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Technology & Business Services Technology & Business Services Strategic Market Insights – Q3 2017 Report Technology & Business Services G2 Insights – IT Managed Services The IT Managed Services Market is expected to grow from $152 billion in 2017 to $258 billion by 2022, a CAGR of 11.1%. As the subsector continually grows, G2 has observed the following trends: . Managed Service Providers Must Continue to Deliver Advanced Services . Inorganic Growth via M&A Drives Growth in Core Service Offerings . Increase in Adoption Rate Among Small and Medium-sized Enterprises (SMEs) . Service Providers with Domain and Industry Expertise Create Barriers to Entry and Value-Add . Shifting Focus on Hybrid and Multi-cloud Managed Services Managed Service Providers Must Continue to Deliver Advanced Services As growth of enterprise IT infrastructure persists, organizations continue to turn to MSPs to handle key elements of their IT needs. Outsourcing IT infrastructure, network, security, mobility, and communication needs allow enterprises to focus on their core competencies and increase efficiencies. By fulfilling these needs, MSPs have become a key factor in increasing the capacity of the enterprise’s IT personnel. For instance, companies are turning to MSPs for email hosting, customer relationship management (CRM) applications, storage, backup, recovery, and network monitoring. The trends are the results of emerging technological and customer demand changes in the market. A cloud-based deployment model offers higher agility when compared to that of a legacy on-premise deployment model. According to marketsandmarkets.com, cloud-based managed services are the fastest-growing deployment type in the managed services market and are expected to grow from $27B in 2017 to $54 by 2022, an expected CAGR of 15%. Commoditization of MSPs that deliver advanced services, including cloud infrastructure management, application management, and business process outsourcing have continued to drive premium M&A values. In addition, increased demand for services around data analytics, business intelligence (BI), and advanced application monitoring have emerged as sought-after niche capabilities. Premiums have been increasingly found in MSPs that are able to cultivate sustainable core offerings based on niche capabilities, rising above the requisite network and software infrastructures. Inorganic Growth via M&A Drives Growth in Core Service Offerings The need for one-stop-shop MSPs has catalyzed healthy M&A activity within the sector. While partnerships can address shortcomings of certain solutions, most partnerships do not allow MSPs to scale rapidly or efficiently. Before embarking on inorganic means of growth via M&A, MSPs must understand the strengths and weaknesses of their business model, customer profile, and organic growth strategy before evaluating the business and financial health of a potential acquisition target. Inorganic growth via M&A, functions as a key method of obtaining additional advanced service offerings in an effort to provide end-to-end solutions for MSP providers. Select Managed Service Providers >$10,000MM By Total Revenues <$200MM Source: Research and Markets, MSP Insights, G2 Insights, S&P Capital IQ www.g2cap.com 2 Technology & Business Services G2 Insights – IT Managed Services (continued) Increase in Adoption Rate Among Small and Medium-sized Enterprises (SMEs) SMEs have traditionally been slow to adopt managed services due to budget constraints, labor costs, lack of technological expertise, and cybersecurity challenges. However, as the number of MSPs continue to grow and fragment, SMEs are expected to adopt managed services at the fastest rate over the next few quarters as MSPs continue to court the SME demographic. Middle market MSPs have taken up the task of capturing and addressing the needs of technologically inefficient or unsophisticated SMEs such as installing or implementing hardware or software, managing and supporting legacy IT infrastructure, and providing overall data security. Value-Added Service Providers with Domain and Industry Expertise Create Barriers to Entry Industries sensitive to data security and compliance requirements offer a welcome market for MSPs to provide data security and credibility. These industries include: HIPAA compliance for healthcare organizations, PCI and Security compliance for merchants and service providers, FISMA and FedRAMP for government agencies, and SOX compliance for financial institutions. As these enterprises move to integrate or replace traditional IT infrastructures, MSPs capable of servicing these specialty security and compliance models can expect robust growth over the next five years. Shifting Focus on Hybrid and Multi-cloud Managed Services Cloud platforms offer undeniable cost efficiencies and operating functionalities. The emergence of cloud platforms brings a new trend, the implementation of hybrid cloud. The hybrid cloud enables enterprises to leverage better data management, improved compliance and security, and upgraded IT infrastructure management. By piecing together the best of public and private cloud services, enterprises are able to leverage the best of both worlds in a cost effective solution. Public cloud allows for mobile applications and an Internet of Things ecosystem while private cloud is better suited for higher security / sensitive data and mission-critical business applications. For instance, E-Commerce solutions along with niche marketing tools are best utilized via Software as a Service models such as Salesforce, Amazon Web Services, and Microsoft Azure, while all mission critical and sensitive applications are best deployed on-premises. Vendors and integrators that can offer the flexibility are in the best position to gain and service. Real-time Pricing & Incentives Advanced Service Capabilities Service Advanced Completeness of Offerings Source: MSP Insights, Gartner, G2 Insights, S&P Capital IQ www.g2cap.com 3 Technology & Business Services G2 Insights – E-Commerce Artificial Intelligence Major retailers and online businesses are evaluating the use of Artificial Intelligence (AI) to analyze, utilize, and monetize vast amounts of customer data. Artificial Intelligence Innovation Valuable bi-products of E-Commerce can be seen in the massive quantities of customer data. As such, investors have contributed nearly $4.9 billion into AI startups in 2016, reflecting an increase of nearly 4.6x total investments in the subsector since 2012 according to CB Insights. AI software and services within the E-Commerce industry has expanded far past online chatbots (programs that provide online support and guidance for online shoppers). Today’s programs can be broken out into 11 categories: . Real-time Product Targeting . Conversational Commerce . Real-time Pricing & Incentives . Predictive Merchandising . Natural Language Search . Sizing & Styling . Visual Search . Multichannel Marketing . In-store Visual Monitoring . Integrated Online & In-store Analytics . Location-based Marketing & Analytics Select Artificial Intelligence in Commerce Market Map Real-time Pricing & Real-time Product Targeting Natural Language Search Incentives In-Store Visual Monitoring Visual Search Conversational Commerce Predictive Merchandising Multi-channel Marketing Sizing & Styling Location-based Marketing & Analytics Integrated Online & In-store Analytics Source: CB insights, Square and Mercury Analytics, MSP Insights, G2 Insights, S&P Capital IQ www.g2cap.com 4 Technology & Business Services Key Trading Statistics FY 20171 LTM2 Median Median Median Number of EV / EV / Sector Enterprise Value Revenue EBITDA Companies Revenue EBITDA (MM) Growth Growth* Cloud Software & 20 2,594 11.9% (3.0%) 4.2x 14.2x Services Specialty Consulting 16 810 3.0% 11.3% 1.5x 12.7x Services E-Commerce 11 1,142 11.8% 20.8% 0.7x 12.7x IT Managed Services 11 2,258 7.0% 5.9% 1.3x 11.8x Business Process 14 2,530 5.8% 2.5% 2.0x 11.2x Outsourcing (BPO) Human Capital 16 1,434 3.6% 2.6% 0.5x 9.5x Management 1 Compared with values at September 30, 2016 Sector Summary in Millions USD (converted where necessary) 2 LTM Multiples as at September 30, 2016 Data sourced from S&P Capital IQ on September 30, 2017 * YoY growth calculations exclude companies with negative margins in either period considered. Technology & Business Services Selected Industry Deals Q3 2017 Several notable transactions have already been completed or announced in the Technology & Business Services industry through Q3 2017. G2 has outlined select transactions below. Datapipe, Inc., to be acquired by Rackspace Hosting (Pending) – Datapipe, a provider of managed public and private cloud services, was acquired by Rackspace, a larger competitor in the multi-cloud services sector. Rackspace’s management cited consolidation and expansion of its cloud management and hosting capabilities as its strategy behind the acquisition. Rackspace Hosting is a portfolio company of Apollo Global Management (NYSE:APO) while Datapipe’s former majority owner was ABRY Partners. Pitney Bowes (NYSE: PBI) acquires Newgistics, Inc. (Sep. 2017) – On September 6, Newgistics, Inc. was acquired by Pitney Bowes from Littlejohn Fund IV, L.P. managed by Littlejohn & Co. LLC, for $475MM at $542.50 per share. This deal represents 1.0x in EV/Revenue. Pitney Bowes financed this deal through debt securities, term loans, other types of debit financing, along with cash on hand. Principle Solutions Group acquired by Eliassen Group (Sep. 2017) – Principle Solutions Group, an Atlanta-based IT Staffing firm, was acquired by Eliassen
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