March 2019
NORTH AMERICAN
IT HARDWARE AND SERVICES
M&A Activity and Valuation TrendsQ1 | 2019
Robert UllmanManaging Director
William DowningManaging Director
Michael PucciAssociate Director
Michael HilcoveVice President
Michael ReisterAssociate
March 2019
I. Economic Indicators 3
II. Dinan Index Constituents 5
III. Capital Market Activity 6
IV. Public Sector Valuations 8
V. Mergers and Acquisitions Overview 12
VI. First Quarter Transactions Overview 13
VII. Dinan Capital Advisors 18
Section Page
Table of Contents
March 2019
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Major Indices Performance
S&P 500 Index (^SPX) - Index Value Dow Jones Industrial Average (^DJI) - Index Value NASDAQ Composite Index (^COMP) - Index Value Russell 2000 Index (^RUT) - Index Value
Economic IndicatorsMacroeconomic Overview
3
Major Economic Indicators Interest Rates
As of As of As of As of
Index 6/30/2018 9/30/2018 12/31/2018 3/31/2019
^SPX 2718.37 2913.98 2506.85 2834.40
^COMP 7510.30 8046.35 6635.28 7729.32
^DJI 24271.41 26458.31 23327.46 25928.68
^RUT 1643.07 1696.57 1348.56 1539.74
Interest Rates 6/30/2018 9/30/2018 12/31/2018 3/31/2019
United States Treasury - 2 Year 2.52% 2.81% 2.48% 2.27%
United States Treasury - 5 Year 2.73% 2.94% 2.51% 2.23%
United States Treasury - 10 Year 2.85% 3.05% 2.69% 2.41%
United States Treasury - 30 Year 2.98% 3.19% 3.02% 2.81%
United States Prime Rate 5.00% 5.25% 5.50% 5.50%
Economic Indicator 2014 2015 2016 2017 2018
Real GDP (% change) 2.40% 3.00% 2.08% 2.30% 2.22%
CPI (% change) 1.62% 1.90% 2.38% 2.20% 1.91%
Cons. Spending (% change) 2.50% 2.90% 3.10% 3.30% 2.80%
Nonfarm Productivity 0.70% -2.20% 1.00% 1.50% 1.80%
Unemployment Rate 6.20% 5.80% 4.40% 4.10% 3.90%
Source: Capital IQ, S&P NetAdvantage
March 20194
$3,564$3,517 $3,537 $3,521
$3,760
$3,846
$3,300
$3,400
$3,500
$3,600
$3,700
$3,800
$3,900
2014 2015 2016 2017 2018 2019
IT S
pen
din
g (B
illio
ns)
Year
Global IT Spending
The Technology Pulse Index is released monthly by the Federal Reserve to beused as an indicator for economic health in the technology sector. The index isdriven by investment in IT goods, consumption of personal computers andsoftware, employment in the IT sector, IT industrial production, and ITshipments.
The figure above represents the annual amount of money spent on IT across the world with projections for 2018
Economic IndicatorsInformation Technology Data
Source: Capital IQ, U.S. Federal Reserve, Gartner
5
3
16
Q2 2018 Public Offerings Count
$0-100MM $100-250MM $250MM+
115
11
Q3 2018 Public Offerings Count
$0-100MM $100-250MM $250MM+
5
1 1
Q4 2018 Public Offerings Count
$0-100MM $100-250MM $250MM+
7
1
24
Q1 2019 Public Offerings Count
$0-100MM $100-250MM $250MM+
70
75
80
85
90
95
100
105
2012 2013 2014 2015 2016 2017 2018 2019
Ind
ex P
rice
Year
U.S. Technology Pulse Index
March 20195
Dinan Index ConstituentsIT Hardware and Services
Diversified Conglomerate
Electronic Manufacturing Services
IT Consulting and Solutions Providers
IT Distribution
IT Storage Hardware
Network Hardware
Semiconductors/ Semiconductors
Equipment
March 20196
Capital Market ActivityIT Hardware and Services
Source: Capital IQ
Capitalization Number of % of Agg. Equity % of Agg. Equity
Profile Companies Companies Mkt. Value Mkt. Value
> $10B 29 56.86% $41,77,139.74 98.08%
$5B - $10B 7 13.73% $48,784.17 1.15%
$1B - $5B 11 21.57% $29,891.62 0.70%
< $1B 4 7.84% $2,921.40 0.07%
Total 51 100.00% $42,58,736.93 100.00%
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Dinan Hardware and Services Index (Price) - Index Value S&P 500 Index (^SPX) - Index Value
March 2019
Capital Market ActivityDinan Index Segments vs. S&P 500
7
Source: Capital IQ
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Diversified Conglomerates vs. S&P 500
Dinan Diversified Conglomerates Index (Price) - Index Value S&P 500 Index (^SPX) - Index Value
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Dinan Electronic Manufacturing Index (Price) - Index Value S&P 500 Index (^SPX) - Index Value
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Dinan IT Consulting and Solutions Index (Price) - Index Value S&P 500 Index (^SPX) - Index Value
-40%
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0%
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40%
Per
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Dinan IT Distibution Index (Price) - Index Value S&P 500 Index (^SPX) - Index Value
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Dinan IT Storage Hardware Index (Price) - Index Value S&P 500 Index (^SPX) - Index Value
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Dinan Network Hardware Index (Price) - Index Value S&P 500 Index (^SPX) - Index Value
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Dinan Semiconductors and Equipment Index (Price) - Index Value S&P 500 Index (^SPX) - Index Value
March 2019
Public Sector Valuations IT Hardware and Services
8
Source: Capital IQ
2.4x
0.4x
1.8x
0.3x0.7x
2.1x
2.7x
3.2x
0.5x
1.6x
0.4x
1.5x
2.6x
3.5x3.7x
0.4x
1.9x
0.3x
1.7x
2.7x
4.1x4.0x
0.3x
2.4x
0.4x
1.3x
3.1x
4.3x
0x
1x
2x
3x
4x
5x
Diversified Conglomerates Electronic ManufacturingServices
IT Consulting and SolutionsProviders
IT Distribution IT Storage Hardware Network Hardware Semiconductors
Historical TEV/Revenue by Segment
TEV/REV 3/30/2016 TEV/REV 3/31/2017 TEV/REV 3/31/2018 TEV/REV 3/31/2019
8.8x
6.8x
13.5x
8.4x
5.1x
9.6x
12.3x10.9x
8.7x
12.6x
10.1x 9.3x10.7x
13.0x12.0x
9.0x
15.1x
9.4x 9.3x
12.2x 12.0x13.1x
6.4x
14.1x
8.7x
6.7x
13.5x
10.9x
0x
5x
10x
15x
20x
Diversified Conglomerates Electronic ManufacturingServices
IT Consulting and SolutionsProviders
IT Distribution IT Storage Hardware Network Hardware Semiconductors
Historical TEV/EBITDA by Segment
TEV/EBITDA 3/30/2016 TEV/EBITDA 3/31/2017 TEV/EBITDA 3/31/2018 TEV/EBITDA 3/31/2019
March 20199
Industry / Last Twelve Months Next Twelve Months
Company Name Ticker TEV (mm) Market Cap (mm) Rev (mm) EBITDA (mm) EBIT (mm) TEV/Rev TEV/EBIT TEV/EBITDA Forward TEV/Rev Forward TEV/EBITDA
Public Sector Valuations IT Hardware and Services
Diversified Conglomerate
Adobe Inc. NasdaqGS:ADBE $1,30,943.65 $130,034.05 $9,552.01 $3,247.33 $2,832.47 13.71x 46.23x 40.32x 11.23x 24.68x
Alphabet Inc. NasdaqGS:GOOG.L $711,779.45 $816,907.45 $136,819.00 $40,421.00 $31,392.00 5.20x 22.67x 17.61x 4.35x 12.08x
Apple Inc. NasdaqGS:AAPL $923,970.44 $895,667.44 $261,612.00 $79,523.00 $67,970.00 3.53x 13.59x 11.62x 3.60x 12.35x
Cisco Systems, Inc. NasdaqGS:CSCO $222,940.48 $237,665.48 $50,825.00 $15,248.00 $13,448.00 4.39x 16.58x 14.62x 4.24x 11.88x
HP Inc. NYSE:HPQ $31,018.94 $29,795.94 $58,665.00 $4,853.00 $4,286.00 0.53x 7.24x 6.39x 0.53x 6.44x
International Business Machines Corporation NYSE:IBM $1,59,580.13 $125,560.13 $77,991.00 $16,710.00 $12,230.00 2.01x 13.05x 9.55x 2.04x 8.57x
Microsoft Corporation NasdaqGS:MSFT $862,670.85 $904,860.85 $118,459.00 $49,581.00 $38,884.00 7.28x 22.19x 17.40x 6.64x 15.55x
Xerox Corporation NYSE:XRX $11,701.64 $7,307.64 $9,562.00 $1,387.00 $986.00 1.19x 11.48x 8.24x 1.26x 6.71x
Median $1,91,260.30 $1,83,849.76 $68,328.00 $15,979.00 $12,839.00 $3.96 $15.09 $13.12 $3.92 $11.98
Electronic Manufacturing Services
Benchmark Electronics, Inc. NYSE:BHE $763.16 $1,067.19 $2,566.47 $118.33 $70.40 0.30x 10.84x 6.45x 0.29x 0.00x
Celestica Inc. TSX:CLS $2,007.47 $1,543.11 $6,633.20 $254.00 $168.70 0.22x 8.72x 5.79x 0.24x 5.34x
Flex Ltd. NasdaqGS:FLEX $6,660.31 $5,214.18 $26,490.27 $1,192.37 $585.64 0.25x 11.37x 5.59x 0.25x 4.20x
Jabil Inc. NYSE:JBL $6,034.07 $4,113.88 $23,782.05 $1,459.06 $686.16 0.25x 8.98x 4.18x 0.23x 3.57x
Plexus Corp. NasdaqGS:PLXS $1,891.61 $1,884.21 $2,961.76 $185.93 $136.76 0.64x 13.83x 10.17x 0.59x 9.14x
TE Connectivity Ltd. NYSE:TEL $30,840.37 $27,314.37 $13,999.00 $3,099.00 $2,426.00 2.20x 12.71x 9.95x 2.24x 9.95x
Trimble Inc. NasdaqGS:TRMB $11,991.09 $10,194.69 $3,108.40 $583.70 $368.50 3.86x 30.19x 19.58x 3.55x 15.45x
Median $6,034.07 $4,113.88 $6,633.20 $583.70 $368.50 0.30x 11.37x 6.45x 0.29x 5.34x
IT Consulting and Solutions Providers
Accenture plc NYSE:ACN $108,218.92 $112,271.29 $40,839.57 $6,676.16 $6,088.46 2.65x 17.77x 16.21x 2.43x 14.44x
Agilysys, Inc. NasdaqGS:AGYS $451.11 $488.02 $136.28 -$6.72 -$9.94 3.31x NM NM 2.98x 43.47x
Automatic Data Processing, Inc. NasdaqGS:ADP $70,006.78 $69,587.48 $13,331.40 $3,231.50 $2,839.40 5.06x 24.66x 21.66x 4.78x 19.82x
CACI International Inc NYSE:CACI $5,509.93 $4,525.49 $4,641.69 $456.86 $387.81 1.19x 14.21x 12.06x 1.06x 11.41x
Cognizant Technology Solutions Corporation NasdaqGS: CTSH $37,899.94 $41,665.94 $16,125.00 $3,320.00 $2,836.00 2.35x 13.35x 11.41x 2.18x 10.10x
DXC Technology Company NYSE:DXC $22,671.52 $17,252.52 $23,880.00 $5,507.00 $3,335.00 0.95x 6.80x 4.12x 1.09x 4.73x
Gartner, Inc. NYSE:IT $15,732.80 $13,607.48 $3,869.89 $609.31 $366.91 3.96x 42.88x 25.82x 3.69x 21.38x
Perficient, Inc. NasdaqGS:PRFT $983.74 $908.66 $498.38 $60.06 $39.63 1.97x 24.82x 16.38x 1.85x 11.79x
Unisys Corporation NYSE:UIS $695.76 $604.06 $2,825.00 $271.90 $231.50 0.25x 3.01x 2.56x 0.24x 1.63x
Median $15,732.80 $13,607.48 $4,641.69 $609.31 $387.81 2.35x 15.99x 14.14x 2.18x 11.79x
Source: Capital IQ
March 201910
Industry / Last Twelve Months Next Twelve Months
Company Name Ticker TEV (mm) Market Cap (mm) Rev (mm) EBITDA (mm) EBIT (mm) TEV/Rev TEV/EBIT TEV/EBITDA Forward TEV/Rev Forward TEV/EBITDA
Public Sector Valuations IT Hardware and Services
IT Distribution
Anixter International Inc. NYSE:AXE $3,049.47 $1,878.67 $8,400.20 $391.90 $329.50 0.36x 9.25x 7.78x 0.35x 6.95x
Arrow Electronics, Inc. NYSE:ARW $9,592.40 $6,564.39 $29,676.77 $1,360.87 $1,196.89 0.32x 8.03x 7.06x 0.32x 6.79x
CDW Corporation NasdaqGS:CDW $17,604.19 $14,172.09 $16,240.50 $1,252.90 $987.30 1.08x 17.83x 14.05x 1.02x 12.64x
ScanSource, Inc. Nasdaq:SCSC $1,270.32 $920.66 $3,908.41 $143.12 $106.19 0.33x 11.96x 8.88x 0.31x 8.17x
SYNNEX Corporation NYSE:SNX $8,117.58 $4,838.18 $20,809.87 $943.26 $672.24 0.39x 12.08x 8.97x 0.36x 7.69x
Tech Data Corporation NasdaqGS:TECD $4,390.80 $3,779.00 $37,238.95 $732.60 $607.00 0.12x 7.23x 5.99x 0.12x 5.22x
WESCO International, Inc. NYSE:WCC $3,535.23 $2,395.82 $8,176.60 $407.52 $354.32 0.43x 9.98x 8.68x 0.42x 7.90x
Median $4,390.80 $3,779.00 $16,240.50 $732.60 $607.00 $0.36 $9.98 $8.68 $0.35 $7.69
IT Storage Hardware
Dell Technologies Inc. NYSE:DELL $90,838.48 $42,170.48 $90,621.00 $7,962.00 $427.00 1.00x 212.74x 11.41x 0.96x 8.10x
Hewlett Packard Enterprise Company NYSE:HPE $29,953.94 $21,144.94 $30,283.00 $4,944.00 $2,364.00 0.97x 12.51x 6.02x 0.97x 5.74x
NetApp, Inc. NasdaqGS:NTAP $14,777.23 $17,125.23 $6,190.00 $1,309.00 $1,149.00 2.39x 12.86x 11.29x 2.33x 8.97x
Pure Storage, Inc. NYSE:PSTG $4,589.39 $5,337.04 $1,359.82 -$100.98 -$169.26 3.37x NM NM 2.60x 24.79x
Seagate Technology plc NasdaqGS:STX $16,459.53 $13,492.53 $11,344.00 $2,459.00 $1,907.00 1.45x 8.63x 6.69x 1.69x 8.24x
Western Digital Corporation NasdaqGS:WDC $20,556.30 $13,978.30 $19,391.00 $4,740.00 $2,809.00 1.06x 7.32x 4.34x 1.31x 6.00x
Median $18,507.91 $15,551.76 $15,367.50 $3,599.50 $1,528.00 1.26x 12.51x 6.69x 1.50x 8.17x
Network Hardware
Arista Networks, Inc. NYSE:ANET $21,893.61 $23,814.33 $2,151.37 $705.69 $681.85 10.18x 32.11x 31.02x 8.26x 22.22x
Ciena Corporation NYSE:CIEN $5,730.59 $5,823.29 $3,226.68 $401.06 $287.32 1.78x 19.94x 14.29x 1.69x 10.93x
Cisco Systems, Inc. NasdaqGS:CSCO $222,940.48 $237,665.48 $50,825.00 $15,248.00 $13,448.00 4.39x 16.58x 14.62x 4.24x 11.88x
F5 Networks, Inc. NasdaqGS:FFIV $8,195.53 $9,328.13 $2,181.99 $676.46 $625.54 3.76x 13.10x 12.12x 3.66x 9.40x
Juniper Networks, Inc. NYSE:JNPR $7,838.21 $9,209.51 $4,647.50 $794.50 $583.90 1.69x 13.42x 9.87x 1.75x 8.09x
NETGEAR, Inc. NasdaqGS:NTGR $769.10 $1,043.47 $1,058.82 $60.76 $41.91 0.73x 18.35x 12.66x 0.70x 6.41x
QUALCOMM Incorporated NasdaqGS:QCOM $75,094.73 $69,023.73 $21,539.00 $6,389.00 $4,838.00 3.49x 16.00x 12.03x 3.55x 11.27x
Viavi Solutions Inc. NasdaqGS:VIAV $2,921.70 $2,822.60 $1,059.50 $164.30 $54.50 2.76x 53.61x 17.78x 2.61x 12.97x
Median $8,016.87 $9,268.82 $2,704.33 $691.08 $604.72 3.12x 17.46x 13.47x 3.08x 11.10x
Source: Capital IQ
March 201911
Public Sector Valuations IT Hardware and Services
Industry / Last Twelve Months Next Twelve Months
Company Name Ticker TEV (mm) Market Cap (mm) Rev (mm) EBITDA (mm) EBIT (mm) TEV/Rev TEV/EBIT TEV/EBITDA Forward TEV/Rev Forward TEV/EBITDA
Semiconductors/ Semiconductors Equipment
Advanced Micro Devices, Inc. NasdaqGS:AMD $27,695.51 $27,601.51 $6,475.00 $666.00 $496.00 4.28x 56.06x 41.71x 4.04x 25.67x
Analog Devices, Inc. NasdaqGS:ADI $44,435.30 $38,772.45 $6,175.17 $2,722.69 $1,921.50 7.20x 23.13x 16.32x 7.13x 15.62x
Applied Materials, Inc. NasdaqGS:AMAT $39,250.91 $37,652.91 $16,801.00 $4,915.00 $4,489.00 2.34x 8.74x 7.99x 2.72x 10.69x
Broadcom Inc. NasdaqGS:AVGO $151,582.75 $119,034.75 $21,310.00 $9,931.00 $5,575.00 7.11x 27.19x 15.26x 6.05x 11.09x
Intel Corporation NasdaqGS:INTC $256,197.90 $241,488.90 $70,848.00 $32,329.00 $23,244.00 3.62x 11.02x 7.92x 3.60x 7.90x
KLA-Tencor Corporation NasdaqGS:KLAC $19,087.40 $19,543.12 $4,304.46 $1,748.34 $1,685.17 4.43x 11.33x 10.92x 3.89x 11.17x
Micron Technology, Inc. NasdaqGS:MU $45,406.37 $45,739.37 $29,985.00 $19,215.00 $14,049.00 1.51x 3.23x 2.36x 2.18x 4.45x
Median $44,435.30 $38,772.45 $16,801.00 $4,915.00 $4,489.00 4.28x 11.33x 10.92x 3.89x 11.09x
Source: Capital IQ
March 2019
1.3x2.7x
3.5x1.9x 1.4x
3.0x1.7x
0.7x
12.5x 13.1x
10.8x
12.9x
7.8x
14.3x13.2x
14.7x
0x
2x
4x
6x
8x
10x
12x
14x
16x
2012 2013 2014 2015 2016 2017 2018 2019YTD
Transaction Multiples
TEV/REV TEV/EBITDA
126104 108 108 97 109 109 108
94108
132 120 128
9
16 21 1523
21 21 1528
18
1720
18
0
20
40
60
80
100
120
140
160
Q12016
Q22016
Q32016
Q42016
Q12017
Q22017
Q32017
Q42017
Q12018
Q22018
Q32018
Q42018
Q12019
Tran
sact
ion
Co
un
t
Quarterly M&A Transactions
Strategic Financial
555 537 517 505 503 538
146
0
100
200
300
400
500
600
2013 2014 2015 2016 2017 2018 2019YTD
Tran
sact
ion
Co
un
t
Yearly Transaction Overview
12
Mergers & Acquisitions OverviewIT Hardware and Services
Source: Capital IQ
March 201913
First Quarter Transactions OverviewIT Hardware and Services
Source: Capital IQ
3/31/19 Monstar Lab, Inc. Fuzz Productions LLC IT Consulting/Solutions Providers - - - - -
3/31/19 Juniper Networks, Inc. Mist Systems, Inc. IT Consulting/Solutions Providers - - $405.00 - -
3/29/19 Renesas Electronics Corporation Integrated Device Technology, Inc. Semiconductors $874.57 $214.75 $7,235.52 8.27x 33.69x
3/27/19 Calligo Limited Connected Technologies Inc. IT Consulting/Solutions Providers - - - - -
3/26/19 Bain Capital Private Equity Rural Sourcing, Inc. IT Consulting/Solutions Providers - - - - -
3/26/19 NuMSP LLC Corporate Technologies LLC IT Consulting/Solutions Providers - - - - -
3/25/19 Neutral Connect Networks LLC CONNECTIVITY WIRELESS, LLC IT Consulting/Solutions Providers - - - - -
3/25/19 NV5 Global, Inc. The Sextant Group, Inc. IT Consulting/Solutions Providers - - - - -
3/25/19 By Light Professional IT Services, Inc. Phacil, Inc. IT Consulting/Solutions Providers - - - - -
3/25/19 Private Investors Synersolutions Technologies Inc. IT Storage Hardware - - - - -
3/21/19 Besler & Co., Inc. Essential Consulting LLC IT Consulting/Solutions Providers - - - - -
3/20/19 Mainline Information Systems, Inc. RTP Technology Corp. IT Distribution - - - - -
3/20/19 Protel Communications, Inc. Xtelesis Corporation IT Consulting/Solutions Providers - - - - -
3/20/19 Evolutionary Systems Pvt. Ltd. Newbury Consulting Group Inc. IT Consulting/Solutions Providers - - - - -
3/18/19 Search Discovery, Inc. Peachtree AI, LLC IT Consulting/Solutions Providers - - - - -
3/18/19 UBEO Inc. PrintRX, LLC IT Distribution - - - - -
3/18/19 UBEO Inc. Braswell Office Systems, Inc. IT Distribution - - - - -
3/15/19 Saggezza Inc. Omni Resources, Inc. IT Consulting/Solutions Providers - - - - -
3/15/19 Zhuzhou CRRC Times Electric Dynex Power Inc. Semiconductors $31.92 NM $68.70 2.15x NM
3/14/19 Cubic Corporation Nuvotronics LLC Semiconductors - - $72.00 - -
3/14/19 Paragon Development Systems, Inc. Works Computing, Inc. IT Storage Hardware - - - - -
3/13/19 Private Investors Allied Business Intelligence, Inc. IT Consulting/Solutions Providers - - - - -
3/13/19 SeriesOne, Inc. Dynamo Development, Inc. IT Consulting/Solutions Providers - - - - -
3/13/19 Knewin Editorial Link IT Consulting/Solutions Providers - - - - -
3/13/19 Facebook, Inc. Sonics, Inc. Semiconductors - - - - -
3/12/19 Amazon.com, Inc. eero inc. Network Hardware - - - - -
3/11/19 Grupo ASI SRMS Network Technologies LLC IT Consulting/Solutions Providers - - - - -
3/10/19 Private Investors Promedia Audio & Video IT Consulting/Solutions Providers - - - - -
3/6/19 Level 3 Audio Visual, LLC Audio Visual Resources, Inc. IT Consulting/Solutions Providers - - - - -
3/5/19 Medal B.V. Donate Bot IT Consulting/Solutions Providers - - - - -
Target LTM Enterprise Enterprise Value / LTM
Date Acquirer Target Industry Segment Revenue EBITDA Value Revenue EBITDA
March 201914
First Quarter Transactions OverviewIT Hardware and Services
Source: Capital IQ
3/5/19 U&S Services, Inc. SmartEdge Corporation IT Consulting/Solutions Providers - - - - -
3/4/19 CoSo Cloud, LLC eSyncTraining, Inc. IT Consulting/Solutions Providers - - - - -
3/4/19 Sentinel Capital Partners, L.L.C. Mobile Communications, Inc. IT Distribution - - - - -
3/4/19 IT Weapons Inc. Continuity Solutions Ltd. IT Consulting/Solutions Providers - - - - -
3/4/19 Tyto Athene, LLC Island Information Technology Consultants IT Consulting/Solutions Providers - - - - -
3/1/19 General Dynamics Mission Systems, Inc. Deep Learning Analytics, LLC IT Consulting/Solutions Providers - - - - -
3/1/19 Prepaid Technologies Company, Inc. The Dash Prepaid Purchasing Card Portfolio IT Consulting/Solutions Providers - - - - -
3/1/19 Core BTS, Inc. Microsoft Business Unit of SADA Systems, Inc. Diversified Conglomerate - - - - -
3/1/19 Luna Technologies, Inc. General Photonics Corporation Network Hardware - - $20.00 - -
3/1/19 General Data Company, Inc. Color Label Solutions, Inc. IT Distribution - - - - -
3/1/19 CACI, Inc. - Federal LGS Innovations LLC IT Consulting/Solutions Providers - - $750.00 - -
2/28/19 Linkage Technologies, Inc TTM Technologies, Inc. IT Distribution - - - - -
2/28/19 National Gift Card Corporation Benefit Mobile, Inc. IT Consulting/Solutions Providers - - - - -
2/27/19 NuMSP LLC Zero1zero Innovations IT Consulting/Solutions Providers - - - - -
2/27/19 ANSYS, Inc. Helic, Inc. Semiconductors - - - - -
2/26/19 Clients First Business Solutions LLC Datix Inc. IT Consulting/Solutions Providers - - - - -
2/26/19 Storagepipe Solutions Inc. GridWay Computing Corporation IT Storage Hardware - - - - -
2/25/19 DIVERSANT, LLC Alliance of Computer Professionals, Inc. IT Consulting/Solutions Providers $25.00 - - - -
2/25/19 Huntington Ingalls Industries, Inc. Fulcrum IT Services, LLC IT Consulting/Solutions Providers - - $193.00 - -
2/22/19 Adam Berge and Pempo, LLC Dakota Mailing & Shipping Equipment, Inc. IT Distribution - - - - -
2/22/19 EPI-USE America, Inc. BI Brainz, LLC IT Consulting/Solutions Providers - - - - -
2/19/19 Sharp Business Systems Saratoga Technologies, Inc. IT Consulting/Solutions Providers - - - - -
2/15/19 Coin Savage LLC Vite.Money, LLC IT Consulting/Solutions Providers - - - - -
2/15/19 Kitron Inc. API Defence USA, Inc. Electronic Manufacturing Services $24.40 NM $15.90 0.65x NM
2/13/19 Abacus Group, LLC Proactive Technologies, LLC IT Consulting/Solutions Providers - - - - -
2/13/19 Sensory, Inc. vocalize.ai inc. IT Consulting/Solutions Providers - - - - -
2/13/19 Advantest America, Inc. Astronics Test Systems Inc. Semiconductors - - $170.00 - -
2/13/19 MindStream Analytics LLC Global View Analytics, Inc. IT Consulting/Solutions Providers - - - - -
2/12/19 Dark3, Inc. Fenris IV Incorporated IT Consulting/Solutions Providers - - - - -
2/12/19 Blink Interactive, Inc. Redshift Digital, Inc. IT Consulting/Solutions Providers - - - - -
Target LTM Enterprise Enterprise Value / LTM
Date Acquirer Target Industry Segment Revenue EBITDA Value Revenue EBITDA
March 201915
First Quarter Transactions OverviewIT Hardware and Services
Source: Capital IQ
2/11/19 GCR Inc. eGrantsPlus of STR Grants LLC IT Consulting/Solutions Providers - - - - -
2/11/19 AcquireTek, LLC Clear IT Architecture IT Consulting/Solutions Providers - - - - -
2/8/19 The Natural Power Consultants Limited Ascent Technologies Inc. IT Consulting/Solutions Providers - - - - -
2/7/19 Exclusive Group SAS Fine Tec IT Consulting/Solutions Providers - - - - -
2/7/19 Dorilton Capital Advisors, LLC MEI LLC Semiconductors - - - - -
2/7/19 Accenture plc Zafin Labs Technologies Ltd. IT Consulting/Solutions Providers - - - - -
2/7/19 UC Resources Ltd. CryptoTrading Holdings, Inc. IT Consulting/Solutions Providers - - - - -
2/6/19 Utility Telecom Group, LLC Spectrum Telecom Systems, Inc. IT Distribution - - - - -
2/6/19 Thompson Street Capital Partners BCM One, Inc. IT Consulting/Solutions Providers - - - - -
2/6/19 Cisco Systems, Inc. Luxtera, Inc. Diversified Conglomerate - - $660.00 - -
2/1/19 Payroc LLC Detrok Technology Services IT Distribution - - - - -
2/1/19 Red Level Networks LLC Conway, Dierking & Hillman, Inc. IT Consulting/Solutions Providers $5.00 - - - -
2/1/19 Osprey Capital, LLC Merdeli Marketing/Erik Kellar Photography IT Consulting/Solutions Providers - - - - -
2/1/19 CDW Canada Inc. Scalar Decisions Inc. IT Distribution $188.56 - - - -
1/31/19 Private Investors NVIDIA Corporation Semiconductors $11,716.00 $4,066.00 - - -
1/31/19 Nordic Consulting Partners, Inc. Healthtech Inc. IT Consulting/Solutions Providers - - - - -
1/30/19 Pepperl+Fuchs GmbH Comtrol Corporation Network Hardware - - - - -
1/30/19 Catalyst IT Services, Inc. Digital Transformation Business of Statêra IT Consulting/Solutions Providers - - - - -
1/29/19 NuMSP LLC Salient IT Inc IT Consulting/Solutions Providers - - - - -
1/28/19 S.A. Vitec T-21 Technologies, LLC Network Hardware - - - - -
1/28/19 F12 Networks, Inc. Level4 Technologies Inc. IT Consulting/Solutions Providers - - - - -
1/28/19 Century Park Capital Partners, LLC MCCi, LLC IT Consulting/Solutions Providers - - - - -
1/25/19 GSI, Inc. Consulting Practice of IT Prophets, LLC IT Consulting/Solutions Providers - - - - -
1/25/19 Solutiant Network Minders Solutions LLC IT Consulting/Solutions Providers - - - - -
1/24/19 MyCrypto, Inc. Ambo LLC IT Consulting/Solutions Providers - - - - -
1/24/19 WEX Inc. Noventis Inc. IT Consulting/Solutions Providers - - $310.00 - -
1/23/19 Odyssey Investment Partners, LLC Barcodes, Inc. IT Distribution - - - - -
1/23/19 Solutions-II, Inc. Chouinard & Myhre, Inc. IT Consulting/Solutions Providers - - - - -
1/23/19 Avalara, Inc. Operational Assets of Compli IT Consulting/Solutions Providers - - - - -
1/22/19 Compass Electronics Group, LLC PROTECH GLOBAL SOLUTION, LP Electronic Manufacturing Services - - - - -
Target LTM Enterprise Enterprise Value / LTM
Date Acquirer Target Industry Segment Revenue EBITDA Value Revenue EBITDA
March 201916
First Quarter Transactions OverviewIT Hardware and Services
Source: Capital IQ
1/22/19 Eagle Point Technology Solutions, LLC wpatech, llc. IT Consulting/Solutions Providers - - - - -
1/22/19 Qlik Technologies, Inc. Crunch Data Inc. IT Consulting/Solutions Providers - - - - -
1/22/19 Albireo Energy, LLC EMS Technologies, Inc. Electronic Manufacturing Services - - - - -
1/22/19 Comstar Technologies, LLC E-Tel Systems Corporation IT Distribution - - - - -
1/21/19 Heartland Business Systems, LLC Certain Assets of Computer Solutions, Ltd. IT Consulting/Solutions Providers - - - - -
1/18/19 ePlus Technology, inc. SLAIT Consulting, LLC IT Consulting/Solutions Providers - - $50.70 - -
1/18/19 Converge Technology Solutions Corp. Software Information Systems, LLC IT Storage Hardware $89.00 $2.60 $15.35 0.17x 5.90x
1/17/19 Medicus Solutions, Inc. Information Strategy Design, Inc. IT Consulting/Solutions Providers - - - - -
1/17/19 HAYSTACKID LLC eTERA Consulting, LLC IT Consulting/Solutions Providers - - - - -
1/17/19 A.T. Kearney, Inc. Cervello Inc. IT Consulting/Solutions Providers - - - - -
1/17/19 ABS Capital; Egis Capital ClearObject Corporation IT Consulting/Solutions Providers - - - - -
1/17/19 GM Security Technologies, Inc. 1st Secure IT, LLC IT Consulting/Solutions Providers - - - - -
1/17/19 Talan SAS Planaxis Inc. IT Consulting/Solutions Providers $11.29 - - - -
1/16/19 Rambus Inc. Diablo Technologies Semiconductors - - - - -
1/16/19 Nucleus Networks Inc. TTV Support Inc. IT Consulting/Solutions Providers - - - - -
1/15/19 46 Labs LLC Asteri Information Systems Inc. IT Consulting/Solutions Providers - - - - -
1/15/19 Marco Technologies, LLC Enterprise Systems Group LLC IT Consulting/Solutions Providers - - - - -
1/14/19 Private Investors AJD Data Services Inc. IT Consulting/Solutions Providers - - $0.64 - -
1/14/19 Driven, Inc. OmniVere LLC IT Consulting/Solutions Providers - - - - -
1/14/19 2W Technologies, INC Computer 911, Incorporated IT Consulting/Solutions Providers - - - - -
1/14/19 Hitachi Solutions America, Ltd. Capax Global, LLC IT Consulting/Solutions Providers - - - - -
1/11/19 Simpatico Systems LLC TeksInc IT Consulting/Solutions Providers - - - - -
1/11/19 CablesAndKits.com Solature LLC IT Distribution - - - - -
1/10/19 Red Hawk Fire & Security, LLC Advanced Cabling Systems, LLC IT Consulting/Solutions Providers - - - - -
1/10/19 Winxnet, Inc. Forza Technology Solutions IT Consulting/Solutions Providers - - - - -
1/10/19 Providence Plan Partners Performance Health Technology, Ltd. IT Consulting/Solutions Providers - - - - -
1/9/19 Hui Huliau Advanced C4 Solutions, Inc. IT Consulting/Solutions Providers - - - - -
1/9/19 Arbela Technologies Corp. Fawcett Technologies Advisors IT Consulting/Solutions Providers - - - - -
1/9/19 Duke Energy Corporation Open Energy Solutions, Inc. IT Consulting/Solutions Providers - - - - -
1/9/19 CompassMSP, LLC TS Tech Enterprises, Inc. IT Consulting/Solutions Providers - - - - -
Target LTM Enterprise Enterprise Value / LTM
Date Acquirer Target Industry Segment Revenue EBITDA Value Revenue EBITDA
March 201917
First Quarter Transactions OverviewIT Hardware and Services
Source: Capital IQ
1/9/19 Covalent Metrology Services, Inc. SMT Analytical Electronic Manufacturing Services - - - - -
1/9/19 FreePoint Technologies Inc. CoreSolutions Software, Inc. IT Consulting/Solutions Providers - - - - -
1/8/19 Elavon Inc. CenPOS, LLC IT Consulting/Solutions Providers - - - - -
1/8/19 CompTIA TCA Community Public Technology Inc. IT Consulting/Solutions Providers - - - - -
1/8/19 Improving Holdings, LLC Innovative Architects, LLC IT Consulting/Solutions Providers - - - - -
1/8/19 RouteTrst, Inc. Rtx Solutions, LLC IT Consulting/Solutions Providers - - - - -
1/8/19 East West Manufacturing, LLC General Microcircuits, Inc. Semiconductors - - - - -
1/8/19 Data Decisions Group, LLC Reach Analytics LLC IT Consulting/Solutions Providers - - - - -
1/8/19 Spp Management Services; Summit Park III Freedom Electronics, Inc. IT Distribution - - - - -
1/8/19 ConvergeOne, Inc. Venture Technologies, Inc. Network Hardware - - $92.00 - -
1/7/19 SWK Technologies, Inc. Partners in Technology, Inc. IT Consulting/Solutions Providers $1.00 - $0.23 0.23x -
1/7/19 Dynamic Quest, Inc. Carolina Networks, Inc. IT Consulting/Solutions Providers - - - - -
1/7/19 Auric Energy Solaroo Energy, LLC IT Distribution - - - - -
1/7/19 AGC Networks Pte. Limited Black Box Corporation Network Hardware $770.58 NM $87.48 0.11x NM
1/4/19 Private Investors Sungard Availability Services LP IT Consulting/Solutions Providers - - - - -
1/3/19 Oohology LLC Makespace Web LLC IT Consulting/Solutions Providers - - - - -
1/3/19 Private Investors CALIENT Technologies, Inc. Network Hardware - - $186.30 - -
1/3/19 CVC Capital Partners ConvergeOne Holdings, Inc. IT Consulting/Solutions Providers $1,401.33 $111.85 $1,640.28 1.17x 14.67x
1/2/19 Kelly Services, Inc. Global Technology Associates, LLC IT Consulting/Solutions Providers - - $85.00 - -
1/2/19 Shingle & Gibb Company, Inc. KOM Automation, Inc. IT Distribution - - - - -
1/2/19 The Columbus Organization, LLC Support Associates, Inc. IT Consulting/Solutions Providers - - - - -
1/2/19 Nonantum Capital Partners, LLC ProVest, LLC IT Consulting/Solutions Providers - - - - -
1/2/19 BadgePass, Inc. Data Equipment, Inc. IT Consulting/Solutions Providers - - - - -
1/1/19 Enertron LLC Jabtech L.L.C. IT Consulting/Solutions Providers - - - - -
1/1/19 Westshore Design, LLC Petra Electronic Manufacturing, Inc. Electronic Manufacturing Services - - - - -
1/1/19 GoEngineer, Inc. Advanced RP, Inc. IT Distribution - - - - -
Target LTM Enterprise Enterprise Value / LTM
Date Acquirer Target Industry Segment Revenue EBITDA Value Revenue EBITDA
March 201918
First Quarter Transactions OverviewIT Hardware and Services
Source: Capital IQ
Target LTM Enterprise Enterprise Value / LTM
Date Acquirer Target Industry Segment Revenue EBITDA Value Revenue EBITDA
High $11,716.00 $4,066.00 $7,235.52 8.27x 33.69x
Low $1.00 $2.60 $0.23 0.11x 5.90x
Mean $1,261.55 $1,098.80 $602.91 1.82x 18.09x
Median $60.46 $163.30 $89.74 0.65x 14.67x
March 201919
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March 201920
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