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March 2021

Business Process Outsourcing

BPO services exceeded $130 billion in the U.S. in 2020, according to IBIS. Especially managed services for IT infrastructure like managed security and cloud services in various partner ecosystems, like AWS, Azure, and Google, are in high demand. Our public basket of representative companies is trading at a revenue multiple of just above 3x and an EBITDA multiple of 16x. M&A activity in January and February has cooled down slightly with roughly 36 deals so far in 2021 and 40 during the same time in 2020.