Q4 2021

Business Process Outsourcing M&A Update


  • M&A deal volume was up 53.8% to 100 completed transactions in Q4 2021 from 65 deals in the same period of the prior year, representing the highest quarterly volume Pitchbook has on record since 1965.
  • Through Q4 2021, Strategic buyers accounted for 23.2% of deal volume vs PE investors with 76.8%.
  • Despite fewer transactions, strategic buyers accounted for 78.9% of total capital invested in the BPO sector in 2021.
  • North America was the most active region in Q4 followed by Europe.
  • The EV/Revenue multiple trended higher in Q4 2021 from Q3 levels.

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