Business Process Outsourcing
BPO services exceeded $130 billion in the U.S. in 2020, according to IBIS. Managed services for IT infrastructure such as managed security and cloud services in various partner ecosystems, like AWS, Azure, and Google, are in especially high demand. Our public basket of representative companies is trading at a revenue multiple of just above 3x and an EBITDA multiple of 16x. 2020 was another year of outstanding M&A activity in space that is expected to continue in 2021.