Results-2018年Q1科技报告市场概览（英文）-2018.4-70页-15mb

Q1 2018 Digital Services & Enterprise Software Market Review Summary

Core Content Overview

This report provides a comprehensive overview of the Digital Services and Enterprise Software markets in Q1 2018. It includes deal activity, valuation benchmarks, and insights into the performance of publicly traded companies. The report is segmented into several subsectors, including Data and Analytics, Strategy, UX, Design & Build, Bespoke Software & Systems Integration, E-Commerce, and Mobile App Development. Additionally, it highlights the Enterprise Software segment, covering Infrastructure, Security, ERP, Analytics, Human Capital Management, AdTech/Martech, HealthTech, and Other Verticals.

Key Market Trends

• Deal Activity:

  • In Q1 2018, 97 deals were announced in the Digital Services sector, a significant increase from the 75 deals in Q4 2017.
  • The most active subsector was Bespoke Software and Systems Integration with 57 deals, followed by Strategy, UX, Design & Build (18), E-Commerce (8), Mobile App Development (7), and Data and Analytics (7).
  • The Enterprise Software sector saw 424 deals, the highest since Q2-16, with North America leading deal activity.

• Market Performance:

  • Public markets for IT/Consulting Services rose by 10.5%, with Tech Mahindra and Unisys driving growth.
  • Marketing Communications public markets were volatile, down 12.5% over the previous twelve months, with WPP and other large agencies facing challenges.

• Notable Acquisitions:

  • Capgemini acquired LiquidHub for $495M, signaling its expansion into the digital marketing space.
  • NEC Corporation acquired Northgate Public Services for £475M, enhancing its international IT operations.
  • EY acquired Sonoma Partners, and Deloitte acquired API, both focused on cloud and AWS integration.
  • RE/MAX acquired Surge, and Cars.com acquired Launch Digital, reflecting interest from non-traditional buyers in digital services.
  • Amazon.com acquired pushbutton, and Spotify acquired Sonalytic, highlighting the growing importance of UX and AI in the market.

• Funding and Investments:

  • captify® received a Series B funding from SMEDVIG CAPITAL.
  • AkkR made a $20M growth equity investment in CLAVIS INSIGHT.
  • EMPOWERING ENERGY CHOICE, an Accel-KKR portfolio company, acquired utilgroup.

Key Financial Metrics

Digital Services

• Total Deal Value (Past 2 Years): $1B+
• Deals in Q1 2018: 97
• Top Subsectors:
  • Bespoke Software & Systems Integration (57)
  • Strategy, UX, Design & Build (18)
  • E-Commerce (8)
  • Mobile App Development (7)
  • Data and Analytics (7)

Enterprise Software

• Total Deals in Q1 2018: 424
• Notable Deal:
  • Salesforce acquired MuleSoft for $5.9B, a 19.9x revenue multiple, despite MuleSoft's operating losses.

Publicly Traded Companies

IT/Consulting Services

• Top Performing Companies:
  • Accenture: Market Cap $98.7B, Revenue $40.1B, EBITDA Margin 17.0%
  • CGI Group: Market Cap $17.2B, Revenue $8.9B, EBITDA Margin 21.3%
  • Infosys: Market Cap $37.8B, Revenue $11.5B, EBITDA Margin 26.7%
  • Tech Mahindra: Market Cap $9.7B, Revenue $5.1B, EBITDA Margin 15.8%
  • Unisys: Market Cap $544M, Revenue $2.7B, EBITDA Margin 0.2%

Marketing Communications

• Top Performing Companies:
  • Omnicom Group: Market Cap $16.7B, Revenue $15.8B, EBITDA Margin 14.7%
  • Publicis Groupe: Market Cap $15.8B, Revenue $11.8B, EBITDA Margin 17.5%
  • WPP: Market Cap $19.8B, Revenue $21.4B, EBITDA Margin 16.5%
  • M&C Saatchi plc: Market Cap $462M, Revenue $377M, EBITDA Margin 12.4%

Valuation Benchmarks

IT/Consulting Services

• Median EV/Revenue: 1.7x
• Median EV/EBITDA: 1.6x
• Median Enterprise Value: 10.5x

Marketing Communications

• Median EV/Revenue: 1.1x
• Median EV/EBITDA: 1.1x
• Median Enterprise Value: 7.5x

Key Insights

• The digital transformation is becoming a strategic imperative, driving M&A activity across the Digital Services sector.
• Private equity and non-traditional buyers are increasingly active in acquiring digital services firms, particularly in the eCommerce and Bespoke Software & Systems Integration spaces.
• Salesforce made a major move by acquiring MuleSoft, which is seen as a landmark deal in the enterprise software sector.
• Market volatility in the advertising and marketing space was notable, with large agencies struggling in the face of changing conditions.

Conclusion

Q1 2018 was a dynamic quarter for both the Digital Services and Enterprise Software markets, marked by a surge in deal activity and significant strategic acquisitions. The shift towards digital transformation is evident, with companies across various sectors investing heavily in technology and integration capabilities. As the market continues to evolve, the opportunity for growth through acquisitions or fundraising remains strong.