Industry Overview | M&A Transaction Comparables (Engineering/IT/Software & Services)

Target Buyer/Investor Announced Date Closed Date Total Transaction Value Implied Enterprise Value Target Total Revenue [LTM] Implied EV/Revenue (x) Target EBITDA [LTM] Target EBITDA Margin % Implied EV/EBITDA (x)
Convergys Corporation (NYSE:CVG) Concentrix Corporation 06/28/2018 $2,534 $2,733 $2,739 0.9x $342 13% 7.4x
Engility Holdings, Inc. (NYSE:EGL) Science Applications International Corporation (NYSE:SAIC) 09/10/2018 $2,450 $2,490 $1,917 1.3x $178 9% 13.7x
Syntel, Inc. (NasdaqGS:SYNT) Atos SE (ENXTPA:ATO) 07/22/2018 $3,541 $3,669 $966 3.7x $263 27% 13.5x
Aricent Inc. Altran US 11/30/2017 03/22/2018 $2,000 $2,000 $687 2.9x $192 28% 10.4x
SQS Software Quality Systems AG Assystem Technologies SA 12/15/2017 02/19/2018 $400 $436 $380 1.1x $29 8% 13.7x
IGE+XAO Group (ENXTPA:IGE) Schneider Electric Industries SAS 11/08/2017 11/08/2017 $172 $208 $35 5.0x $10 28% 17.8x
Ausy SA Randstad France SA 06/20/2016 01/25/2017 $430 $457 $484 0.9x $42 9% 10.6x
 
Maximum $3,541 $3,669 $2,739 5.0x $342 28% 17.8x
75th Percentile $2,492 $2,612 $1,442 3.3x $227 28% 13.7x
Median $2,000 $2,000 $687 1.3x $178 13% 13.5x
25th Percentile $415 $447 $432 1.0x $36 9% 10.5x
Minimum $172 $208 $35 0.9x $10 8% 7.4x
Average $1,647 $1,714 $1,030 2.2x $151 17% 12.4x
($USD mm, Historical rate)**

**M&A Transaction Comparables based on Target’s Last Twelve Months [LTM] Financial Disclosures at the date of Announcement

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