe S.A. $19,297 $15,717 $13,046 $2,290 (3.6%) 7.2% 44.7% 17.5% 1.5x 7.2x QuinStreet, Inc. $908 $996 $544 $21 9.9% 13.3% 11.7% 3.8% 1.7x 33.5x Services S4 Capital plc $4,592 $4,631 $468 $68 59.3% 0.0% 86.1% 14.5% 9.7x 55.9x The Interpublic Group of Companies, Inc. $16,034 $12,781 $8,536 $1,694 2.6% 3.6% 24.5% 19.8% 2.0x 9.0x Viad Corp $1,663 $1,021 $150 ($104) (88.6%) (50.8%) (96.7%) (69.4%) 11.1x NM WPP plc $20,453 $16,075 $16,387 ($2,740) (9.3%) (3.0%) 16.8% (16.7%) 1.2x NM

Mean (4.8%) (3.4%) 25.3% 2.7% 3.1x 19.1x Median (3.6%) (0.1%) 24.2% 10.9% 1.6x 9.3x

Revenue Growth LTM Margins LTM Multiples Business Services Sub-Sectors 1YR 3YR Gross EBITDA Revenue EBITDA BPO & Managed Services 2.7% 7.3% 35.8% 18.1% 3.1x 13.2x Diversified IT Services 6.5% 7.4% 27.5% 15.4% 2.4x 13.4x Sub-Sector Information Services 5.8% 5.5% 60.0% 25.2% 7.5x 23.4x Management Consulting 0.5% 4.5% 28.2% 10.5% 1.7x 11.6x Summary Marketing & Communication Services (7.4%) (0.1%) 23.4% 10.9% 1.6x 9.0x Staffing & Recruiting (10.1%) (2.0%) 26.9% 6.2% 0.7x 10.3x Value-Added Resellers 2.4% 7.6% 16.5% 6.3% 0.9x 14.5x Cascadia Capital Services Index 2.3% 4.7% 31.6% 12.0% 2.0x 13.3x S&P 500 (1.6%) 3.1% 35.0% 19.5% 3.4x 17.5x

Data as of June 30, 2021 Source: Capital IQ; Cascadia Capital Services Index values reflect the median of the index constituents, multiples less 5 than zero or greater than 70x are excluded from median calculations Notable H1 2021 Transactions

Announced Deal Value EV / EV / Target Buyer Target Description Date ($M) Revenue EBITDA

Jun-21 - - - Salesforce-based IT services

Jun-21 $2,200 1.2x 11.5x Call center & BPO services

Jun-21 $8 1.5x - Digital engineering & IT services provider

Jun-21 - - - Engineering consulting services

Systems integration & software Jun-21 - - - development

Jun-21 $250 - - IT & software development services

Jun-21 - - - Digital marketing & analytics services

Jun-21 - - - Integrated IT services provider

May-21 - - - Outsourced translation services provider

Data as of June 30, 2021 Source: S&P Capital IQ, Mergermarket, 451 Research; Business Services M&A Activity includes acquisitions of all IT outsourced services companies (e.g., BPO, software development, staffing) and IT services & distribution companies 6 (systems integration, consulting, web and email marketing, VARs) tracked by 451 Research Notable H1 2021 Transactions

Announced Deal Value EV / EV / Target Buyer Target Description Date ($M) Revenue EBITDA

May-21 - - - IT services & consulting

May-21 - - - Cloud consulting group

May-21 - - - IT consulting group

May-21 - - - Systems integration & analytics services

May-21 - - - IT staffing provider

May-21 $75 - - Telecom, network & security integrator

IT consulting & network integration May-21 - - - services

May-21 - - - Digital marketing consulting services

May-21 - - - IT & hosted services

Data as of June 30, 2021 Source: S&P Capital IQ, Mergermarket, 451 Research; Business Services M&A Activity includes acquisitions of all IT outsourced services companies (e.g., BPO, software development, staffing) and IT services & distribution companies 7 (systems integration, consulting, web and email marketing, VARs) tracked by 451 Research Notable H1 2021 Transactions

Announced Deal Value EV / EV / Target Buyer Target Description Date ($M) Revenue EBITDA Software development & consulting May-21 $491 2.9x - services

May-21 - - - IT services

May-21 $261 1.3x - IT consulting group

May-21 $420 0.8x - Energy network integration services

Systems integration & software May-21 $725 - - development

May-21 - - - IT & managed services & SaaS

Apr-21 $44 1.3x - Strategy & consulting

Apr-21 $960 - - Payment processing services

Apr-21 - - - Performance marketing

Data as of June 30, 2021 Source: S&P Capital IQ, Mergermarket, 451 Research; Business Services M&A Activity includes acquisitions of all IT outsourced services companies (e.g., BPO, software development, staffing) and IT services & distribution companies 8 (systems integration, consulting, web and email marketing, VARs) tracked by 451 Research Notable H1 2021 Transactions

Announced Deal Value EV / EV / Target Buyer Target Description Date ($M) Revenue EBITDA

Apr-21 - - - Pega-based systems integration services

Apr-21 $120 3.9x - IT services

Apr-21 - - - Software developer

IT consulting & systems integration Apr-21 - - - services

Apr-21 $1,700 - - Managed IT & advisory

Apr-21 - - - Data and analytics consulting

Apr-21 - - - IT consulting & managed services

Apr-21 $54 - - Outsourced services

Apr-21 - - - Cloud analytics services

Data as of June 30, 2021 Source: S&P Capital IQ, Mergermarket, 451 Research; Business Services M&A Activity includes acquisitions of all IT outsourced services companies (e.g., BPO, software development, staffing) and IT services & distribution companies 9 (systems integration, consulting, web and email marketing, VARs) tracked by 451 Research Notable H1 2021 Transactions

Announced Deal Value EV / EV / Target Buyer Target Description Date ($M) Revenue EBITDA

Apr-21 - - - IT staffing & recruiting

Apr-21 - - - IT consulting services

Technical staffing, recruiting, and project Apr-21 $215 2.2x - services

Apr-21 - - - Workforce management solutions

Apr-21 - - - IT & managed services

Apr-21 - - - Recruitment consultancy

Apr-21 - - - System integration & IT consulting

Software development & localization Mar-21 $8,500 11.0x - services

Mar-21 - - - Digital marketing services

Data as of June 30, 2021 Source: S&P Capital IQ, Mergermarket, 451 Research; Business Services M&A Activity includes acquisitions of all IT outsourced services companies (e.g., BPO, software development, staffing) and IT services & distribution companies 10 (systems integration, consulting, web and email marketing, VARs) tracked by 451 Research Notable H1 2021 Transactions

Announced Deal Value EV / EV / Target Buyer Target Description Date ($M) Revenue EBITDA IT systems integration & consulting Mar-21 $1,450 2.1x - services

Mar-21 - - - IT services provider

Mar-21 - - - UC & call center systems integrator

Business management & IT consulting Feb-21 - - - services

Feb-21 $295 1.4x 10.2x High-end consulting services

Feb-21 - - - Software development services

Technology management consulting Feb-21 $45 2.3x - services Software development & designing Jan-21 - - - services

Jan-21 - - - SAP-based consulting & system integration

Data as of June 30, 2021 Source: S&P Capital IQ, Mergermarket, 451 Research; Business Services M&A Activity includes acquisitions of all IT outsourced services companies (e.g., BPO, software development, staffing) and IT services & distribution companies 11 (systems integration, consulting, web and email marketing, VARs) tracked by 451 Research Notable H1 2021 Transactions

Announced Deal Value EV / EV / Target Buyer Target Description Date ($M) Revenue EBITDA

Jan-21 - - - IT consulting & outsourced services

Jan-21 - - - Network integration & managed services

Jan-21 - - - Software development services

Jan-21 $85 - - IT services & BPO

Jan-21 - - - Salesforce-based CRM consultancy

Jan-21 - - - Data strategy & IT consulting services

Jan-21 - - - Digital marketing services

Data as of June 30, 2021 Source: S&P Capital IQ, Mergermarket, 451 Research; Business Services M&A Activity includes acquisitions of all IT outsourced services companies (e.g., BPO, software development, staffing) and IT services & distribution companies 12 (systems integration, consulting, web and email marketing, VARs) tracked by 451 Research