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November 2021

Business Process Outsourcing

Business Process Outsourcing (BPO) companies experienced tremendous November gains as international leaders like WNS, Wipro, Cognizant, ADP, Accenture, and more saw trading multiples reach all-time highs. With median EV/EBITDA multiples trading at approximately 20x at the end of November 2021, investor bullishness and public perception has seen extreme 2021 growth. Interestingly though, M&A activity in these markets has remained slightly lower than the previous year’s and it will be interesting to see if the M&A markets begin to coincide with retail investor bullishness in 2022.