FP - CTS Report Q3.20

CONSULTING & TECHNOLOGY SERVICES
INDUSTRY UPDATE │ Q3 2020 IN REVIEW
FAIRMOUNT PARTNERS The enclosed commentary is neither an offer to sell nor an offer to buy securities, nor
is it a form of investment recommendation. The information contained herein has
WWW.FAIRMOUNTPARTNERS.COM been obtained from sources that we believe to be reliable, but we do not guarantee
its accuracy or completeness. Fairmount Partners and/or its employees may have a
100 FOUR FALLS CORPORATE CENTER, SUITE 660 position in the securities of the companies described herein. Available information
WEST CONSHOHOCKEN, PA 19428 supporting this report will be furnished upon request. Fairmount Partners may seek to
Fairmount Partners LP is a registered Broker Dealer Member FINRA and SIPC. provide corporate finance services for the companies mentioned herein.
Consulting & Technology Services Industry Update: Q3 2020 In Review
Fairmount Partners: Our Practice
Contents
Fairmount Partners, headquartered in suburban Philadelphia, is a leading independent mergers &
Fairmount Partners Transactions acquisitions (M&A) advisor to the consulting and technology services industry. Our significant experience
Introduction & General Market Update covers a broad range of business models including Commercial IT, Management Consulting, Staffing,
Market Snapshot Business Process Outsourcing (BPO), and Government IT. We work closely with successful owner
Market Overview executives and their investors to complete sales, acquisitions and financing transactions typically ranging
Commercial IT in size from $25 to $500 million (mm).
Management Consulting Fairmount Partners: Select Recent Transactions
Staffing and Related Services
Digital Regulatory Bus. Transformation IT and Life Sciences Education
Business Process Outsourcing
Transformation Compliance Services Consulting Staffing Staffing
Government IT
Appendix
Public Company Statistics
Contacts
Dick Thatcher
Managing Director
Phone: 610.260.6238
Email: dick.thatcher Members of Fairmount’s team will participate in the following 2020 industry conferences:
Andy Brown Month Conference Month Conference Month Conference
Director
Mar Xchange Jun DIA Annual Meeting Sep Interop
Phone: 610.260.6204
We typically list the CTS conferences that Fairmount Partners plans to attend this year. Sadly,
Email: andrew.brown Mar
many HIMMS 2020
of these Jun cancelled
conferences have been or postponed and will Sep
Cloud Expo not allowWorkday
for theRising
typical
face-to-face activities
Mar SIA Exec Forum that we value so much. While
Jun Bullhorn Engagewe will miss seeing all of you
Oct HR Tech in person, we
look forward to staying virtually connected. Please do not hesitate to reach out to the
Mar Strata & Hadoop
members World
of our CTS team toJul Microsoft
stay in Inspire information Nov
touch (contact listed toTechServe
the left).Alliance
Apr Internet of Things World Sep Oracle Open World Nov Salesforce Dreamforce
e-mail @fairmountpartners.com May Knowledge20 Sep Contract Pharma Nov AWS re:Invent
Fairmount Partners Investment Banking
PAGE │ 2
www.fairmountpartners.com
Fairmount Partners Transactions
Fairmount Partners: Representative Transactions
As a firm, Fairmount has completed over 235 transactions with buyers and sellers across 20 countries. We focus on emerging-growth, middle-market
companies and have a track record of generating improved valuations and terms.
Acquired By

PAGE │ 3
Introduction & General Market Update
Market Overview: LTM(1) Stock Performance: Global Indices
60% 60%
Global M&A Activity: Global M&A activity experienced a resurgence in Q3
2020 following the slowdown during the first half of 2020 (“H1-20”) due to 40% 40%
Performance
the COVID-19 pandemic. Bolstered by a record level of ‘megadeals’, often
defined as transactions that are larger than $5 billion in enterprise value, Q3
performance
20% 20%
2020 recorded a 94% increase in total deal value compared to Q2 2020 and
marked the highest quarter in deal value since Q2 2018, according to
1 yearMonth
0% 0%
Refinitiv. While the total number of transactions completed in Q3 2020
remained depressed relative to same period in 2019, transaction volume did -20% -20%
Last Twelve
increase over Q2 2020 as the M&A market thaws out from the lows in H1-20. -40% -40%
U.S. M&A Activity: The US M&A market rebounded more than 400% in terms -60% -60%
of deal value between Q2 2020 and Q3 2020, and Q3 2020 deal value
increased 38% over the same period in 2019, according to MergerMarket.
Much of this recent growth was due to the increase in megadeals, with at
least 19 transactions greater than $5 billion announced in Q3 2020. Financial S&P 500 (15.2%) NASDAQ (41.3%) Russell 2000 (1.9%) BSE Sensex (-0.3%)
sponsors continue to exhibit strong levels of deal making in 2020. Private- DJIA (5.5%) Shanghai SE (10.0%) Euronext 150 (-5.3%)
equity backed transactions accounted for 15% of M&A activity during the first
nine months of 2020, reflecting the highest level of private equity deals since LTM(1) Stock Performance: Consulting & Tech Services
the first nine months of 2007, according to Refinitiv. Further, financial
40% 40%
sponsors continue to direct liquidity to alternative transaction vehicles in
2020, including Special Purpose Acquisition Companies (“SPACs”), and Private
Month Performance
30% 30%
Investment in Public Equity (“PIPE”) transactions. Notably, SPACs raised more 20% 20%
1 year performance
than $37 billion during the first nine months of 2020, per DealLogic. In 10% 10%
addition to strong activity from financial sponsors, corporations are
increasingly becoming more active in the market, both as sellers and buyers, 0% 0%
with year to date corporate divestiture activity returning to the strong levels -10% -10%
exhibited in 2019. Last Twelve -20% -20%
Looking Ahead: There have been a significant number of companies that have -30% -30%
recently come to market or are expected be up for sale in Q4 2020. The US -40% -40%
Presidential Election in Q4 2020 has many business owners weighing possible
tax law changes, specifically as it relates to capital gains tax, and concluding
that a sale now may be in their best interest. COVID-19 restrictions have also
lessened in certain geographies and dealmakers have adapted to remote Commercial IT (19.9%)
Business Process Outsourcing (-8.1%)
Government IT (-12.1%)
Management Consulting (17.8%)
working. Further, the strong rebound across most major stock market indices Staffing and Related Services (-4.2%) S&P 500 (15.2%)
and the potential for a COVID-19 vaccine on the horizon are expected to Note: Consulting & Technology Services universe determined by Fairmount Partners and based on data
support M&A activity and provide additional confidence for investors going from Capital IQ. See pages 11-12 for details of the public company compositions.
forward.
Fairmount Partners Investment Banking (1) Last Twelve Months (“LTM”) as of September 30, 2020.
PAGE │ 4
Market Snapshot
U.S. M&A: Deal Size & Volume U.S. Middle Market M&A: Deal Size & Volume
$300 6,000 $90 1,600
1,400
$250 5,000 $75
1,200
(# of transactions)
(# of transactions)
$200 4,000 $60
1,000
($ in millions)
($ in millions)
$150 3,000 $45 800
600
$100 2,000 $30
400
$50 1,000 $15
200
$0 0 $0 0
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2016 2017 2018 2019 2020 2016 2017 2018 2019 2020
Average size of disclosed transactions Total transaction count Average size of disclosed transactions Total transaction count
Note: Excludes the impact of transactions with announced EV greater than $35 bn. Note: “Middle Market” captures publicly disclosed transactions between $10 - $500 mm.
Consulting & Tech Services: Public Trading Multiples Consulting & Tech Services: Historical M&A EBITDA Multiples
18.0 x 16.6 x 12.0x $1,200
10.6x 10.8x
10.3x 10.3x 10.0x
15.0 x 10.0x 9.3x 9.4x $1,000
12.6 x 12.9 x 13.0 x
12.3 x
(E V/EBITDA multiple)
(EV/EBITDA multiple)
12.0 x 8.0x $800
($ in millions)
9.7 x
9.0 x 6.0x $600
6.0 x 4.0x $400
3.0 x 2.0x $200
0.0 x 0.0x $0
Consolidated Commercial IT Management Staffing and Business Process Government IT 2014 2015 2016 2017 2018 2019 2020
Consulting Related Services Outsourcing
n=17 n=28 n=36 n=33 n=21 n=36 n=13
Median EBITDA multiple as of September 30, 2020
Average EV/EBITDA multiple Average size of disclosed transactions
Source: Capital IQ and Fairmount Partners’ proprietary data.
PAGE │ 5
Market Overview: Commercial IT
Commercial IT Market Highlights Commercial IT Public Companies: EBITDA Multiples(1)
18.0x $12.0
M&A Relevant Statistic Average (Since 2013) 14.9 x 14.8 x
15.5 x
Valuation Revenue Multiple 1.4x 15.0x 14.0 x $10.0
13.4 x 13.2 x 12.9 x
Summary EBITDA Multiple 9.8x 12.7 x
12.0x $8.0
10.2 x
 Q3-20 M&A transaction volume across the Commercial IT sector
($ in billions)
increased by approximately 26% against Q2-20, based on Fairmount 9.0x $6.0
Partners’ proprietary database
6.0x $4.0
 Valuations for publicly traded Commercial IT companies continue to
rebound from the lows exhibited in the H1-20 3.0x $2.0
 Many commercial IT firms have recently seen a rebound in IT
projects that were put on hold in H1-20 due to COVID-19, as many 0.0x $0.0
Sep Dec Mar Jun Sep Dec Mar Jun Sep
businesses have now adapted to remote working environments and 2018 2019 2020
require more digital capabilities
Median TEV / EBITDA Median TEV Average TEV
Select Q3-20 Commercial IT Transactions
Date Target Acquiror Description
Baring Private  Baring Private Equity Asia acquired Virtusa, a provider of digital strategy, digital
Sep-20 Virtusa Corporation
Equity Asia engineering, and IT services and solutions, for $2.0 bn (~16.2X EBITDA(2))
Apex Systems  Apex Systems, a subsidiary of ASGN Incorporated, acquired LeapFrog Systems, a provider
Sep-20 LeapFrog Systems(3)
(ASGN) of digital business transformation services, for $72 mm (2.2x 2020E revenue)
 Accenture acquired N3, a technology-driven sales and demand-generation firm providing
Sep-20 N3 Accenture
inside sales services as well as cloud and integration consulting
 NTT Data agreed to acquire Acorio, a pure-play ServiceNow implementation and
Aug-20 Acorio NTT Data
consulting services firm
 Cognizant acquired New Signature, an independent Microsoft public cloud
Aug-20 New Signature Cognizant
transformation specialist, for $305 mm
Fairmount Partners Investment Banking (1) Source: Capital IQ and Fairmount Partners’ proprietary data.
(2) Last twelve months ending June 30, 2020. PAGE │ 6
www.fairmountpartners.com (3) Fairmount Partners advised LeapFrog Systems
Market Overview: Management Consulting
Management Consulting Market Highlights Management Consulting Public Companies: EBITDA Multiples(1)
18.0x $30.0
M&A Relevant Statistic Average (Since 2011) 15.0x
14.5x 14.9x
Valuation Revenue Multiple 1.9x 15.0x 14.0x $25.0
Summary EBITDA Multiple 10.4x
10.8x 12.6x 12.9x 12.9x
11.8x 12.3x
12.0x $20.0
 Q3-20 M&A transaction volume in the Management Consulting
($ in billions)
sector was consistent with the levels in Q1-20 and Q2-2020, based 9.0x $15.0
on Fairmount Partners’ proprietary database
6.0x $10.0
 Valuations for publicly traded Management Consulting companies
remain suppressed relative to pre-COVID-19 valuations 3.0x $5.0
 Management consulting M&A activity in Q3-20 was supported by a
number of healthcare-focused consulting transactions, which 0.0x $0.0
continue to obtain above average multiples 2018 2019 2020

Select Q3-20 Management Consulting Transactions
Kaleidoscope  Infosys acquired Kaleidoscope Innovation, a product design, development and insights
Sep-20 Infosys
Innovation firm serving medical, consumer, and industrial markets, for $42 mm (2.0x 2019 revenue)
 Logicbec acquired AnalysisWorks, an evidence-based management consulting firm
Sep-20 AnalysisWorks Logibec
serving healthcare organizations
Arsenal Capital  Arsenal Capital Partners acquired Cello Health, a healthcare-focused advisory firm
Aug-20 Cello Health
Partners providing scientific, commercial, and digital services, for $223 mm (12.3x 2019 EBITDA)
LogistiPoint  North Highland acquired LogistiPoint Consulting, a logistics and supply chain consulting
Aug-20 North Highland
Consulting services firm
Freeh Group  AlixPartners acquired Freeh Group International Solutions, a risk management firm
Aug-20 AlixPartners
International providing business integrity, compliance, security,investigations and due diligence services
PAGE │ 7
Market Overview: Staffing and Related Services
Staffing Market Highlights Staffing Public Companies: EBITDA Multiples(1)
12.0x $5.0
9.6x 9.7x
Valuation Revenue Multiple 0.6x
0.9x 10.0x 9.0x 9.1x $4.0
8.4x 8.4x 8.3x
7.9x
8.0x
 Public company multiples in the Staffing and Related Services
($ in billions)
6.2x $3.0
sector have continue to rebound in Q3-20 from the low levels 6.0x
exhibited in Q1-20 following global economic concerns tied to the $2.0
4.0x
COVID-19 pandemic
 Many skill segments have shown improving trends in Q3-20 2.0x
$1.0
indicating a continuing recovery from the market shock in March
2020. Particularly, travel nursing, locum tenens, and allied 0.0x $0.0
healthcare skill segments all have grown year over year
2018 2019 2020

Select Q3-20 Staffing Transactions
 Equistone-backed Fircroft Group merged with NES Global Talent, the combined entity
Sep-20 NES Global Talent Fircroft Group
will be called NES Fircroft and will provide engineering and technical workforce solutions
 Triage acquired TaleMed, a healthcare staffing firm that provides contingent staffing
Sep-20 TaleMed Triage
solutions to healthcare systems and hospitals
 Job.com acquired HireVergence, an IT staffing and recruiting firm focused on
Aug-20 HireVergence Job.com
cybersecurity
Staffing Business of  Joulé, a division of System One, acquired the healthcare contingent staffing business of
Jul-20 Joulé (System One)
Syneos Health Syneos Health
 XDuce acquired SANS Consulting, a New York-based IT staffing services specialist in
Jul-20 SANS Consulting xDuce
banking and financial services
PAGE │ 8
Market Overview: Business Process Outsourcing
BPO Market Highlights BPO Public Companies: EBITDA Multiples(1)
21.0x $25.0
19.2x 18.9x
18.5x 18.2x 18.7x
M&A Relevant Statistic Average (Since 2013)
1.8x 18.0x 16.6x
15.8x 15.7x $20.0
10.7x
15.0x 13.3x
 The total number of announced deals in the Business Process
($ in billions)
$15.0
12.0x
Outsourcing (BPO) sector increased in Q3-20 over Q2-20 based
9.0x
on Fairmount’s proprietary database $10.0
 In addition, public company valuations in this sub-sector continue 6.0x

to recover from the lows exhibited in Q1-20 $5.0
3.0x
 Companies operating in the BPO sector continue to adopt and
invest in new technologies, such as robotic process automation 0.0x $0.0
(RPA), to drive cost savings, speed, and efficiency 2018 2019 2020

Select Q3-20 BPO Transactions
 Motus acquired Vision Wireless, a mobile expense management firm that provides
Sep-20 Vision Wireless Motus
managed mobility and telecom expense management services
Insurance Admin. Integrity Marketing  Integrity Marketing Group acquired Insurance Administrative Solutions, a BPO and third
Sep-20
Solutions Group party administrative services firm for the insurance industry
OneDigital Health  OneDigital Health and Benefits acquired Resource HR, a provider of outsourced HR
Sep-20 Resourceful HR
and Benefits functions, HR staffing, and recruiting services
 Sarnova announced the acquisition of the Emergency Medical Services Business of R1
Jul-20 R1 RCM Sarnova
RCM, a provider of revenue cycle management services, for $140 mm (10.8x EBITDA)
 Lexitas, a portfolio company of Apax Partners, acquired Lumen Legal, an outsourced legal
Jul-20 Lumen Legal Lexitas
services and commercial contracts outsourcing services provider
PAGE │ 9
Market Overview: Government IT
Government IT Market Highlights Government IT Public Companies: EBITDA Multiples(1)
18.0x $16.0
15.3x
$14.0
1.3x 15.0x 14.1x 13.8x
13.0x 13.9x 13.0x
9.8x 12.0x 12.3x $12.0
12.0x
$10.0
 Public company valuations for the Government IT sector continue to
($ in billions)
remain depressed from the strong levels exhibited in the second half 9.0x $8.0
of 2019 $6.0
6.0x
 Demand for government IT consulting services remains strong as
$4.0
government agencies adopt new technologies and embrace a 3.0x
“digital first” approach $2.0
 Consulting firms continue to help government agencies adopt the 0.0x $0.0
technologies they need to become more agile, both in terms of their 2018 2019 2020
internal processes and missions
Select Q3-20 Government IT Transactions
BlueWater Federal  Tetra Tech acquired BlueWater Federal Solutions, a provider of cybersecurity, mission-
Sep-20 Tetra Tech
Solutions critical systems design, and federal enterprise system operation services, for $49 mm
Global Consulting Acclaim Technical  Acclaim Technical Services acquired Global Consulting Services, a provider of software
Sep-20
Services Services development and systems engineering services for the US Intelligence Community
EverWatch  EverWatch Corporation acquired Braintrust Holdings, a provider of IT services to the
Aug-20 Braintrust Holdings
Corporation intelligence and defense industries
 IMB Partners acquired Ashburn Consulting, a consulting firm specializing in network
Jul-20 Ashburn Consulting IMB Partners
security solutions in for government and other commercial clients
 Sagewind Capital invested in QuantiTech, a provider of technical engineering and
Jul-20 QuantiTech Sagewind Capital
software development services to the Army, Air Force, NASA, and defense agencies
PAGE │ 10
Appendix: Consulting & Technology Services Public Company Statistics
9/30/2020 Enterprise Latest Twelve
Stock Equity Value Months ("LTM") EV / LTM Multiples
Company Name Ticker Price Value (EV)(1) Revenue EBITDA(2) Revenue EBITDA
($ in millions, except per share data)
Commercial IT
CGI Inc. GIB.A $ 67.84 $ 17,509 $ 19,964 $ 8,967 $ 1,544 2.2 x 12.9 x
DXC Technology Company DXC 17.85 4,537 13,089 19,189 2,927 0.7 x 4.5 x
Endava plc DAVA 63.15 3,434 3,374 435 39 NM NM
EPAM Systems, Inc. EPAM 323.28 18,056 17,270 2,505 391 NM NM
Perficient, Inc. PRFT 42.74 1,421 1,577 582 83 2.7 x 19.0 x
Unisys Corporation UIS 10.67 672 179 2,779 151 NM NM
Average $7,605 $9,242 $5,743 $856 1.9 x 12.1 x
Adj. Average (3) $6,725 $8,828 $3,708 $542 2.2 x 12.9 x
Median $3,986 $8,232 $2,642 $271 2.2 x 12.9 x
Management Consulting
Accenture plc ACN $ 225.99 $ 143,774 $ 139,247 $ 44,327 $ 8,287 3.1 x 16.8 x
Booz Allen Hamilton Holding Corporation BAH 82.98 11,435 13,250 7,595 759 1.7 x 17.5 x
CRA International, Inc. CRAI 37.47 293 488 484 46 1.0 x 10.7 x
FTI Consulting, Inc. FCN 105.97 3,773 3,985 2,408 313 1.7 x 12.7 x
Huron Consulting Group Inc. HURN 39.33 848 1,177 892 100 1.3 x 11.8 x
The Hackett Group, Inc. HCKT 11.18 336 307 248 31 1.2 x 10.0 x
Average $26,743 $26,409 $9,326 $1,589 1.7 x 13.2 x
Adj. Average (3) $4,098 $4,725 $2,845 $304 1.5 x 13.0 x
Median $2,310 $2,581 $1,650 $206 1.5 x 12.3 x
Staffing and Related Services
Adecco Group AG ADEN $ 53.07 $ 8,601 $ 9,845 $ 23,834 $ 970 0.4 x 10.1 x
AMN Healthcare Services, Inc. AMN 58.46 2,747 3,769 2,365 261 1.6 x 14.4 x
ASGN Incorporated ASGN 63.56 3,337 4,259 3,955 410 1.1 x 10.4 x
Cross Country Healthcare, Inc. CCRN 6.49 235 305 851 24 0.4 x 12.8 x
Heidrick & Struggles International, Inc. HSII 19.65 380 301 679 70 0.4 x 4.3 x
Kelly Services, Inc. KELY.A 17.04 671 544 4,842 97 0.1 x 5.6 x
Kforce Inc. KFRC 32.17 669 739 1,360 76 0.5 x 9.7 x
Korn Ferry KFY 29.00 1,589 1,638 1,792 192 0.9 x 8.5 x
ManpowerGroup Inc. MAN 73.33 4,258 4,313 18,807 561 0.2 x 7.7 x
Randstad N.V. ENXTAM:RAND 52.29 9,584 10,646 24,591 825 0.4 x 12.9 x
Resources Connection, Inc. RECN 0.00 375 409 703 54 0.6 x 7.6 x
Robert Half International Inc. RHI 52.94 5,974 5,753 5,705 570 1.0 x 10.1 x
TrueBlue, Inc. TBI 15.49 537 530 2,081 59 0.3 x 9.0 x
Average $2,997 $3,312 $7,044 $321 0.6 x 9.5 x
Adj. Average (3) $2,649 $2,919 $6,027 $289 0.6 x 9.5 x
Median $1,589 $1,638 $2,365 $192 0.4 x 9.7 x

PAGE │ 11
Appendix: Consulting & Technology Services Public Company Statistics (continued)
9/30/2020 Enterprise Latest Twelve
Stock Equity Value Months ("LTM") EV / LTM Multiples
Company Name Ticker Price Value (EV)(1) Revenue EBITDA(2) Revenue EBITDA
($ in millions, except per share data)
Business Process Outsourcing
Automatic Data Processing, Inc. ADP $ 139.49 $ 59,959 $ 60,509 $ 14,590 $ 3,769 NM 16.1 x
ExlService Holdings, Inc. EXLS 65.97 2,264 2,274 977 131 2.3 x 17.4 x
Genpact Limited G 38.95 7,431 8,840 3,653 557 2.4 x 15.9 x
Paychex, Inc. PAYX 79.77 28,715 28,719 4,041 1,670 NM 17.2 x
TTEC Holdings, Inc. TTEC 54.55 2,549 3,008 1,742 235 1.7 x 12.8 x
WNS (Holdings) Limited WNS 63.96 3,186 3,160 922 153 3.4 x 20.6 x
Average $17,351 $17,752 $4,321 $1,086 2.5 x 16.7 x
Adj. Average (3) $10,470 $10,932 $2,603 $654 2.4 x 16.6 x
Median $5,308 $6,000 $2,697 $396 2.4 x 16.6 x
Government IT
Booz Allen Hamilton Holding Corporation BAH $ 82.98 $ 11,435 $ 13,250 $ 7,595 $ 759 1.7 x 17.5 x
CACI International Inc CACI 213.16 5,350 7,067 5,720 571 1.2 x 12.4 x
General Dynamics Corporation GD 138.43 39,629 53,299 38,547 5,235 1.4 x 10.2 x
ICF International, Inc. ICFI 61.53 1,160 1,770 1,483 127 1.2 x 13.9 x
Leidos Holdings, Inc. LDOS 89.15 12,677 17,751 11,592 1,222 1.5 x 14.5 x
ManTech International Corporation MANT 68.88 2,778 2,887 2,427 220 1.2 x 13.1 x
MAXIMUS, Inc. MMS 68.41 4,194 4,443 3,293 379 1.3 x 11.7 x
Perspecta Inc. PRSP 19.45 3,127 5,788 4,505 626 1.3 x 9.2 x
Science Applications International Corporation SAIC 78.42 4,561 7,510 6,691 579 1.1 x 13.0 x
Average $9,434 $12,640 $9,095 $1,080 1.3 x 12.8 x
Adj. Average (3) $6,303 $8,385 $5,975 $622 1.3 x 12.7 x
Median $4,561 $7,067 $5,720 $579 1.3 x 13.0 x
(1) Enterprise Value is defined as market value of outstanding equity, plus minority equity interests, plus interest bearing debt, less cash and cash equivalents
(2) EBITDA is defined as operating income, plus depreciation and amortization expense, plus non‐recurring / one‐time expenses
(3) Adjusted average excludes the high and low figures from the data set
Note: Excludes (i) EV / LTM revenue multiples greater than or equal to 4x and (ii) EV / LTM EBITDA multiples greater than or equal to 25x
Multiples subject to change
Sources: CapitalIQ and Fairmount Partners

PAGE │ 12
Our Team
Fairmount Partners provides a complete range of financial and transaction advisory services to middle-market and emerging-growth companies, as well as
large corporations, private equity and venture capital institutions. For additional information or to find out more about how Fairmount Partners can assist
your potential transaction process, please visit www.fairmountpartners.com or contact a member of our investment banking team.
e-mail @ fairmountpartners.com
Managing Neal McCarthy Charles Robins Dick Thatcher

Directors Email: neal.mccarthy Email: charles.robins Email: dick.thatcher
Allen Born Andy Brown Roy Delizia

Email: allen.born Email: andrew.brown Email: roy.delizia
Directors
Michael Martorelli Jonathan Smith
Email: michael.martorellii Email: jonathan.smith
Cecilia Gleason Roger Christopher Bill Frame Chrissy Halliday

Senior Vice Email: chrissy.halliday
Email: cecilia.gleason Email: roger.christopher Email: william.frame
President / Vice
Presidents R.C. Wainwright
Email: richard.wainwright
Allison Doran Nick Lopez Azfar Merchant Hannah Nicholson

Analysts & Email: allison.doran Email: nick.lopez Email: azfar.merchant Email: hannah.nicholson
Associates Mihir Patel David Peslak Ben Schille Matt Wittig
Email: mihir.patel Email: david.peslak Email: ben.schille Email: matthew.wittig

PAGE │ 13

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CONSULTING & TECHNOLOGY SERVICES

INDUSTRY UPDATE │ Q3 2020 IN REVIEW

Fairmount Partners Investment Banking

12.0 x 8.0x $800

6.0 x 4.0x $400

3.0 x 2.0x $200

Median TEV / EBITDA Median TEV Average TEV

Median TEV / EBITDA Median TEV Average TEV

 In addition, public company valuations in this sub-sector continue 6.0x

Median TEV / EBITDA Median TEV Average TEV

Fairmount Partners Investment Banking

Fairmount Partners Investment Banking

Managing Neal McCarthy Charles Robins Dick Thatcher

Allen Born Andy Brown Roy Delizia

Cecilia Gleason Roger Christopher Bill Frame Chrissy Halliday

Allison Doran Nick Lopez Azfar Merchant Hannah Nicholson

Fairmount Partners Investment Banking

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