Business Process Outsourcing M&A Update

4Q 2019


  • Despite a slow-down in Q4 deal volume, 2019 still reported a 100% increase over the prior year and represented the highest level over the last six years
  • Q4 lower middle-market transaction volume in the $0 - 50MM EV tranche increased while the larger $50-500MM EV tranche saw a meaningful decline in transaction volume from Q3
  • Strategic buyers have been more active than PE investors over the last two years, but we saw a meaningful comeback by PE in 2019, especially in total capital invested
  • The acquisition of Webhelp by Groupe Bruxelles Lambert in an approximately $1.6 billion deal represented the largest deal in Q4
  • Stock prices and valuation multiples trended slightly higher through 2019

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