In July, Capgemini acquired WNS for $3.5 billion at a 2.8x revenue multiple. WNS provides business process outsourcing services globally, including analytics, customer experience management, finance and accounting and GRC services. It also offers AI-based omni-channel customer engagement software. The acquisition significantly enhances Capgemini’s outsourced IT services capabilities, strengthening its position in global BPO and digital customer engagement.
In August, Bain Capital acquired HSO Group for $1 billion. HSO is a leading Microsoft-partnered digital transformation services provider with expertise in business and AI transformation, cloud and AI application integration and enterprise support. The deal underscores strong private equity interest in scalable IT services platforms, particularly those closely aligned with Microsoft’s enterprise ecosystem.
In February, Mainline Information Systems acquired IT servics provider Converge Technology Solutions for $793 million, expanding its U.S. presence and enhancing its cloud, AI and cybersecurity services.
In March, nVent Electric acquired the electrical products group business of Avail Infrastructure Solutions for $975 million at a 2.6x revenue multiple. The business manufactures custom electrical systems—including enclosures, switchgear and bus systems—for utilities, datacenters, OEMs, and EPCs across North America. The acquisition enhances nVent’s industrial electrification and infrastructure capabilities.
In October, cybersecurity leader Sophos acquired SecureWorks for $866 million at a 2.4x revenue multiple. SecureWorks provides managed threat detection, endpoint and network security and consulting services, catering to industries such as finance, education and government. This deal underscores the growing demand for robust cybersecurity solutions.
In December, World Wide Technology acquired Softchoice Corporation for just over $1 billion at a 1.6x revenue multiple. Softchoice, a provider of IT and cloud services, specializes in software asset management, cloud migration, systems integration and AI consulting. This acquisition strengthens World Wide Technology's position in IT and digital transformation services.
In August, KKR acquired Fujisoft, a systems integration services company based in Japan, for $3.8B. The deal was executed at a 2x revenue multiple, further emphasizing the global expansion of IT services firms.
Through September 2024, the IT Services sector witnessed two notable megadeals:
In July, EQT acquired Keywords Studios, a leading provider of outsourced video game testing and quality control services, for $2.6B. The transaction value was based on a 3.2x revenue multiple, marking a significant move in the gaming services space.
In May, Swedish private equity firm EQT acquired IT consulting services company Perficient for $2.7B.
In April, Spanish Testing, Inspection, and Certification services company Applus was purchased by UK-based private equity firms TDR Capital LLP and I Squared Capital Advisors for $1.8B.
