Technology Services Comparables
| Date ↓ | Target ⇅ | Acquirer ⇅ | Buyer Type ⇅ | Focus ⇅ | EV ⇅ | Rationale |
|---|
Universe. Private M&A and growth investments in emerging technology services: AI implementation and forward-deployed engineering, data and analytics consultancies, cloud and SaaS platform partners (Databricks, Snowflake, Salesforce, SAP, Oracle, Google Cloud, Microsoft, Palantir), digital and product engineering, and technology-enabled IT consulting and managed services. US and international, 2025 onward.
Deal terms. Most technology services deals do not disclose terms, so this page tracks who is buying and what they are buying rather than multiples. Enterprise value is shown only where reported: Lovelytics (about $525M), Faculty (reported at about $950M to $1B) and Sand Cherry ($35M initial price). Growth and minority investments are noted in the rationale.
Buyer type. Strategic: corporate and consulting acquirers. Private equity: sponsor platform or growth investments. PE-backed strategic: add-ons by sponsor-owned platforms. AI lab: OpenAI's Deployment Company and Ode (Anthropic, Blackstone and Hellman & Friedman).
Sources. Press releases, company announcements, and Harbor Ridge Capital research, including the HRC insight The Picks-and-Shovels Play in AI Is Services.
| Company | EV | EV / Rev | EV / EBITDA | 2026E Growth | 2026E EBITDA Margin | Rule of 40 |
|---|
Universe. US-listed technology services companies, combining digital engineering and large IT and BPO services firms into one set: Accenture, CGI, Cognizant, Genpact, Wipro, CI&T, Endava, EPAM, Globant and Grid Dynamics.
Multiples. Enterprise value divided by LTM revenue and LTM EBITDA, in US$ millions, from Capital IQ as of September 30, 2026. Growth and margin are 2026 consensus estimates. Click Refresh to pull current share prices and market caps from Finnhub for the six names that report in US dollars (Accenture, Cognizant, Genpact, EPAM, Globant, Grid Dynamics); their EV is recalculated using net debt implied at September 30, and EV / Rev and EV / EBITDA are recomputed against the same LTM financials. CGI, Wipro, CI&T and Endava report in other currencies and stay at September 30 values.
Rule of 40. 2026E revenue growth plus 2026E EBITDA margin.
EV / EBITDA over time. Each quarterly point uses that quarter-end closing price, diluted weighted-average shares, and net debt (total debt less cash and short-term investments) and LTM operating income from SEC filings for the latest fiscal quarter ended on or before that date, for Accenture, Cognizant, Genpact and EPAM. To keep the table's EBITDA definitions, each company's LTM EBITDA is rolled back from the table figure by the change in reported LTM operating income. CGI, Wipro, CI&T and Endava (non-US dollar reporters), Globant (no quarterly SEC financials) and Grid Dynamics (near-zero operating income makes the roll-back unreliable) are left out of the chart. The final point is today's live value.
Sources. Capital IQ, company filings, Finnhub (live prices), and Harbor Ridge Capital research. Historical closing prices from public market data; SEC EDGAR filings.
Advising founders and sponsors in technology services.
Sell-side, buy-side, and growth capital mandates across AI services, data and analytics, cloud and SaaS platform partners, and digital engineering.