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Sectorwatch: IT Consulting February 2020 IT Consulting February 2020 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 in conjunction with a verbal presentation, and is not authorized for distribution. Please see the Confidentiality Notice & Disclaimer at the end of the document. All data 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 7M Securities make warranties or representations as to the accuracy or completeness of third-party data contained herein. This document should be treated as confidential and for the use of the intended recipient only. Please notify 7 Mile Advisors if it was distributed in error. 2 Overview 7MA 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. We publish our sectorwatch, a review of M&A and operational trends in the industries we focus. Dashboard Valuation Comparison • Summary metrics on the sector • Graphical, detailed comparison of valuation • Commentary on market momentum by multiples for the public basket comparing the most recent 12-month performance against the last 3-year averages. Public Basket Performance Recent Deals • Summary valuation and operating metrics for • The most recently announced deals in the a basket of comparable public companies sector 3 Dashboard Operating Metrics Revenue Growth 1 - year revenue growth compared to revenue growth Median LTM GP Margin % 31.5% -0.3% 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 Median LTM EBITDA Margin % 15.7% Pricing / Gross Margin Median LTM Rev. Growth % 8.3% 1 - year gross profit % compared to gross profit % -1.3% average for last 3 years 0% 10% 20% 30% 40% Current gross profit margin is less than the average of the last 3 years gross profit margins, indicating customer pricing power Valuation Profitability Momentum Median Price / LTM Earnings 23.3x 1 - year EBITDA % compared to EBITDA % average for 0.4% last 3 years Median TEV / LTM EBIT 18.3x Current EBITDA margin exceeds the average of the last 3 years EBITDA margin by this amount, a condition that may attract new entrants Median TEV / LTM EBITDA 15.7x Median TEV / LTM Revenue 2.7x 0x 10x 20x 30x 4 Public Basket Rev TEV / LTM Rev Growth EBITDA TEV / EBITDA Rev / Company TEV $m $m YoY GP % % Rev X X # FTEs FTE $k Perficient, Inc. 1,724 566 13% 37% 14% 3.1 21.6 3,454 164 Reply S.p.A. 2,788 1,283 17% 15% 13% 2.3 16.5 7,606 169 EPAM Systems, Inc. 11,755 2,294 24% 35% 15% 5.1 27.9 36,700 63 CGI Inc. 22,042 9,408 5% 31% 17% 2.4 13.5 77,500 121 Capgemini SE 22,976 15,851 7% 12% 13% 1.5 11.7 219,300 72 NTT DATA Corporation 23,592 20,749 6% 25% 15% 1.2 7.7 123,884 167 Cognizant Technology Solutions Corporation 35,276 16,783 4% 37% 20% 2.1 10.0 292,500 57 Infosys Limited 44,615 12,642 10% 32% 24% 3.6 14.9 228,123 55 Tata Consultancy Services Limited 106,036 21,780 10% 44% 26% 4.9 18.5 424,285 51 Accenture plc 127,770 43,968 5% 31% 16% 2.9 18.1 492,000 89 Average 39,857 14,532 10% 30% 17% 2.9 16.0 190,535 101 Median 23,284 14,247 8% 32% 16% 2.7 15.7 171,592 81 share price as of 24Feb20 5 Public Basket Valuation Trends Public Basket Valuation 10x 12x 14x 16x 18x 0x 2x 4x 6x 8x May-15 Aug-15 TEV/EBITDA- Average TEV/EBITDA- Median Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 13.3x May-17 2.2x Aug-17 Nov-17 TEV/Revenue - Average TEV/Revenue - Median Feb-18 May-18 Aug-18 Nov-18 Feb-19 May-19 Aug-19 Nov-19 Feb-20 Public Public Time over Multiples EBITDA Public 0x 1x 2x 3x 10x 15x 20x 0x 5x May-15 May-15 Aug-15 TEV/Revenue - Median Aug-15 Nov-15 TEV/EBITDA- Median Revenue Multiples Multiples Revenue Nov-15 Feb-16 Feb-16 May-16 May-16 Aug-16 Aug-16 Nov-16 Nov-16 Feb-17 Feb-17 May-17 May-17 Aug-17 Aug-17 Nov-17 Nov-17 TEV/Revenue - Average Feb-18 TEV/EBITDA- Average Feb-18 May-18 May-18 Aug-18 Aug-18 Nov-18 Time over Nov-18 Feb-19 Feb-19 May-19 May-19 Aug-19 Aug-19 Nov-19 Nov-19 Feb-20 Feb-20 6 Operational Metrics LTM Gross Profit Margin % LTM EBITDA % Tata Consultancy Services Tata Consultancy Services Limited Limited Perficient, Inc. Infosys Limited Cognizant Technology Cognizant Technology Solutions Corporation Solutions Corporation EPAM Systems, Inc. CGI Inc. Infosys Limited Accenture plc Accenture plc EPAM Systems, Inc. CGI Inc. NTT DATA Corporation NTT DATA Corporation Perficient, Inc. Reply S.p.A. Capgemini SE Capgemini SE Reply S.p.A. Median Median - 20% 40% 60% - 10% 20% 30% 7 Operational Metrics LTM Revenue per LTM Revenue Growth % Full Time Employee x 000’s EPAM Systems, Inc. Perficient, Inc. Reply S.p.A. Reply S.p.A. Perficient, Inc. NTT DATA Corporation Tata Consultancy Services CGI Inc. Limited Infosys Limited Accenture plc Capgemini SE Capgemini SE NTT DATA Corporation EPAM Systems, Inc. Cognizant Technology Accenture plc Solutions Corporation CGI Inc. Infosys Limited Cognizant Technology Tata Consultancy Services Solutions Corporation Limited Median Median - 10% 20% 30% $- $50 $100 $150 $200 8 Operational Metrics Average Days Accounts Receivable Turnover Sales Outstanding Accenture plc Infosys Limited EPAM Systems, Inc. Reply S.p.A. NTT DATA Tata Consultancy Corporation Services Limited CGI Inc. Perficient, Inc. Cognizant Cognizant Technology Technology Solutions… Solutions… Perficient, Inc. CGI Inc. Tata Consultancy NTT DATA Services Limited Corporation Reply S.p.A. EPAM Systems, Inc. Infosys Limited Accenture plc Median Median 0x 2x 4x 6x 0 20 40 60 80 100 9 Valuation TEV / LTM Revenue TEV / LTM EBITDA EPAM Systems, Inc. EPAM Systems, Inc. Tata Consultancy Perficient, Inc. Services Limited Tata Consultancy Infosys Limited Services Limited Perficient, Inc. Accenture plc Accenture plc Reply S.p.A. CGI Inc. Infosys Limited Reply S.p.A. CGI Inc. Cognizant Capgemini SE Technology… Cognizant Capgemini SE Technology… NTT DATA NTT DATA Corporation Corporation Median Median 0x 1x 2x 3x 4x 5x 6x 0x 10x 20x 30x 10 Valuation TEV / LTM EBIT Price / LTM Earnings EPAM Systems, Inc. EPAM Systems, Inc. Perficient, Inc. Perficient, Inc. Reply S.p.A. Accenture plc Tata Consultancy Reply S.p.A. Services Limited Tata Consultancy Accenture plc Services Limited NTT DATA Capgemini SE Corporation NTT DATA CGI Inc. Corporation Infosys Limited CGI Inc. Capgemini SE Infosys Limited Cognizant Cognizant Technology… Technology… Median Median 0x 20x 40x 60x 0x 20x 40x 60x 11 Valuation Historical Valuation Multiples Historical Valuation Multiples versus Gross Profit versus Revenue Growth Rate 30x 30% 30x 50% 44.4% 45% 24.5% 25x 25x 25% 40% 36.6% 35% 32.0% 31.1% 37.4% 20x 20% 20x 30.7% 35.1% 17.4% 30% 15x 25% 15x 15% 25.4% 20% 10x 10x 13.5% 10% 15% 7.0% 10.3% 14.7% 5.8% 9.5% 12.3% 10% 5x 5x 5% LTM GP% LTM EBITDA(x) EBITDA(x) 5.4% 4.7% RGR% LTM 5% 4.1% 8x 10x 12x 13x 15x 17x 18x 19x 22x 28x 8x 10x 12x 13x 15x 17x 18x 19x 22x 28x 0x 0% 0x 0% EBITDA(x) LTM GP% EBITDA(x) LTM RGR% 12 Recent Transactions Total Transaction Target TEV / TEV / Date Target Buyer / Investor Value Revenue Revenue EBITDA 25Feb20 Segue Technologies Inc. Tetra Tech, Inc. - - - - 17Feb20 Modern Computer Systems MSP Solution Tech - - - - 5Feb20 ZoftNow Inc. Prodigy Ventures Inc. 0.54 - - - 28Jan20 Performance Improvement Partners, LLC Erie Street Capital - - - - 24Jan20 Blackstone Federal ECS Federal, LLC 85.00 44.00 1.9x - 19Jan20 Pactera Technology International Ltd. China Electronics Corporation - - - - 8Jan20 Sistemas Informáticos Abiertos, S.A. Indra Sistemas, S.A. - - - - 7Jan20 BZW Consulting Group, Inc. The Pinnacle Group - - - - 6Jan20 NEF, Inc. CBRE Group, Inc. - - - - 6Jan20 All the Assets Of MedTouch LLC Perficient, Inc. - 13.00 - - 12Dec19 Source Support Services, Inc. Capitala Group - - - - 14Nov19 Codalis SA Bechtle AG - 10.13 - - 31Oct19 Yotabites Consulting LLC ProKarma Inc. - - - - 8Nov19 Virtual Clarity Limited DXC Technology Company - - - - 5Nov19 Naya Pai Technologies Ltd EPAM Systems, Inc. - - - - 31Oct19 Backbone Enterprises, Inc. CynergisTek, Inc. 11.00 - - - 30Oct19 Statêra, Inc Navint Partners, LLC - - - - 6Sep19 iC-1 Solutions, LLC Swift Group Holdings, LLC 25.50 - - - 24Oct19 DYNARDO (Dynamic Software and Engineering) GmbH ANSYS, Inc. 33.29 - - - 23Oct19 Global IT SOS SmartSource, Inc. - - - - 21Oct19 pernexas GmbH Alfresco Software, Inc. - - - - 14Oct19 PeopleWare ICT Solutions B.V. Proact IT Group AB (publ) 18.73 30.86 0.6x - 24Sep19 Locus Telecommunication Inc., Ltd. NTT DATA Asia Pacific Pte. Ltd. - - - - 10Sep19 Pragsis Technologies S.L. Accenture plc - - - - 26Aug19 Beijing Transtrue Technology Inc. Suzhou Longyue Holdings Co., Ltd. 62.54 117.23 1.3x 26.5x 28Aug19 BASS Systems S.R.L.
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