Business Process Outsourcing
BPO services exceeded $130 billion in the U.S. in 2020, according to IBIS. Managed services for IT infrastructure like managed security and cloud services are in especially high demand within various partner ecosystems such as AWS, Azure, and Google. Our public basket of representative companies is trading at a revenue multiple of above 3x and an EBITDA multiple of 16x. M&A activity so far this year showed 46 deals compared to 45 during the same time in 2020, pointing towards an upswing in demand in the space.