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Sectorwatch: Digital Transformation March 2020

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Page 1: Sectorwatch: Digital Transformation - 7 Mile Advisors

Sectorwatch:Digital TransformationMarch 2020

Page 2: Sectorwatch: Digital Transformation - 7 Mile Advisors

2

Digital TransformationMarch 2020

Sector Dashboard [4]

Public Basket Performance [5]

Operational Metrics [7]

Valuation Comparison [10]

Recent Deals [13]

Appendix [14]

7 Mile Advisors appreciates the opportunity to present this confidential information to the Company. This document is meant to bedelivered 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 camefrom publicly available sources. Neither 7 Mile Advisors nor 7M Securities make warranties or representations as to the accuracy orcompleteness of third-party data contained herein. This document should be treated as confidential and for the use of the intendedrecipient only. Please notify 7 Mile Advisors if it was distributed in error.

Page 3: Sectorwatch: Digital Transformation - 7 Mile Advisors

3

Overview

7MA provides Investment Banking & Advisory Services to the Business Services and TechnologyIndustries globally. We advise on M&A and private capital transactions, and provide market assessmentsand benchmarking. As a close knit team with a long history together and a laser focus on our targetmarkets, we help our clients sell their companies, raise capital, grow through acquisitions, and evaluatenew markets. We publish our sectorwatch, a review of M&A and operational trends in the industries wefocus.

Dashboard• Summary metrics on the sector• Commentary on market momentum by

comparing the most recent 12-month performance against the last 3-year averages.

Public Basket Performance• Summary valuation and operating metrics

for a basket of comparable public companies

Valuation Comparison• Graphical, detailed comparison of

valuation multiples for the public basket

Recent Deals• The most recently announced deals in the

sector

Page 4: Sectorwatch: Digital Transformation - 7 Mile Advisors

4

Dashboard

Operating Metrics

Valuation

Revenue Growth

-0.3% 1 - year revenue growth compared to revenue growth

average for last 3 years

Pricing / Gross Margin

-2.5% 1 - year gross profit % compared to gross profit %

average for last 3 years

Profitability

-0.01% 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

8.3%

15.6%

31.6%

0% 10% 20% 30% 40%

Median LTM Rev. Growth %

Median LTM EBITDA Margin %

Median LTM GP Margin %

2.4x

11.8x

13.5x

17.8x

0x 10x 20x 30x

Median TEV / LTM Revenue

Median TEV / LTM EBITDA

Median TEV / LTM EBIT

Median Price / LTM Earnings

Page 5: Sectorwatch: Digital Transformation - 7 Mile Advisors

5

Public Basket

Company TEV $mLTM Rev

$m

Rev Growth

YoY GP %EBITDA

%TEV / Rev X

TEV / EBITDA

X # FTEsRev / FTE $k

Endava plc 1,718 421 23% 28% 9% 4.1 44.4 5,754 73

Globant S.A. 3,310 659 26% 39% 18% 5.0 25.5 11,855 56

EPAM Systems, Inc. 8,988 2,294 24% 35% 15% 3.9 21.2 36,739 62

Capgemini SE 14,918 15,851 7% 12% 15% 1.0 6.5 219,300 72

WPP plc 12,660 17,527 -15% 18% 12% 0.8 5.6 106,786 164

Cognizant Technology Solutions Corporation 24,452 16,783 4% 37% 20% 1.5 7.0 292,500 57

Infosys Limited 31,718 12,642 10% 32% 24% 2.7 11.2 228,123 55

Accenture plc 95,130 44,656 6% 31% 16% 2.1 12.4 492,000 91

Average 24,112 13,854 11% 29% 16% 2.6 16.7 174,132 79

Median 13,789 14,247 8% 32% 16% 2.4 11.8 163,043 67

share price as of 25Mar20

Page 6: Sectorwatch: Digital Transformation - 7 Mile Advisors

6

Public Basket Valuation Trends

Public EBITDA Multiples over Time

Public Revenue Multiples over Time

13.7x

2.8x

0x

5x

10x

15x

20x

May-1

5

Aug-1

5

Nov-1

5

Feb-1

6

May-1

6

Aug-1

6

Nov-1

6

Feb-1

7

May-1

7

Aug-1

7

Nov-1

7

Feb-1

8

May-1

8

Aug-1

8

Nov-1

8

Feb-1

9

May-1

9

Aug-1

9

Nov-1

9

Feb-2

0

TEV/EBITDA - Median TEV/Revenue - Median

TEV/EBITDA - Average TEV/Revenue - Average

0x

5x

10x

15x

20x

May-1

5

Aug-1

5

Nov-1

5

Feb-1

6

May-1

6

Aug-1

6

Nov-1

6

Feb-1

7

May-1

7

Aug-1

7

Nov-1

7

Feb-1

8

May-1

8

Aug-1

8

Nov-1

8

Feb-1

9

May-1

9

Aug-1

9

Nov-1

9

Feb-2

0

TEV/EBITDA - Median TEV/EBITDA - Average

0x

1x

2x

3x

4x

May-1

5

Aug-1

5

Nov-1

5

Feb-1

6

May-1

6

Aug-1

6

Nov-1

6

Feb-1

7

May-1

7

Aug-1

7

Nov-1

7

Feb-1

8

May-1

8

Aug-1

8

Nov-1

8

Feb-1

9

May-1

9

Aug-1

9

Nov-1

9

Feb-2

0

TEV/Revenue - Median TEV/Revenue - Average

Page 7: Sectorwatch: Digital Transformation - 7 Mile Advisors

7

Operational Metrics

LTM Gross Profit Margin % LTM EBITDA %

- 20% 40% 60%

Median

Capgemini SE

WPP plc

Endava plc

Accenture plc

Infosys Limited

EPAM Systems, Inc.

Cognizant Technology

Solutions Corporation

Globant S.A.

- 10% 20% 30%

Median

Endava plc

WPP plc

Capgemini SE

EPAM Systems, Inc.

Accenture plc

Globant S.A.

Cognizant Technology

Solutions Corporation

Infosys Limited

Page 8: Sectorwatch: Digital Transformation - 7 Mile Advisors

8

Operational Metrics

LTM Revenue Growth %LTM Revenue per

Full Time Employee x 000’s

(20%) (10%) - 10% 20% 30%

Median

WPP plc

Cognizant Technology

Solutions Corporation

Accenture plc

Capgemini SE

Infosys Limited

Endava plc

EPAM Systems, Inc.

Globant S.A.

$- $50 $100 $150 $200

Median

Infosys Limited

Globant S.A.

Cognizant Technology

Solutions Corporation

EPAM Systems, Inc.

Capgemini SE

Endava plc

WPP plc

Page 9: Sectorwatch: Digital Transformation - 7 Mile Advisors

9

Operational Metrics

Accounts Receivable TurnoverAverage Days

Sales Outstanding

0x 1x 2x 3x 4x 5x 6x

Median

WPP plc

Infosys Limited

Endava plc

Cognizant Technology

Solutions Corporation

Globant S.A.

EPAM Systems, Inc.

Accenture plc

0x 50x 100x 150x 200x 250x

Median

Accenture plc

EPAM Systems, Inc.

Globant S.A.

Cognizant Technology

Solutions Corporation

Endava plc

Infosys Limited

WPP plc

Page 10: Sectorwatch: Digital Transformation - 7 Mile Advisors

10

Valuation

TEV / LTM Revenue TEV / LTM EBITDA

0x 2x 4x 6x 8x

Median

WPP plc

Capgemini SE

Cognizant Technology

Solutions Corporation

Accenture plc

Infosys Limited

EPAM Systems, Inc.

Endava plc

Globant S.A.

0x 20x 40x 60x

Median

WPP plc

Cognizant

Technology Solutions

Corporation

Capgemini SE

Infosys Limited

Accenture plc

EPAM Systems, Inc.

Globant S.A.

Endava plc

Page 11: Sectorwatch: Digital Transformation - 7 Mile Advisors

11

Valuation

TEV / LTM EBIT Price / LTM Earnings

0x 20x 40x 60x

Median

Cognizant Technology

Solutions Corporation

Capgemini SE

WPP plc

Infosys Limited

Accenture plc

EPAM Systems, Inc.

Globant S.A.

Endava plc

0x 20x 40x 60x 80x 100x

Median

WPP plc

Cognizant Technology

Solutions Corporation

Infosys Limited

Capgemini SE

Accenture plc

EPAM Systems, Inc.

Globant S.A.

Endava plc

Page 12: Sectorwatch: Digital Transformation - 7 Mile Advisors

12

Valuation

Historical Valuation Multiples versus Gross Profit

Historical Valuation Multiples versus Revenue Growth Rate

6x 7x 7x 11x 12x 21x 25x 44x

18.2%

36.6%

12.3%

32.0%

31.3%

35.1%

38.6%

27.8%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

0x

5x

10x

15x

20x

25x

30x

35x

40x

45x

50x

LTM

GP%

EBIT

DA(x

)

EBITDA(x) LTM GP%

6x 7x 7x 11x 12x 21x 25x 44x

(15.2%)

4.1%

7.0%

9.5%

5.7%

24.5% 26.2%

23.1%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

0x

5x

10x

15x

20x

25x

30x

35x

40x

45x

50x

LTM

RG

R%

EBIT

DA(x

)

EBITDA(x) LTM RGR%

Page 13: Sectorwatch: Digital Transformation - 7 Mile Advisors

13

Recent Transactions

Date Target Buyer / Investor

Total Transaction Value ($m)

Target Revenue

($m)

TEV / Revenue

(X)

TEV / EBITDA

(X)

25Feb20 The Armada Group, Inc. Eliassen Group, LLC - - - -

17Feb20 AccelerateRPA Ltd Robiquity Limited - - - -

5Feb20 Audio Fidelity Communications Corporation AVI-SPL, Inc. - - - -

5Feb20 ZoftNow Inc. Prodigy Ventures Inc. 0.54 - - -

4Feb20 Cettiworks, LLC McLane Intelligent Solutions, LLC - - - -

12Jan20 Incentive Technology Group, LLC ICF Incorporated, L.L.C. 255.00 90.00 2.8x -

18Dec19 Maven Wave Partners LLC Atos SE - - - -

17Dec19 Exozet Berlin GmbH Endava plc - - - -

22Nov19 SpireMedia, Inc. Kin and Carta plc 34.85 9.40 3.7x -

5Nov19 Naya Pai Technologies Ltd EPAM Systems, Inc. - - - -

1Nov19 Intuitus Limited Endava plc - - - -

4Nov19 Onica Inc. Rackspace Hosting, Inc. - - - -

15Oct19 Rightpoint Consulting, LLC Genpact USA, Inc. - - - -

10Sep19 Skookum, Inc. GlobalLogic Inc. - - - -

1Jul19 COMPETENTUM USA, Ltd. EPAM Systems, Inc. 14.20 - - -

14May19 Love Mobile PTY Ltd KPMG Australia - - - -

13May19 Assets of Sundog Interactive, Inc. Perficient, Inc. 14.00 - - -

29Mar19 Droga5, LLC Accenture Interactive - - - -

1Mar19 Microsoft Business Unit of SADA Systems, Inc.

Core BTS, Inc. - - - -

5Mar19 Touchtown, Inc. Uniguest Inc. - - - -

17Jan19 Avanxo (Bermuda) Limited Globant S.A. 48.56 - - -

6Jan19 Luxoft Holding, Inc. DXC Technology Company 2,072.15 904.44 2.2x 20.6x

14Nov18 Yellow Brand Protection AB Corsearch, Inc. - - - -

1Nov18 Think Limited EPAM Systems, Inc. 0.03 - - -

17Oct18 TargetST8 Consulting, LLC Accenture plc - - - -

4Oct18 Softvision, LLC Cognizant Technology Solutions Corporation 541.00 - - -

10Sep18 Artificial Intelligence Platform Business of Magnetic Media Online, Inc.

Deloitte Digital - - - -

13Aug18 iQuest GmbH & Co KG Allgeier SE - 34.24 - -

9Aug18 Pillar Technology Group, LLC Accenture plc - 52.00 - -

Page 14: Sectorwatch: Digital Transformation - 7 Mile Advisors

14

APPENDIX:

Public Basket

Constituents

7 Mile Advisors appreciates the opportunity to present this confidential information to the Company. This document is meant to bedelivered 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 camefrom publicly available sources. Neither 7 Mile Advisors nor 7M Securities make warranties or representations as to the accuracy orcompleteness of third-party data contained herein. This document should be treated as confidential and for the use of the intendedrecipient only. Please notify 7 Mile Advisors if it was distributed in error.

Digital TransformationMarch 2020

Page 15: Sectorwatch: Digital Transformation - 7 Mile Advisors

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Public Basket

Endava plc

Endava plc provides technology services for clients in theconsumer products, healthcare, logistics, and retail verticalsin Europe, Latin America, and the United States. It offersstrategy, creative and user experience, insights throughdata, mobile and Internet of Things, architecture, smartautomation, software engineering, test automation andengineering, continuous delivery, cloud, applicationsmanagement, and smart desk services across the digitalevolution, agile transformation, and automation solutionareas. The company was founded in 2000 and isheadquartered in London, United Kingdom.

Date Key Development Headline12/16/19 Endava plc (NYSE:DAVA) acquired Exozet Berlin GmbH from

German Startups Group GmbH & Co. KGaA (XTRA:GSJ) and others.

11/3/19 Endava plc (NYSE:DAVA) acquired of Intuitus Limited.

8/30/19 WorldPay (UK) Limited completed the acquisition of EndavaTechnology SRL from Endava plc (NYSE:DAVA).

6/2/19 WorldPay (UK) Limited agreed to acquire Endava Technology SRL from Endava plc (NYSE:DAVA) for £6 million.

0x

2x

4x

6x

8x

Revenue Multiples - Endava plc

TEV/Revenue Average

0x

20x

40x

60x

EBITDA Multiples - Endava plc

TEV/EBITDA Average

0x

20x

40x

60x

80x

100x

P/E Multiples - Endava plc

P/E Average

Page 16: Sectorwatch: Digital Transformation - 7 Mile Advisors

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Public Basket

Globant S.A., a technology services company, providesservices related to application development, testing,infrastructure management, and application maintenanceworldwide. The company offers machine learning, patternrecognition, natural language understanding, future oforganizations, customer insight, behavioral change, productinnovation, design thinking, product management discoveryand delivery, and product coaching services. It also providesprocess appraisal, automated, process evolution, deliverymanagement, agile consultancy, management consulting,user experience, visual and service, industrial design, mobileengineering, fast prototyping, and mobile and productstrategy services. In addition, the company offers gameengineering and experience, digital platform, virtual andaugmented reality, graphics engineering, 3D and 2D art, e-Sports, data architecture, data science, distributed platform,data integration, data visualization, and blockchain services.Globant S.A. was founded in 2003 and is based inLuxembourg City, Luxembourg.

Globant S.A.

Date Key Development Headline8/11/19 Globant S.A. (NYSE:GLOB) acquired Belatrix Global

Corporation S.A. for $65 million.

1/31/19 Globant S.A. (NYSE:GLOB) completed the acquisition of Avanxo (Bermuda) Limited.

0x

2x

4x

6x

8x

Revenue Multiples - Globant S.A.

TEV/Revenue Average

0x

10x

20x

30x

40x

50xEBITDA Multiples - Globant S.A.

TEV/EBITDA Average

0x

20x

40x

60x

80x

100x

P/E Multiples - Globant S.A.

P/E Average

Page 17: Sectorwatch: Digital Transformation - 7 Mile Advisors

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Public Basket

EPAM Systems, Inc.

EPAM Systems, Inc. provides software product developmentand digital platform engineering services primarily in NorthAmerica, Europe, Asia, and Australia. It offers softwareproduct development services, including product research,customer experience design, prototyping, programmanagement, component design and integration, lifecyclesoftware testing, product deployment, end-usercustomization, performance tuning, product support andmaintenance, managed services, and porting and cross-platform migration. The company provides customapplication development services, such as business andtechnical requirement analysis, user experience design,solution architecture creation and validation, development,component design and integration, quality assurance andtesting, deployment, performance tuning, support andmaintenance, legacy applications re-engineering/refactoring,porting and cross-platform migration, and documentation.The company was founded in 1993 and is headquartered inNewtown, Pennsylvania.

Date Key Development Headline3/1/20 EPAM Systems, Inc. (NYSE:EPAM) acquired Deltix, Inc. for

$29.6 million.

11/4/19 EPAM Systems, Inc. (NYSE:EPAM) acquired NAYA Technologies.

7/1/19 EPAM Systems, Inc. (NYSE:EPAM) acquired Competentum-USA Ltd. for $14.2 million.

5/9/19 EPAM To Seek Investments

0x

2x

4x

6xRevenue Multiples - EPAM Systems, Inc.

TEV/Revenue Average

0x

10x

20x

30x

40x

50xEBITDA Multiples - EPAM Systems, Inc.

TEV/EBITDA Average

0x

20x

40x

60x

80x

100x

P/E Multiples - EPAM Systems, Inc.

P/E Average

Page 18: Sectorwatch: Digital Transformation - 7 Mile Advisors

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Public Basket

Capgemini SE

Capgemini SE provides consulting, technology, and digitaltransformation services. It addresses clients’ opportunities inthe world of cloud, digital, and platforms, as well as enablesorganizations to realize business ambitions through an arrayof services from strategy to operations. The company’sConsulting Services segment offers strategy andtransformation consulting services primarily in digitaltransformation that enhance the performance oforganizations based on intimate client relationships, and theknowledge of client industries and processes. Its Technology& Engineering Services segment provides assistance andsupport to internal IT teams of client companies. CapgeminiSE was founded in 1967 and is based in Paris, France.

Date Key Development Headline3/24/20 Capgemini SE (ENXTPA:CAP) entered into an agreement

to acquire WhiteSky Labs Pty. Ltd.

3/2/20 Capgemini and Audi Plan to Form A Joint Venture Focused on SAP and Cloud Services

2/17/20 Capgemini SE (ENXTPA:CAP) entered into an agreement to acquire Advectas AB.

2/9/20 Capgemini SE (ENXTPA:CAP) completed the acquisition of 54.7% stake Altran Technologies S.A. (ENXTPA:ALT) from Altamir SCA (ENXTPA:LTA), Apax Partners SAS, Elliott Management Corporation and others for €2 billion.

6/24/19 Altran Technologies S.A., Capgemini SE - M&A Call

0x

1x

2x

3xRevenue Multiples - Capgemini SE

TEV/Revenue Average

0x

3x

6x

9x

12x

15xEBITDA Multiples - Capgemini SE

TEV/EBITDA Average

0x

10x

20x

30xP/E Multiples - Capgemini SE

P/E Average

Page 19: Sectorwatch: Digital Transformation - 7 Mile Advisors

19

Public Basket

WPP plc

WPP plc, a creative transformation company, providescommunications, experience, commerce, and technologyservices worldwide. The company operates through foursegments: Advertising and Media Investment Management;Data Investment Management; Public Relations & PublicAffairs; and Brand Consulting, Health & Wellness andSpecialist Communications. It offers advertising, content,media investment, and public relations and public affairsservices; and branding and design, service design, andplatforms and applications. The company also creates direct-to-consumer platforms and helps clients navigatemarketplaces; and provides online and offline commercesolutions. In addition, it provides data management,marketing technology consulting, and systems integrationservices. WPP plc was founded in 1985 and is based inLondon, the United Kingdom.

Date Key Development Headline2/10/20 WPP plc (LSE:WPP) acquired an additional 21% stake in The

& Partners London Limited from Johnny Hornby and his management team.

12/15/19 Bruin Sports Capital LLC agreed to acquire unknown majority stake in Two Circles Limited from WPP plc (LSE:WPP).

12/4/19 Bain Capital Private Equity, LP completed the acquisition of 60% stake in Kantar from WPP plc (LSE:WPP).

0x

1x

2x

3x

4x

5xRevenue Multiples - WPP plc

TEV/Revenue Average

0x

10x

20x

30xEBITDA Multiples - WPP plc

TEV/EBITDA Average

0x

20x

40x

P/E Multiples - WPP plc

P/E Average

Page 20: Sectorwatch: Digital Transformation - 7 Mile Advisors

20

Public Basket

Cognizant Technology Solutions Corporation

Cognizant Technology Solutions Corporation, a professionalservices company, provides consulting and technology, andoutsourcing services worldwide. The company operatesthrough four segments: Financial Services; Healthcare;Products and Resources; and Communications, Media andTechnology. It offers business, process, operations, andtechnology consulting services; application design anddevelopment, and systems integration services; applicationtesting, consulting, and engineering services; and enterpriseinformation management services. The company wasfounded in 1994 and is headquartered in Teaneck, NewJersey.

Date Key Development Headline3/22/20 Cognizant Technology Solutions Corporation

(NasdaqGS:CTSH) entered into an agreement to acquire Lev plus.

2/2/20 Cognizant Technology Solutions Corporation (NasdaqGS:CTSH) acquired Code Zero Consulting.

10/30/19 Cognizant Technology Solutions Corporation (NasdaqGS:CTSH) completed the acquisition of Contino LTD from Columbia Capital, L.P., Top Tier Capital Partners, LLC and others for approximately $240 million.

10/15/19 Cognizant Technology Solutions Corporation (NasdaqGS:CTSH) entered into an agreement to acquire Contino LTD from Columbia Capital, L.P., Top Tier Capital Partners, LLC and others.

8/12/19 Cognizant Technology Solutions To Seek Acquisitions

0x

1x

2x

3x

4x

5xRevenue Multiples - Cognizant Technology

Solutions Corporation

TEV/Revenue Average

0x

10x

20x

30xEBITDA Multiples - Cognizant Technology

Solutions Corporation

TEV/EBITDA Average

0x

10x

20x

30x

40xP/E Multiples - Cognizant Technology

Solutions Corporation

P/E Average

Page 21: Sectorwatch: Digital Transformation - 7 Mile Advisors

21

Public Basket

Infosys Limited

Infosys Limited, together with its subsidiaries, providesconsulting, technology, and outsourcing services in NorthAmerica, Europe, India, and internationally. It providesbusiness information technology services, includingapplication development and maintenance, independentvalidation, infrastructure management, and business processmanagement services, as well as engineering services, suchas engineering and life cycle solutions; and consulting andsystems integration services comprising consulting,enterprise solutions, systems integration, and advancedtechnologies. The company’s products include Finacle, abanking 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 inBengaluru, India.Date Key Development Headline3/12/20 Infosys Limited (NSEI:INFY) completed the acquisition of

Simplus from Salesforce Ventures, Inc., other institutional investors, founders and key employees.

2/9/20 Infosys Limited (NSEI:INFY) entered into a definitive agreement to acquire Simplus from Salesforce Ventures, Inc., other institutional investors, founders and key employees for $200 million.

10/9/19 Infosys Enters into Strategic Partnership with Eishtec

8/22/19 Infosys and University of Illinois Urbana-Champaign Enter a Strategic Partnership for Precision Medicine

0x

1x

2x

3x

4x

5x

Revenue Multiples - Infosys Limited

TEV/Revenue Average

0x

10x

20x

30xEBITDA Multiples - Infosys Limited

TEV/EBITDA Average

0x

10x

20x

30x

40xP/E Multiples - Infosys Limited

P/E Average

Page 22: Sectorwatch: Digital Transformation - 7 Mile Advisors

22

Public Basket

Accenture plc

Accenture plc provides consulting, technology, andoutsourcing services in Ireland and internationally. ItsCommunications, Media & Technology segment providesprofessional services that help clients accelerate and deliverdigital transformation, develop industry-specific solutions,and enhance efficiencies and business results forcommunications, media, high tech, software, and platformcompanies. The company’s Financial Services segmentoffers services that address profitability pressures, industryconsolidation, regulatory changes, and the need tocontinually adapt to new digital technologies for banking,capital markets, and insurance industries. Accenture plc wasfounded in 1989 and is based in Dublin, Ireland.

Date Key Development Headline3/20/20 SAP and Accenture Launch Upstream Oil and Gas Solution to

Help Streamline Processes and Costs

3/5/20 Accenture plc (NYSE:ACN) acquired Context Information Security Limited from Babcock International Group PLC (LSE:BAB) for approximately £110 million.

2/27/20 Accenture plc (NYSE:ACN) completed the acquisition of Mudano Limited.

2/27/20 Accenture plc (NYSE:ACN) completed the acquisition of Workday, Salesforce and U.S. MuleSoft Practices from Sierra-Cedar Group Inc.

2/26/20 Accenture plc (NYSE:ACN) acquired AlphaBeta Pty Ltd.

0x

1x

2x

3x

4x

5x

Revenue Multiples - Accenture plc

TEV/Revenue Average

0x

5x

10x

15x

20x

EBITDA Multiples - Accenture plc

TEV/EBITDA Average

0x

10x

20x

30x

40x

P/E Multiples - Accenture plc

P/E Average

Page 23: Sectorwatch: Digital Transformation - 7 Mile Advisors

23

7MA provides Investment Banking & Advisory Services to the Business Services and Technology Industries globally. We advise on M&A andprivate capital transactions and provide market assessments and benchmarking. As a close-knit team with a long history together and a laserfocus 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.

Leroy Davis, Partner 704.899.5962 [email protected]

Tripp Davis, Partner 704.899.5762 [email protected]

Andy Johnston, Partner 704.899.5961 [email protected]

Mark Landry, Managing Director 561.972.0609 [email protected]

Ben Lunka, Managing Director 704.496.2995 [email protected]

John Cooper, Director 704.973.3996 [email protected]

Tim Frye, Director 704.973.3994 [email protected]

Kristina Sergueeva, Director 704.899.5149 [email protected]

Ben Garber, Vice President 412.626.7898 [email protected]

Nicholas Prendergast, Vice President 704.973.3995 [email protected]

Garth Martin, Vice President 704.973.3997 [email protected]

Ariail Barker, Director, Sales & Marketing 704.981.2908 [email protected]

Emily Halstenberg, Marketing & Sales Coordinator 704.409.9912 [email protected]

Marty Johnson, Senior Associate 704.973.3999 [email protected]

Sydney Scadden, Senior Associate 704.973.3998 [email protected]

Steve Buffington, Associate 704.960.1828 [email protected]

Dennis Fox, Associate 704.706.9168 [email protected]

Daniel Kim, Associate 704.912.4584 [email protected]

Olufunke Abass, Associate 704.285.8171 [email protected]

Robin Siegel, Analyst 704.490.4714 [email protected]

CONTACT INFO