SECTORWATCH:
Software EngineeringFebruary 2018
Sector Dashboard
Public Basket Performance
Operational Metrics
Valuation Comparison
Recent Deals
Appendix
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 notauthorized for distribution. Please see the Confidentiality Notice & Disclaimer at the end of thedocument. All data cited in this document was believed to be accurate at the time of authorship andcame from publicly available sources. Neither 7 Mile Advisors nor 7M Securities make warranties orrepresentations as to the accuracy or completeness of third-party data contained herein. Thisdocument should be treated as confidential and for the use of the intended recipient only. Pleasenotify 7 Mile Advisors if it was distributed in error.
SECTORWATCH:
Software EngineeringFebruary 2018
3 3All Rights Reserved to 7 Mile Advisors
All Rights Reserved to 7 Mile Advisors
About Us7MA 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.
SectorwatchWe publish sectorwatch, a review of M&A and operational trends in
the industries we focus.
Let us know if we can helpContact us if there are ways we can assist your M&A or financing
strategy.
OVERVIEW
Dashboard
summary metrics on the sector, with commentary on
market momentum by comparing the most recent 12-
month performance against the last 3-year averages
Valuation Comparison
a more graphical, detailed comparison of valuation
multiples for the public basket
Public Basket Performance
summary valuation and operating metrics for a basket of
comparable public companies
Recent Deals
the most recently announced sector deals
DASHBOARD
4All Rights Reserved to 7 Mile Advisors
Operating Metrics
Valuation
PUBLIC BASKET CONSTITUENTS
BSE:532735
BSE:533179
NYSE:GLOB
NYSE:LXFT
NYSE:EPAM
BSE:507685
ENXTPA:CAP
NSEI:INFY
BSE:532540
Revenue Growth Momentum
-0.07 1 - year revenue growth compared to revenue growth
average for last 3 years
Pricing / Gross Margin Momentum
-1.5% 1 - year gross profit % compared to gross profit %
average for last 3 years
Profitability Momentum
-1.1% 1 - year EBITDA % compared to EBITDA % 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
Current gross profit margin is less than the average of the last 3 years gross
profit margins, indicating customer pricing power
Current EBITDA margin is less than the average of the last 3 years EBITDA
margins, which may signal further consolidation
6.1%
14.4%
35.0%
0% 9% 18% 27% 36%
Median LTM Rev. Growth %
Median LTM EBITDA Margin %
Median LTM GP Margin %
2.1x
11.8x
16.1x
19.4x
0x 5x 10x 15x 20x
Median TEV / LTM Revenue
Median TEV / LTM EBITDA
Median TEV / LTM EBIT
Median Price / LTM Earnings
PUBLIC BASKET PERFORMANCE
5All Rights Reserved to 7 Mile Advisors
Company TEV $m
LTM Rev
$m
Rev
Growth
YoY GP % EBITDA %
TEV / Rev
X
TEV /
EBITDA X # FTEs
Rev / FTE
$k
R Systems International Limited 56 93 1% 30% 6% 0.6 10.9 2,353 39
Persistent Systems Limited 840 471 6% 30% 15% 1.8 11.8 8,887 53
Globant S.A. 1,563 385 25% 37% 14% 4.1 29.5 5,631 68
Luxoft Holding, Inc. 1,734 878 17% 37% 11% 2.0 18.6 12,766 69
EPAM Systems, Inc. 5,345 1,365 23% 37% 14% 3.9 27.2 22,383 61
Wipro Limited 17,735 8,571 0% 29% 20% 2.1 10.6 160,000 54
Capgemini SE 22,942 14,483 1% 27% 13% 1.5 11.5 193,077 75
Infosys Limited 33,688 10,703 6% 35% 27% 3.2 11.8 200,364 53
Tata Consultancy Services Limited 82,716 18,907 3% 46% 27% 4.4 16.6 387,223 49
Average 18,513 6,206 9% 34% 16% 2.6 16.5 110,298 58
Median 5,345 1,365 6% 35% 14% 2.1 11.8 22,383 54
share price as of 14Feb18
6All Rights Reserved to 7 Mile Advisors
Public Revenue Multiples Over Time
Public EBITDA Multiples Over Time PUBLIC BASKET VALUATION TRENDS
12.6x
2.7x
0x
2x
4x
6x
8x
10x
12x
14x
16x
May
-13
Au
g-1
3
No
v-1
3
Feb
-14
May
-14
Au
g-1
4
No
v-1
4
Feb
-15
May
-15
Au
g-1
5
No
v-1
5
Feb
-16
May
-16
Au
g-1
6
No
v-1
6
Feb
-17
May
-17
Au
g-1
7
No
v-1
7
Feb
-18
TEV/EBITDA - Median TEV/Revenue - Median
TEV/EBITDA - Average TEV/Revenue - Average 0.0x
0.5x
1.0x
1.5x
2.0x
2.5x
3.0x
3.5x
4.0x
May
-13
Au
g-1
3
No
v-1
3
Feb
-14
May
-14
Au
g-1
4
No
v-1
4
Feb
-15
May
-15
Au
g-1
5
No
v-1
5
Feb
-16
May
-16
Au
g-1
6
No
v-1
6
Feb
-17
May
-17
Au
g-1
7
No
v-1
7
Feb
-18
TEV/Revenue - Median TEV/Revenue - Average
0x
2x
4x
6x
8x
10x
12x
14x
16x
May
-13
Au
g-1
3
No
v-1
3
Feb
-14
May
-14
Au
g-1
4
No
v-1
4
Feb
-15
May
-15
Au
g-1
5
No
v-1
5
Feb
-16
May
-16
Au
g-1
6
No
v-1
6
Feb
-17
May
-17
Au
g-1
7
No
v-1
7
Feb
-18
TEV/EBITDA - Median TEV/EBITDA - Average
7All Rights Reserved to 7 Mile Advisors
OPERATIONAL METRICS
LTM Revenue Growth % LTM Gross Profit Margin %
- 7.0% 14.0% 21.0% 28.0%
Median
Wipro Limited
R Systems International Limited
Capgemini SE
Tata Consultancy Services Limited
Infosys Limited
Persistent Systems Limited
Luxoft Holding, Inc.
EPAM Systems, Inc.
Globant S.A.
- 10.0% 20.0% 30.0% 40.0% 50.0%
Median
Capgemini SE
Wipro Limited
Persistent Systems Limited
R Systems International Limited
Infosys Limited
EPAM Systems, Inc.
Globant S.A.
Luxoft Holding, Inc.
Tata Consultancy Services Limited
8All Rights Reserved to 7 Mile Advisors
Accounts Receivable Turnover Average Days Sales Outstanding
OPERATIONAL METRICS
0.0 1.5 3.0 4.5 6.0
Median
Wipro Limited
Capgemini SE
Tata Consultancy ServicesLimited
Persistent Systems Limited
Infosys Limited
EPAM Systems, Inc.
Luxoft Holding, Inc.
R Systems InternationalLimited
Globant S.A.
- 22 44 66 88 110
Median
Globant S.A.
R Systems InternationalLimited
Luxoft Holding, Inc.
EPAM Systems, Inc.
Infosys Limited
Persistent Systems Limited
Tata Consultancy ServicesLimited
Capgemini SE
Wipro Limited
9All Rights Reserved to 7 Mile Advisors
OPERATIONAL METRICS
LTM Revenue per Full Time Employee x 000's LTM EBITDA %
$- $20 $40 $60 $80
Median
R Systems InternationalLimited
Tata Consultancy ServicesLimited
Persistent Systems Limited
Infosys Limited
Wipro Limited
EPAM Systems, Inc.
Globant S.A.
Luxoft Holding, Inc.
Capgemini SE
- 7.0% 14.0% 21.0% 28.0%
Median
R Systems InternationalLimited
Luxoft Holding, Inc.
Capgemini SE
Globant S.A.
EPAM Systems, Inc.
Persistent Systems Limited
Wipro Limited
Tata Consultancy ServicesLimited
Infosys Limited
10All Rights Reserved to 7 Mile Advisors
TEV / LTM Revenue TEV / LTM EBITDA
VALUATION
0x 1x 2x 3x 4x 5x
Median
R Systems InternationalLimited
Capgemini SE
Persistent Systems Limited
Luxoft Holding, Inc.
Wipro Limited
Infosys Limited
EPAM Systems, Inc.
Globant S.A.
Tata Consultancy ServicesLimited
0x 4x 8x 12x 16x 20x 24x 28x 32x
Median
Wipro Limited
R Systems InternationalLimited
Capgemini SE
Infosys Limited
Persistent Systems Limited
Tata Consultancy ServicesLimited
Luxoft Holding, Inc.
EPAM Systems, Inc.
Globant S.A.
11All Rights Reserved to 7 Mile Advisors
TEV / LTM EBIT Price / LTM Earnings
VALUATION
0x 9x 18x 27x 36x 45x
Median
Infosys Limited
Wipro Limited
Capgemini SE
R Systems InternationalLimited
Persistent Systems Limited
Tata Consultancy ServicesLimited
EPAM Systems, Inc.
Luxoft Holding, Inc.
Globant S.A.
0x 15x 30x 45x 60x
Median
Infosys Limited
Wipro Limited
Capgemini SE
Persistent Systems Limited
R Systems InternationalLimited
Luxoft Holding, Inc.
EPAM Systems, Inc.
Globant S.A.
12All Rights Reserved to 7 Mile Advisors
Historical Valuation Multiples versus Gross Profit Historical Valuation Multiples versus Revenue Growth Rate
VALUATION
11x 11x 11x 12x 12x 17x 19x 27x 30x
29.0%
29.8%
26.8%
35.0%
29.6%
46.2%
37.5% 36.6%
36.8%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
0x
5x
10x
15x
20x
25x
30x
35x
LTM
GP
%
EBIT
DA
(x)
EBITDA(x) LTM GP%
11x 11x 11x 12x 12x 17x 19x 27x 30x0.0%
0.7% 1.0%
6.1% 6.4% 3.3%
17.0%
23.3% 25.4%
0%
5%
10%
15%
20%
25%
30%
0x
5x
10x
15x
20x
25x
30x
35x
LTM
RG
R%
EBIT
DA
(x)
EBITDA(x) LTM RGR%
13All Rights Reserved to 7 Mile Advisors
RECENT TRANSACTIONS
Date Target Buyer Total Transaction Value Target Revenue TEV / Revenue TEV / EBITDA
29Jan18 Birlasoft (India) Ltd. KPIT Technologies Limited - - - -
22Jan18 Bulletproof Group Limited Australian Centre For Advanced Computing
And Communication Pty Ltd
23.49 39.67 0.6x 39.8x
22Jan18 Toxicology Regulatory Services, Inc. Trinity Consultants, Inc. - - - -
18Jan18 Solekai Systems Corporation Fairway Technologies, Inc. - - - -
17Jan18 Exactpro Systems, LLC EXPLORE123 - - - -
2Jan18 Zhonghang Electronic Measuring Instruments
Co., Ltd
- - 190.97 - -
20Dec17 SQS India BFSI Limited SQS Software Quality Systems AG 20.69 38.89 1.7x 13.0x
18Dec17 SolarBuyer, LLC PI Photovoltaik-Institut Berlin AG - - - -
9Nov17 SQS Software Quality Systems AG Assystem Technologies SA 446.16 377.33 1.1x 13.8x
5Dec17 The Odin Project and Viking Education Inc. Thinkful, Inc. - - - -
23Nov17 Meona GmbH EMERAM Capital Partners GmbH - - - -
21Nov17 Bulletproof Group Limited Macquarie Cloud Services Pty Limited 14.77 37.51 0.4x 29.8x
17Nov17 Nerviano Medical Sciences S.r.l. - - - - -
15Nov17 Polymetrix AG Beijing Sanlian Hope Shin-Gosen Technical
Service Co., Ltd.
- - - -
13Nov17 adaptronic Prüftechnik GmbH Schleuniger Test Automation GmbH - 16.32 - -
8Nov17 TestMatick LTD QA Mentor, Inc. - - - -
1Nov17 CorSource Technology Group, Inc. - - - - -
2Nov17 Primary Integration, LLC Bureau Veritas SA - 23.23 - -
30Oct17 Xavient Information Systems Inc. TELUS International, Inc. 130.00 - - -
24Oct17 VMC Consulting, Inc. Keywords International Limited 49.80 - - -
23Oct17 SYNCOS GmbH Alpina Partners Limited - - - -
23Oct17 Ranorex GmbH IDERA, Inc. - - - -
17Oct17 Praxis Engineering Technologies, Inc. CSRA LLC 235.00 - - -
25Sep17 Principle Solutions Group, LLC Eliassen Group, LLC. - - - -
15Sep17 InfoZen, Inc. ManTech International Corporation 180.00 - - -
13Sep17 QAWorks Limited ECS Digital Limited - - - -
5Sep17 Global Edge Software Ltd. Altran Technologies India Private Limited 15.59 - - -
20Aug17 Cloud Technology Partners, Inc. Hewlett Packard Enterprise Company - - - -
5Sep17 Global Edge Software Ltd. Altran Technologies S.A. - - - -
31Aug17 Galitt. SAS Sopra Steria Group - 36.58 - -
14All Rights Reserved to 7 Mile Advisors
RECENT TRANSACTIONS
Date Target Buyer Total Transaction Value Target Revenue TEV / Revenue TEV / EBITDA
28Aug17 Blue Agility, LLC cPrime Inc. - - - -
25Aug17 Sencha Inc. Embarcadero Technologies, Inc. - - - -
24Aug17 Tech Knowledge Solutions Inc Assumption Group - - - -
23Aug17 ThoughtWorks, Inc. Apax Partners LLP - - - -
22Aug17 Atlantix Global Systems, LLC CXtec Inc. - - - -
9Aug17 Zado Infotech Solutions India Pvt Ltd QA Mentor, Inc. - - - -
9Aug17 Wire Stone, LLC Accenture plc - - - -
7Aug17 VersionOne, Inc. CollabNet, Inc. - - - -
3Aug17 ADM Systems Engineering Ltd. Vinci Energies - 4.75 - -
2Aug17 Halo Group, LLC Fahrenheit IT, Inc. - - - -
1Aug17 Syncroness, Inc. Alten SA - - - -
31Jul17 QSI Group Limited VINCI Energies S.A. - 3.30 - -
28Jul17 Netas Telekomünikasyon A.S. ZTE Cooperatief U.A. - 286.07 - -
21Jul17 Accel Frontline Limited - - 91.51 - -
21Jul17 Global Market Solutions SAS Hiq Consulting - - - -
20Jul17 Advinus Therapeutics Ltd. Eurofins Pharma Services Lux Holding SARL - 18.94 - -
20Jul17 Vitro S.A. GED Iberian Private Equity, S.A., SGEIC;
GED V España, FCR.
- 18.05 - -
10Jul17 Central Illinois Grain Inspection, Inc. SGS SA - 1.00 - -
6Jul17 Project Performance Company, LLC Data Systems Analysts, Inc. - - - -
5Jul17 Marias Technology, Inc. - - - - -
3Jul17 Stratosphere Quality LLC Sojitz Corporation; GREEN TEC
CORPORATION
- 122.00 - -
1Jul17 TechJini Solutions Private Limited Datamatics Global Services Limited 6.05 5.42 1.6x -
30Jun17 Threesixty Logica Testing Services Private
Limited
Saksoft Limited 1.08 - - -
26Jun17 Kentor AB Sopra Steria Group - 38.09 - -
26Jun17 CloudMunch Inc. JFrog Ltd - - - -
12Jun17 ViaWest, Inc. Peak 10 Holding Corporation 1,675.00 - - -
Appendix: Public Basket
Constituents
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 notauthorized for distribution. Please see the Confidentiality Notice & Disclaimer at the end of thedocument. All data cited in this document was believed to be accurate at the time of authorship andcame from publicly available sources. Neither 7 Mile Advisors nor 7M Securities make warranties orrepresentations as to the accuracy or completeness of third-party data contained herein. Thisdocument should be treated as confidential and for the use of the intended recipient only. Pleasenotify 7 Mile Advisors if it was distributed in error.
SECTORWATCH:
Software EngineeringFebruary 2018
R Systems International Limited
16All Rights Reserved to 7 Mile Advisors
R Systems International Limited provides information technology (IT)
solutions and business process outsourcing (BPO) services worldwide.
The company offers Computaris Convergent Charging solution to
converge real-time rating, charging, and billing; mobile broadband
management solutions; Computaris mobile virtual network operator
(MVNO) in a White Box solution for MVNOs business exigencies; and
value added services, as well as product development and
maintenance, system integration, technical support and managed, BPO,
and testing services to the telecom and digital media industries. It also
provides services in area of card less/NFC based transactions;
mobile/tablet applications; product customization/maintenance/support;
ATM management; third-party and customer relationship management
integration; ATM on cloud; deposit automation; and passbook printing
solutions to financial institutes and software companies. In addition, the
company offers OPD-integrated product lifecycle management services,
domain consultancy, enterprise application integration, independent
testing, implementation, offshore product development, software re-
engineering, requirement engineering and GAP analysis, application
development and maintenance, third-party interface/integration,
support, and staff augmentation services for the banking and finance
services sector. Further, it provides IT and BPO services to the
healthcare industry; and ECnet Pro trading platform, a supply chain
management and business-to-business platform to collaborate and
complete purchase related processes and transactions to the
manufacturing and logistics industries. The company was founded in
1993 and is headquartered in Noida, India.
PUBLIC BASKET CONSTITUENTS
Date Key Development Headline
5/5/17 R Systems Seeks Acquisitions
0.0x
0.5x
1.0x
1.5x
2.0x
Revenue Multiples - R Systems International Limited
TEV/Revenue Average
0x
2x
4x
6x
8x
10x
12x
14x
EBITDA Multiples - R Systems International Limited
TEV/EBITDA Average
0x
5x
10x
15x
20x
P/E Multiples - R Systems International Limited
P/E Average
Persistent Systems Limited
17All Rights Reserved to 7 Mile Advisors
Persistent Systems Limited provides computer programming,
consultancy, and related services in Africa, Asia, Australia, Europe, and
North America. The company operates through four segments:
Services, Digital, Alliance, and Accelerite. It engages in providing
software development, professional, and marketing services;
technology solutions in the life sciences, telecom, and product lifecycle
management domains; and the maintenance of IT software and
services. It also deploys, integrates, and runs social communities on
social customer platforms to provide insights; and offers business-
critical infrastructure software for enterprises, telecom operators, and
the public sector. In addition, the company is involved in the business of
a telecommunication API gateway for defining, exposing, controlling,
and monetizing telecom services to partners and application
developers; and operating an Internet of Things service creation
platform that allows enterprises to add a service layer to the basic APIs
exposed to by connected devices, and to expose and monetize these
APIs. Persistent Systems Limited has a strategic collaboration with
Partners HealthCare to develop an industry-wide open-source digital
platform for clinical care. The company was incorporated in 1990 and is
based in Pune, India.
Date Key Development Headline
7/21/17 Persistent Systems Mulls Acquisitions
4/25/17 Persistent Systems and Partners HealthCare Announce
Strategic Collaboration to Develop New Industry-Wide
Open-Source Platform
PUBLIC BASKET CONSTITUENTS
0.0x
0.8x
1.6x
2.4x
3.2x
4.0xRevenue Multiples - Persistent Systems Limited
TEV/Revenue Average
0
4
8
12
16
20EBITDA Multiples - Persistent Systems Limited
TEV/EBITDA Average
0
5
10
15
20
25
30P/E Multiples - Persistent Systems Limited
P/E Average
Globant S.A.
18All Rights Reserved to 7 Mile Advisors
Globant S.A. develops and provides software solutions to clients in
North America, the Latin America, Europe, and Asia. It offers API
management, e-commerce, and digital solutions; graphics engineering,
game engineering, gaming experience, VR/AR development, and digital
platform services; Big Data services, such as data integration, data
architecture, scalable platform, blockchain, data visualization, and data
science; testing center, test automation, mobile testing, and load and
performance testing services. The company also provides enterprise
consumerization services, including enterprise operations, collaboration
solutions, cloud development, and talent management; UX design
services comprising service, user experience, industrial design, and
visual design; and native development, product development, and
enterprise mobility services for mobiles. In addition, it engages in the
provision of cloud technologies and managed services; wearable
application usability and design, hardware integration, data design and
management, and native wearable and embedded development
activities. Further, the company offers software evolution, IT service
management, and software archaeology services; content management
system, e-learning solution, digital marketing, and video content
production services; and cognitive computing services. Globant S.A.
was founded in 2003 and is based in Luxembourg.
Date Key Development Headline
5/31/17 Globant S.A. (NYSE:GLOB) entered into a definitive stock
purchase agreement to acquire PointSource, LLC for $28
million.
4/6/17 Globant S.A. (NYSE:GLOB) acquired Difier S.A. from
3Cinteractive, L.L.C. for $0.03 million.
PUBLIC BASKET CONSTITUENTS
0
1
2
3
4
5
6
7Revenue Multiples - Globant S.A.
TEV/Revenue Average
0
10
20
30
40
50EBITDA Multiples - Globant S.A.
TEV/EBITDA Average
0
10
20
30
40
50
60
70P/E Multiples - Globant S.A.
P/E Average
Luxoft Holding, Inc.
19All Rights Reserved to 7 Mile Advisors
Luxoft Holding, Inc., together with its subsidiaries, provides software
development services and IT solutions to multinational corporations
primarily in Europe and the United States. It offers application software
development, software architecture design, performance engineering,
optimization and testing, process consulting, and software quality
assurance services; functional specification and mock-up, product
design, engineering, automated testing, maintenance, support, and
performance engineering services; and IT strategy, software
engineering process, and data security consulting services. The
company’s products and platforms include Teora, a suite of developer
tools designed to enable automotive human machine interface (HMI)
developers build the logic of their user interface; Populus, a tool chain
for HMI design and development, and the deployment of automotive
user interfaces for distributed embedded systems; and AllView, a user-
experience demonstrator that links instrument cluster, head unit, head-
up display, and mobile devices. It serves financial services, automotive
and transport, travel and aviation, technology, telecom, healthcare and
pharmaceutical, energy, and other industries. The company was
founded in 2000 and is headquartered in Zug, Switzerland.
Date Key Development Headline
11/17/17 Luxoft Holding, Inc. Seeks Acquisitions
2/14/17 Luxoft Holding Seeks Acquisitions
PUBLIC BASKET CONSTITUENTS
0.0
1.0
2.0
3.0
4.0
5.0Revenue Multiples - Luxoft Holding, Inc.
TEV/Revenue Average
0
5
10
15
20
25
30EBITDA Multiples - Luxoft Holding, Inc.
TEV/EBITDA Average
0
9
18
27
36
45P/E Multiples - Luxoft Holding, Inc.
P/E Average
EPAM Systems, Inc.
20All Rights Reserved to 7 Mile Advisors
EPAM Systems, Inc. provides product development and software
engineering solutions worldwide. The company offers software product
development services, including product research, customer experience
design and prototyping, program management, component design and
integration, lifecycle software testing, product deployment and end-user
customization, performance tuning, product support and maintenance,
and managed services, as well as porting and cross-platform migration.
It also provides custom application development services, such as
business and technical requirement analysis, user experience design,
solution architecture creation and validation, development, quality
assurance and testing, legacy applications re-engineering/refactoring,
porting, and cross-platform migration and documentation. In addition,
the company offers software application testing services, including test
automation tools and frameworks; testing for enterprise IT, such as test
management, automation, functional and non-functional testing, and
defect management; and consulting services. Further, it provides
enterprise application platform services comprising requirements
analysis and platform selection, customization, cross-platform
migration, implementation, integration, and support and maintenance.
The company was founded in 1993 and is headquartered in Newtown,
Pennsylvania.
Date Key Development Headline
11/2/17 EPAM Systems Seeks Acquisitions
PUBLIC BASKET CONSTITUENTS
0.0
1.0
2.0
3.0
4.0
5.0
6.0Revenue Multiples - EPAM Systems, Inc.
TEV/Revenue Average
0
5
10
15
20
25
30
35EBITDA Multiples - EPAM Systems, Inc.
TEV/EBITDA Average
0
10
20
30
40
50
60
70P/E Multiples - EPAM Systems, Inc.
P/E Average
Wipro Limited
21All Rights Reserved to 7 Mile Advisors
Wipro Limited operates as an information technology (IT), consulting,
and business process services company worldwide. The company’s IT
Services segment provides a range of IT and IT-enabled services,
which include digital strategy advisory, customer centric design,
technology consulting, IT consulting, custom application design,
development, re-engineering and maintenance, systems integration,
package implementation, infrastructure services, analytics services,
business process services, research and development, and hardware
and software design services to enterprises. This segment serves
customers in various industry verticals comprising banking, financial
services, and insurance; healthcare and life sciences; consumer
business units; energy, natural resources, and utilities; manufacturing
and technology; and communications. The company was founded in
1945 and is headquartered in Bengaluru, India.
Date Key Development Headline
7/4/17 Wipro Limited and Ramot at Tel Aviv University Collaborate
for Joint Research in Emerging Technologies
6/22/17 Wipro Limited Collaborates with Red Hat for Cloud
Application Factory Powered by Red Hat OpenShift
Container Platform
6/5/17 Wipro Denies News Report On Founders Looking To Sell
Part Or All Of Company
4/26/17 Wipro Seeks Acquisitions
4/9/17 Wipro Limited (BSE:507685) completed the acquisition of
InfoSERVER S.A. from Intel Capital and others.
PUBLIC BASKET CONSTITUENTS
0.0
1.0
2.0
3.0
4.0Revenue Multiples - Wipro Limited
TEV/Revenue Average
0
5
10
15
20EBITDA Multiples - Wipro Limited
TEV/EBITDA Average
0
5
10
15
20
25P/E Multiples - Wipro Limited
P/E Average
Capgemini SE
22All Rights Reserved to 7 Mile Advisors
Capgemini SE provides consulting, technology, and outsourcing
services. It operates through Consulting Services, Technology &
Engineering Services, Application Services, and Other Managed
Services segments. The company offers consulting services in the
areas of digital transformation, strategy and transformation, supply
chain management, finance transformation, people and performance,
CIO strategy and transformation, accelerated solutions environment,
and big data and analytics, as well as marketing, sales, and services. It
also designs, develops, and implements technology projects; and
provides system integration, and IT application development and
maintenance services. In addition, the company integrates, manages,
and/or develops client’s IT infrastructure systems, transaction services,
on-demand services, and/or business process outsourcing services;
and offers professional technology services for applications,
engineering, testing, and operations. Capgemini SE was founded in
1967 and is based in Paris, France.
Date Key Development Headline
9/25/17 Capgemini Seeks Investments
9/19/17 Capgemini SE (ENXTPA:CAP) agreed to acquire Lyons
Consulting Group.
7/6/17 Capgemini SE (ENXTPA:CAP) agreed to acquire Radi
Software Do Brasil Ltda. from McDonald's Corporation
(NYSE:MCD).
5/22/17 Tradeshift Holdings Inc. completed the acquisition of IBX
Business Network from Cap Gemini S.A. (ENXTPA:CAP).
3/22/17 Cap Gemini S.A. (ENXTPA:CAP) agreed to acquire Itelios.
PUBLIC BASKET CONSTITUENTS
0.0
0.5
1.0
1.5
2.0Revenue Multiples - Capgemini SE
TEV/Revenue Average
0
3
6
9
12
15EBITDA Multiples - Capgemini SE
TEV/EBITDA Average
0
5
10
15
20
25
30P/E Multiples - Capgemini SE
P/E Average
Infosys Limited
23All Rights Reserved to 7 Mile Advisors
Infosys Limited, together with its subsidiaries, provides consulting,
technology, and outsourcing services in North America, Europe, India,
and internationally. It provides business information technology
services, including application development and maintenance,
independent validation, infrastructure management, and business
process management services, as well as engineering services, such
as engineering and life cycle solutions; and consulting and systems
integration services comprising consulting, enterprise solutions,
systems integration, and advanced technologies. The company’s
products include Finacle, a banking solution that provides analytics,
core banking, consumer e-banking, corporate e-banking, Islamic
banking, mobile banking, origination, payments, SME enable, treasury,
wealth management, and youth banking solutions. Infosys Limited was
founded in 1981 and is headquartered in Bengaluru, India.
Date Key Development Headline
9/17/17 Infosys Limited (NSEI:INFY) agreed to acquire CMA
Systems FZ-LLC from CMA CGM S.A. for $1.
9/10/17 Infosys Limited (NSEI:INFY) completed the acquisition of
Brilliant Basics Holding Limited from Anand Verma,
Founder and CEO and the Management of Brilliant Basics.
9/8/17 Infosys Limited Seeks Acquisitions
8/2/17 Infosys Limited (NSEI:INFY) entered into a definitive
agreement to acquire Brilliant Basics Holding Limited from
Anand Verma, Founder and CEO and the Management of
Brilliant Basics for £7.5 million.
6/9/17 Infosys Denies Any Stake Sale In The Company
PUBLIC BASKET CONSTITUENTS
0.0
1.0
2.0
3.0
4.0
5.0Revenue Multiples - Infosys Limited
TEV/Revenue Average
0
5
10
15
20
EBITDA Multiples - Infosys Limited
TEV/EBITDA Average
0
5
10
15
20
25P/E Multiples - Infosys Limited
P/E Average
Tata Consultancy Services Limited
24All Rights Reserved to 7 Mile Advisors
Tata Consultancy Services Limited provides information technology (IT)
and IT enabled services worldwide. It offers CHROMA, a cloud-based
talent management platform for enterprises to drive next generation
employee experiences across the requisition-to-retire employee
lifecycle; ignio, a cognitive automation system for IT operations in
enterprises; iON, an assessment solution; TAP, an accounts payable
platform; and TCS MasterCraft, a digital platform to automate and
manage IT processes. Tata Consultancy Services Limited is a
subsidiary of Tata Sons Limited.
Date Key Development Headline
10/26/17 Tata Consultancy Services and ACORD Collaborate on
Digital Transformation Enhancements for the Insurance
Industry
10/25/17 National University Signs Pact with Tata Consultancy
Services to Enhance Filipinos' Employability Skills
6/12/17 Tata Consultancy Services Collaborates with Intel
Corporation to Drive Digital Transformations
6/5/17 Tata Consultancy Services and Siemens Unveil New
Collaboration Around Internet of Things Innovation
5/18/17 Tata Consultancy Services, Qualcomm Incorporated and
FHI 360 Collaborate to Create Wireless Solution for
Fisheries in Senegal
3/30/17 Tata Consultancy Services Collaborates with SATS Ltd. to
Develop Smart Watch Solution for Airport Technical Ramp
Operations
PUBLIC BASKET CONSTITUENTS
0.0
2.0
4.0
6.0
8.0Revenue Multiples - Tata Consultancy Services Limited
TEV/Revenue Average
0
5
10
15
20
25
30EBITDA Multiples - Tata Consultancy Services Limited
TEV/EBITDA Average
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. Securities offered through 7M
Securities LLC.
CONTACT INFORMATION
25All Rights Reserved to 7 Mile Advisors
Charlotte | Los Angeles | Tampa | Houston | Chicago
Leroy Davis, Partner 704.899.5962 [email protected]
Tripp Davis, Partner 704.899.5762 [email protected]
Andy Johnston, Partner 704.899.5961 [email protected]
Tom Dinnegan, Managing Director 310. 426.2410 [email protected]
Ben Lunka, Managing Director 704.496.2995 [email protected]
Jeff Stoecklein, Managing Director 312-373-3737 [email protected]
Kristina Sergueeva, Director 704.899.5149 [email protected]
Neil Churman, Director 704.899.5960 x 121 [email protected]
John Cooper, Director 704.973.3996 [email protected]
Tim Frye, Director 704.973.3994 [email protected]
Casey Augustine, Business Development - Manager 704.973.3999 [email protected]
Nicholas Prendergast, Financial Analyst 704.899.5960 [email protected]
Ariail Siggins, Marketing Director 704.899.5960 x 123 [email protected]
Rory Julyan, Associate 704.899.5960 [email protected]
Chevonese Dacres, Analyst 360.499.1502 [email protected]