According to the International Telecomms Union, over 50% of the global population, or 3.9 billion individuals, have access to the internet. Importantly, each user is increasingly “connected” given the proliferation of mobile devices as well as traditional PCs. With the increased penetration of the internet, it should come as no surprise that the digital agency space is growing rapidly (+17% on average from 2014-2019 according to IBISWorld) as businesses look for new and innovative ways to communicate with their customers. At the same time, M&A in the space has been robust for a number of years now as more traditional consulting companies seek to service an increasingly digital customer base. Going forward, we anticipate this appetite will continue to fuel consolidation in the space for the foreseeable future.