2021年第四季度数字服务报告（英）-25页_2mb
报告摘要
Q4 2021 Digital Services Sector Summary
Core Content
The Q4 2021 Digital Services sector update highlights key trends, market dynamics, and M&A activity across various sub-sectors. The focus areas include healthcare marketing, gaming advertising, and AI services, with insights from GP Bullhound and industry leaders.
Main Trends
Continued Consolidation in Healthcare Marketing Services
- Healthcare marketing is a $50bn global industry, with a steady growth of 3.8% CAGR since 2018.
- The market is highly competitive, with increased marketing budgets due to the need to reach consumers in a digital-first environment.
- Key drivers include direct-to-consumer drug advertising and the expansion of digital ad spend, especially in the US, which nearly doubled from $5.9bn in 2017 to $11.2bn in 2021.
- Sector specialists are in high demand to maximise campaign reach and effectiveness.
Strong Demand for Gaming Audiences
- Three billion active global gamers are forecast to spend nearly £150bn by 2025.
- Gaming audiences are high-value and engaged, but difficult to reach.
- Advertisers are increasingly investing in tech solutions to access these audiences, including programmatic options and third-party verification.
- Consolidation in gaming monetisation is evident, with companies like Azerion making several acquisitions to strengthen their capabilities in mobile gaming advertising.
Proliferation of AI Services
- AI is expected to contribute $15.7tn to the global economy by 2030.
- The AI services sector is growing rapidly, supporting AI adoption across various industries.
- Strategic M&A is ongoing, with major players acquiring AI expertise and talent.
- Companies like Accenture and Capgemini are leading in AI investments, with Accenture having over 40,000 employees in its AI Services practice.
Key M&A Activity
Recent Transactions
| Target | Buyer / Investor | Deal Value (USD) | Implied EV/Revenue |
|---|---|---|---|
| LoopMe | Mayfair Equity Partners | $200M | - |
| Bliss Point Media | Tinuiti | Undisclosed | - |
| Jellyfish | Fimalac Group | £500M | - |
| MedThink | Fingerprint | Undisclosed | - |
| Guidemark | Arsenal Capital Partners | Undisclosed | - |
| ESAC | ICF International | $295M | - |
| Inskin Media | Azerion | Undisclosed | - |
| PubGalaxy | Azerion | Undisclosed | - |
| Keymobile | Azerion | Undisclosed | - |
| Venatus | Livingbridge | Undisclosed | - |
| Media & Games Invest | Livingbridge | €140M | - |
| DataSents | Atos | Undisclosed | - |
| SIVC | Tech Mahindra | $125M | 3.2x |
| Medialink | UTA | $125M | 2.8x |
| LeanSwift | Tech Mahindra | $21M | 1.2x |
| Quantiq | Avanade Accenture | Undisclosed | - |
| StitcherAds | KARGO | $64M | - |
| Mopub | APPLOVIN | $1,050M | 5.6x |
| The Variable | SVOBODA CAPITAL PARTNERS | Undisclosed | - |
| Essentia | Tech Mahindra | $105M | - |
| Array | CGI | $63M | - |
| Jump | OMG Omnicom MediaGroup | Undisclosed | - |
Consolidation in the AI Ecosystem
- Accenture and Capgemini are actively acquiring AI and analytics firms.
- Examples include BRIDGEi2i (Accenture) and Empired (Capgemini).
- Atos acquired DataSents, an AI product services firm, in October 2021.
- WPP acquired Satalia, a global provider of Enterprise AI, to enhance operational efficiency.
Market Performance
- The GP Bullhound Digital Services index showed a strong post-pandemic recovery, with average valuations up by 31% compared to Q1 2021.
- The index reached a 5-year high in valuations during Q4 2021.
- EBITDA margins across Digital Services index companies remained around 18-19% throughout 2021.
Industry Insights
Patrick Hennessy, CEO & Co-Founder, Blend360
- Digital transformation is driven by AI and data science.
- Blend360 helps clients optimise their digital transformation through data and technology.
- They have a strong presence with over 400 employees in the US, Netherlands, and India.
Peter Hellgren, CEO, Consider
- AI is the most significant driver of change in the industry, impacting how we live, work, and spend free time.
- Consider helps clients streamline operations using AI and Robotic Process Automation.
- They are preparing clients for the transition, focusing on development and maintenance roles.
Jonathan Wilson, CEO, Spectrum Science
- Spectrum Science is a global marketing, communications, and media agency with a focus on science and health.
- They provide integrated solutions and technology to drive conversion metrics.
- Their clients include major pharmaceutical companies like Regeneron and GlaxoSmithKline.
Public Comparables
| Company Name | Share Price (USD) | Market Cap (USD) | EV (USD) | Revenue Multiple (CY2020 - CY2022) | EBITDA Multiple (CY2020 - CY2022) | EBITDA Margin (CY2020 - CY2022) | CAGR (Revenue) | CAGR (EBITDA) |
|---|---|---|---|---|---|---|---|---|
| Accenture plc | 414.6 | 261,996 | 260,415 | 5.9x, 4.9x, 4.3x | 31.4x, 26.2x, 22.5x | 18.7%, 18.7%, 18.9% | 17.5% | 18.2% |
| Atos SE | 42.5 | 4,701 | 7,493 | 0.6x, 0.6x, 0.6x | 4.2x, 5.3x, 4.8x | 13.9%, 11.2%, 12.2% | (0.0%) | (6.4%) |
| BlueFocus Intelligent Communications Group Co., Ltd | 1.7 | 4,163 | 3,737 | 0.6x, 0.5x, 0.4x | 21.2x, 18.8x, 16.7x | 2.8%, 2.6%, 2.5% | 19.3% | 12.7% |
| Booz Allen Hamilton Holding Corporation | 84.8 | 11,353 | 13,737 | 1.7x, 1.7x, 1.7x | 16.7x, 15.4x, 14.7x | 10.3%, 10.8%, 11.2% | 2.2% | 6.6% |
| Capgemini SE | 245.1 | 42,152 | 49,030 | 2.7x, 2.4x, 2.2x | 17.8x, 14.6x, 13.3x | 15.3%, 16.3%, 16.5% | 11.3% | 15.6% |
| CGI Inc. | 88.4 | 21,397 | 23,391 | 2.4x, 2.4x, 2.3x | 12.2x, 12.0x, 11.4x | 20.0%, 20.2%, 20.4% | 2.3% | 3.2% |
| Cognizant Technology Solutions Corporation | 88.7 | 46,600 | 45,865 | 2.7x, 2.5x, 2.3x | 15.0x, 13.4x, 12.2x | 18.2%, 18.5%, 18.7% | 9.6% | 10.8% |
| Dentsu Group Inc. | 35.6 | 9,751 | 10,073 | 1.2x, 1.1x, 1.1x | 13.8x, 3.9x, 5.2x | 9.1%, 28.3%, 20.5% | 8.4% | 62.9% |
| DXC Technology Company | 32.2 | 8,120 | 12,094 | 0.5x, 0.7x, 0.7x | 2.8x, 4.5x, 4.3x | 16.2%, 16.1%, 16.8% | (21.2%) | (19.7%) |
| EPAM Systems, Inc. | 668.5 | 37,914 | 36,873 | 14.0x, 9.9x, 7.6x | 71.4x, 50.7x, 39.1x | 19.5%, 19.5%, 19.4% | 35.7% | 35.2% |
| Genpact Limited | 53.1 | 9,982 | 11,073 | 3.0x, 2.8x, 2.5x | 16.8x, 14.8x, 13.7x | 17.9%, 18.8%, 18.5% | 9.0% | 10.8% |
Summary of Key Points
- Healthcare Marketing: A $50bn industry with continued consolidation and growth, driven by digital ad spend and the need for specialized capabilities.
- Gaming Advertising: High-value and engaged audience, with strong growth and increasing M&A activity in monetisation and advertising platforms.
- AI Services: Rapid growth and increasing importance, with strategic M&A to acquire deep expertise and talent.
- M&A Activity: Strong deal activity across all regions, with consultancies being the most active acquirers.
- Valuation Trends: Positive trends in valuations and EBITDA margins, with the GP Bullhound Digital Services index reaching a 5-year high.
- Industry Leaders: Insights from Blend360, Consider, and Spectrum Science on the role of AI and digital transformation in their respective markets.
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