Sector ReportSep 28, 2026 · 22 pages · Free to read

IT Consulting and Services Sector Outlook — September 2026

NeuraCap's IT Consulting and Services sector outlook: who plays, how the market prices them, what has transacted, and what it means for owners, operators and acquirers.

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4.8x
Sector median EV/EBITDA: 8.1x
Premium end EV/EBITDA vs 3.4x at the discount end: 33
Transactions with disclosed terms

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INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › IT CONSULTING AND SERVICES

IT Consulting: Growth Holds the Top of the Range

A forward-earnings read on eleven IT consulting and services companies, the groups inside the label, and what recent announced transactions suggest buyers are underwriting.

September 2026   ·   Prepared by NeuraCap AI   ·   Confidential

Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E)

IT Consulting and Services Coverage   |   September 2026   |   Confidential   |   Not investment advice

Sources & methodology

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1 / 22 · INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › IT CONSULTING AND SERVICES

Executive summary

IT consulting and services does not trade as one market. Priced on CY2027E EBITDA, the 10 of the 11 companies with a forward estimate split cleanly: the faster growers hold the top of the range and the slower ones the bottom, and that gap is associated with growth far more closely than with margin level.

Key findings

The Middle of the Range Is Not Where Buyers Are Leaning
Faster Growth Travels With the Higher Price Here
Most of the Set Is Diversified Delivery, and It Prices Near the Middle
Recent Buyers Have Reached Above Where the Shares Trade

What each page shows

The analyst’s walkthrough of the deck, page by page.

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INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › IT CONSULTING AND SERVICES
INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › IT CONSULTING AND SERVICES.
Cover — IT Consulting and Services sector insights, September 2026. Prepared by NeuraCap AI; market data as of 2026-09-28; primary valuation basis EV / EBITDA (CY2027E). The framing line carries the deck's finding with the figures stripped. 1
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INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › IT CONSULTING AND SERVICES IT Consulting: Growth Holds the Top of the Range A forward-earnings read on eleven IT consulting and services companies, the groups inside the label, and what recent announced transactions suggest buyers are underwriting. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) IT Consulting and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1
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CONTENTS
What This Report Covers
What This Report Covers.
Contents — the report runs 5 numbered sections plus the appendix: the bottom line, the landscape, valuation & situations, precedent transactions, strategic implications. The Bottom Line comes first by design: a reader who stops after section 01 still leaves with the whole story. 2
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CONTENTS What This Report Covers 01 The Bottom Line IT Consulting and Services Is Two Markets Under One Label 02 The Landscape One Label, Two Groups: Diversified Delivery and Adjacent Models 03 Valuation & Situations The Top of the Range Is Held by the Faster-Growing Names 04 Precedent Transactions What Buyers Agreed to Pay for Capability Sits Above Public Pricing 05 Strategic Implications Revenue Quality Is the Lever This Pricing Responds To 06 Appendix Comparables Detail, Methodology, Sources and Assumptions IT Consulting and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2
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01 · THE BOTTOM LINE
IT Consulting and Services Is Two Markets: Diversified IT Services Carries the Weight, the Faster-Growing Names Carry the Premium
IT Consulting and Services Is Two Markets: Diversified IT Services Carries the Weight, the Faster-Growing Names Carry the Premium.
IT Consulting and Services Is Two Markets: Diversified IT Services Carries the Weight, the Faster-Growing Names Carry the Premium The full story on one page · figures on EV / EBITDA (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (10 of 11 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. 3
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01 · THE BOTTOM LINE IT Consulting and Services Is Two Markets: Diversified IT Services Carries the Weight, the Faster-Growing Names Carry the Premium The full story on one page · figures on EV / EBITDA (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (10 of 11 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. IT Consulting and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 The Middle of the Range Is Not Where Buyers Are Leaning Priced on CY2027E EBITDA, the middle of the range sits at 4.8x across the 10 of the 11 companies with a forward estimate. A forward multiple already credits the growth in the forecast, so a premium that survives it points to durable demand rather than one strong year. 2 Faster Growth Travels with the Higher Price Here Split at 3% revenue growth, the 5 faster-growing names sit at 7.6x and the 4 slower ones at 3.6x. Across this set the gap is associated with forward growth far more closely than with margin level. 3 Most of the Set Is Diversified Delivery, and It Prices Near the Middle 8 of the 11 companies are diversified IT services businesses, 73% of the set, and they price around the centre of the range. The smaller group of adjacent models prices above that, on only 2 of the 3 names carrying a forward estimate, so read it as a signal to test rather than a settled pattern. 4 Recent Buyers Have Reached Above Where the Shares Trade On the 7 transactions on this page with an EBITDA multiple recorded, announced pricing runs from 6.8x to 29.2x — above where the set trades on CY2027E earnings. That is consistent with capability-led buying for delivery talent and client access rather than pricing on scale alone. 4.8x Sector median EV/EBITDA CY2027E consensus · 10 rated of 11 companies 8.1x Premium end EV/EBITDA vs 3.4x at the discount end top quartile (n=3) against bottom quartile (n=3) on EV/EBITDA — the spread the report explains 33 Transactions with disclosed terms 97 recorded in this tier · 3 told as case studies, the full list in the appendix
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SECTION 02
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Section 02 of 06 — One Label, Two Groups: Diversified Delivery and Adjacent Models. Eight diversified providers and three adjacent models, priced on different footing. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 4
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SECTION 02 02 THE LANDSCAPE One Label, Two Groups: Diversified Delivery and Adjacent Models Eight diversified providers and three adjacent models, priced on different footing. 02 of 06 IT Consulting and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4
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02 · MARKET MAP
Eight Diversified Providers Carry the Weight; Three Adjacent Models Price on a Different Basis
Eight Diversified Providers Carry the Weight; Three Adjacent Models Price on a Different Basis.
Eight Diversified Providers Carry the Weight; Three Adjacent Models Price on a Different Basis 11 approved companies grouped by business segment · median EV / EBITDA (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. 5
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02 · MARKET MAP Eight Diversified Providers Carry the Weight; Three Adjacent Models Price on a Different Basis 11 approved companies grouped by business segment · median EV / EBITDA (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. IT Consulting and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 DIVERSIFIED IT SERVICES 8 cos median 4.8x Accenture (ACN) CACI International (CACI) Wipro Limited (WIT) EPAM Systems (EPAM) DXC Technology (DXC) Globant S.A. (GLOB) Endava (DAVA) Grid Dynamics (GDYN) 8 of the 11 companies, 73% of the set, running consulting, engineering and managed services across a global delivery model — this is the group a buyer benchmarks first. ADJACENT MODELS 3 cos median 6.1x CI&T (CINT) Information (III) GIBO Holdings (GIBO) 3 companies, 27% of the set, sitting next door in sourcing advisory, infrastructure software and internet content; 2 of the 3 carry a forward estimate, and their demand is not billed in delivery hours.
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02 · LANDSCAPE
The Larger Group Prices Near the Middle; The Adjacent Names Price Above It
The Larger Group Prices Near the Middle; The Adjacent Names Price Above It.
The Larger Group Prices Near the Middle; The Adjacent Names Price Above It Segment view of the approved universe · EV / EBITDA (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. 6
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02 · LANDSCAPE The Larger Group Prices Near the Middle; The Adjacent Names Price Above It Segment view of the approved universe · EV / EBITDA (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. IT Consulting and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/EBITDA Names to know What they do — and why it matters Diversified IT services 8 73% 4.8x Accenture plc (ACN) · CACI International Inc (CACI) · +6 more Broad delivery, deep client ties. Consulting, application modernization, product engineering and managed services delivered across onshore, nearshore and offshore locations. The group's middle sits at 4.8x on CY2027E EBITDA, with all 8 names carrying a forward estimate, so this is the reference point for what scaled delivery is worth today. Adjacent models 3 27% 6.1x CI&T Inc (CINT) · Information Services Group, Inc. (III) · +1 more Advisory and platform economics. Technology sourcing advisory, infrastructure software and internet content platforms — revenue that is not sold by the billable hour. The middle of this group sits at 6.1x, but on only 2 of the 3 names with a forward estimate, so treat it as an indication of where non-hourly revenue prices, not a settled benchmark.
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SECTION 03
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Section 03 of 06 — The Top of the Range Is Held by the Faster-Growing Names. The page ranks 11 companies, 10 of them with a forward estimate for CY2027E. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 7
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SECTION 03 03 VALUATION & SITUATIONS The Top of the Range Is Held by the Faster-Growing Names The page ranks 11 companies, 10 of them with a forward estimate for CY2027E. 03 of 06 IT Consulting and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7
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03 · PUBLIC MARKET VALUATION
The Premium at the Top of This Range Sits with the Faster-Growing Names, and Not with the Larger Ones
The Premium at the Top of This Range Sits with the Faster-Growing Names, and Not with the Larger Ones.
The Premium at the Top of This Range Sits with the Faster-Growing Names, and Not with the Larger Ones EV / EBITDA (CY2027E) · all 10 rated companies, sorted descending · sector median 4.8x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (10 of 11 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2027E) basis. Panel commentary is a NeuraCap view. 8
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03 · PUBLIC MARKET VALUATION The Premium at the Top of This Range Sits with the Faster-Growing Names, and Not with the Larger Ones EV / EBITDA (CY2027E) · all 10 rated companies, sorted descending · sector median 4.8x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (10 of 11 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2027E) basis. Panel commentary is a NeuraCap view. IT Consulting and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 8.1x CORE · median 4.8x DISCOUNT · median 3.4x Sector median 4.8x WHAT SEPARATES THE TWO ENDS The top prices on growth. The 3 names at the top — CACI International Inc (CACI), Accenture plc (ACN) and Information Services Group, Inc. (III) — sit at 8.1x on CY2027E EBITDA, with revenue growth running from 4% to 10%. Government-facing scale and sourcing advisory sit alongside the classic integrator in that group. The bottom carries slower growth. The 3 names at the bottom sit at 3.4x on the same basis, with revenue growth from -2% to 2%. Margin is not the dividing line at this end — two of the three report healthy delivery margins and still price here. A forward multiple already credits growth. Because the lens is CY2027E, the forecast is already in the denominator. A premium that survives that test points to demand a buyer can underwrite — repeat programs, managed services mix, backlog that converts — which is exactly what diligence on client cohorts and bookings goes after.
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03 · VALUATION DRIVERS
The Price Gap in This Set Lines up with Forward Growth More than with Margin
The Price Gap in This Set Lines up with Forward Growth More than with Margin.
The Price Gap in This Set Lines up with Forward Growth More than with Margin Median EV / EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=5; slower n=4; higher-margin n=5; lower-margin n=5). Driver readings are NeuraCap views on the supplied data — association, not causation. 9
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03 · VALUATION DRIVERS The Price Gap in This Set Lines up with Forward Growth More than with Margin Median EV / EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=5; slower n=4; higher-margin n=5; lower-margin n=5). Driver readings are NeuraCap views on the supplied data — association, not causation. IT Consulting and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 3% · EBITDA-margin split at 15% Faster Growers Sit at 7.6x; Slower Growers at 3.6x Split at 3% revenue growth, the 5 faster-growing names sit at 7.6x on CY2027E EBITDA and the 4 slower ones at 3.6x, across the 10 of the 11 companies with a forward estimate. Growth tracks that gap more closely than margin level does. Strong Margin on Its Own Has Not Carried the Same Lift Among the 10 of the 11 companies with a forward estimate, the 2 names clearing a 15% EBITDA margin without clearing the growth bar sit at 5.1x, while the 2 clearing growth without the margin bar sit at 9.0x. On this sample, margin reads as the floor and growth as the part the higher prices sit alongside. Growth Quality Rests on Managed Services and Backlog Book-to-bill, backlog conversion, repeat client spend and concentration are what a buyer tests when a growth number has to survive a slower year. Discretionary project exposure and thin backlog are the usual reasons a forward number gets marked down in diligence. Delivery Mix and Attrition Sit Underneath the Margin Line Utilization, the onshore, nearshore and offshore balance, wage pressure and subcontractor dependence are where delivery margin is actually made or lost. Data residency and clearance requirements shape where work can be staffed, so delivery-location strategy is a value question, not just a cost one.
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03 · SITUATION MAP
Four of the Ten Companies with a Forward Estimate Hold Both a Higher Multiple and Faster Growth
Four of the Ten Companies with a Forward Estimate Hold Both a Higher Multiple and Faster Growth.
Four of the Ten Companies with a Forward Estimate Hold Both a Higher Multiple and Faster Growth Cut on EV / EBITDA vs the sector median (4.8x) (rows) and revenue growth vs the covered median (3%) (columns) · 1 rated names without the second measure are not mapped · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. 10
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03 · SITUATION MAP Four of the Ten Companies with a Forward Estimate Hold Both a Higher Multiple and Faster Growth Cut on EV / EBITDA vs the sector median (4.8x) (rows) and revenue growth vs the covered median (3%) (columns) · 1 rated names without the second measure are not mapped · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. IT Consulting and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Priced for Growth Above-median multiple · above-median revenue growth 4 names Accenture plc (ACN) · CACI International Inc (CACI) · EPAM Systems, Inc. (EPAM) · +1 more Accenture plc (ACN), CACI International Inc (CACI), EPAM Systems, Inc. (EPAM) and Information Services Group, Inc. (III) sit above the middle of the set on both forward multiple and revenue growth. The work here is holding the growth claim through a slower year — backlog conversion, client retention and managed services mix are what that rests on. Multiple Ahead of Growth Above-median multiple · below-median revenue growth 1 names Wipro Limited (WIT) Wipro Limited (WIT) holds an above-middle multiple on below-middle growth, with a delivery margin of 20%. That position leans on scale and delivery economics, and the growth line is the part a buyer would test first. Growth Ahead of Multiple Below-median multiple · above-median revenue growth 1 names Grid Dynamics Holdings, Inc. (GDYN) Grid Dynamics Holdings, Inc. (GDYN) grows faster than the middle of the set while pricing below it. This is a single name out of the 10 with a forward estimate, so read it as a position to investigate — client concentration and how much of the growth is repeat spend are the questions. Behind on Both Measures Below-median multiple · below-median revenue growth 3 names DXC Technology Company (DXC) · Globant S.A. (GLOB) · Endava plc (DAVA) DXC Technology Company (DXC), Globant S.A. (GLOB) and Endava plc (DAVA) sit below the middle on both measures. The operating work is revenue mix and cost structure — moving discretionary project revenue toward recurring managed services would show up in both lines.
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03 · GROWTH VS PROFITABILITY
Three of the Ten Companies with a Forward Estimate Clear Both the Growth and Margin Bars
Three of the Ten Companies with a Forward Estimate Clear Both the Growth and Margin Bars.
Three of the Ten Companies with a Forward Estimate Clear Both the Growth and Margin Bars Revenue growth (CY2027E, x-axis) vs EBITDA margin (CY2027E, y-axis) · 9 companies with both estimates · cuts at the covered medians (3% growth, 15% margin) · median EV/EBITDA per quadrant · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Quadrant cuts are the covered set's medians. Quadrant medians on names with a meaningful EV/EBITDA (balanced n=3; margin-only n=2; growth-only n=2; neither n=2). 11
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03 · GROWTH VS PROFITABILITY Three of the Ten Companies with a Forward Estimate Clear Both the Growth and Margin Bars Revenue growth (CY2027E, x-axis) vs EBITDA margin (CY2027E, y-axis) · 9 companies with both estimates · cuts at the covered medians (3% growth, 15% margin) · median EV/EBITDA per quadrant · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Quadrant cuts are the covered set's medians. Quadrant medians on names with a meaningful EV/EBITDA (balanced n=3; margin-only n=2; growth-only n=2; neither n=2). IT Consulting and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 -2% 0% 2% 5% 8% 10% 12% 15% 18% 20% MARGIN ONLY median 5.1x BALANCED median 7.6x NEITHER median 3.2x GROWTH ONLY median 9.0x DXC WIT DAVA GLOB EPAM III ACN GDYN CACI x: revenue growth (CY2027E) · y: EBITDA margin (CY2027E) HOW TO READ THIS The map splits the 10 of the 11 companies with a forward estimate at the middle of revenue growth and at a 15% EBITDA margin. EPAM Systems, Inc. (EPAM), Information Services Group, Inc. (III) and Accenture plc (ACN) clear both bars. The 2 names clearing growth alone sit at 9.0x, the 2 clearing margin alone at 5.1x, and the 2 clearing neither at 3.2x. Growth is the harder bar to clear in this sample, and it is the one the higher multiples sit alongside. The growth-only median rests on 2 names and is lifted by CACI at 13.3x. Rule of 40 (revenue growth + EBITDA margin ≥ 40%): 0 of 9 names clear it.
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03 · THE AGENDA
Four Moves That Line up with What the Top of This Range Is Priced On
Four Moves That Line up with What the Top of This Range Is Priced On.
Four Moves That Line up with What the Top of This Range Is Priced On NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. 12
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03 · THE AGENDA Four Moves That Line up with What the Top of This Range Is Priced On NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. IT Consulting and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12 Make the Growth Number Survive a Slower Year Forward pricing here sits with names whose demand looks repeatable. Shifting mix toward recurring managed services and mission-critical programs, and lifting backlog conversion, is what turns a growth number into one a buyer will underwrite. What changes the answer: Book-to-bill slipping below 1.0x for consecutive quarters, or backlog converting more slowly than planned. Take Concentration Down Before a Buyer Prices It Client and vertical concentration is one of the first things diligence quantifies, and discretionary project exposure amplifies it. Broadening the account base and deepening repeat spend inside existing clients addresses both at once. What changes the answer: Top-client share rising while the discretionary share of revenue holds steady. Hold Margin Through Delivery Mix and Utilization Margin reads as the floor in this set rather than the differentiator. Utilization discipline, the onshore, nearshore and offshore balance, controlled attrition and reduced subcontractor dependence are where that floor is defended. What changes the answer: Attrition or subcontractor dependence rising while utilization falls. Run Build-Versus-Buy Against What Deals Are Pricing At Announced transactions for cloud, data, artificial intelligence and cybersecurity capability have been struck well above where the set trades on CY2027E earnings. That gap is the number an internal build has to beat on both time and cost. What changes the answer: A capability gap that pushes out delivery dates on named client programs.
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SECTION 04
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Section 04 of 06 — What Buyers Agreed to Pay for Capability Sits Above Public Pricing. Nine announced transactions since 2022, priced mostly on EBITDA. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 13
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SECTION 04 04 PRECEDENT TRANSACTIONS What Buyers Agreed to Pay for Capability Sits Above Public Pricing Nine announced transactions since 2022, priced mostly on EBITDA. 04 of 06 IT Consulting and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13
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04 · DEAL CASE STUDIES
What Buyers Agreed to Pay for IT Services Capability Since 2022
What Buyers Agreed to Pay for IT Services Capability Since 2022.
What Buyers Agreed to Pay for IT Services Capability Since 2022 3 of 33 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 95 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 64 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed.
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04 · DEAL CASE STUDIES What Buyers Agreed to Pay for IT Services Capability Since 2022 3 of 33 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 95 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 64 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. IT Consulting and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14 Aug-2026 $7.2B Genpact Delaware acquires Genpact Bermuda EV / LTM revenue 1.4x EV / LTM EBITDA 8.2x WHY THE DEAL HAPPENED The announced transaction moves Genpact Bermuda to Genpact Delaware — buyer and target inside the same group, which points to a corporate structure change rather than a purchase of capability. For an owner, its value is as a scale marker, not as a read on what a third-party buyer would pay for a delivery business. HOW THE TARGET WAS VALUED The recorded enterprise value of $7.2B prices the business at 8.2x EBITDA, with the value shown as recorded in the filing. That sits above the middle of the public set on CY2027E earnings and below the capability-led transactions elsewhere on this page. Sep-2017 $5.0B Quarterhill Inc. acquires Conduent Incorporated EV / LTM revenue 0.8x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED Transactions in this record cluster around buyers adding delivery capability, specialist talent or client access to a platform they already run. That is the logic the announced pricing on this page is consistent with, and it is the logic an owner should assume a buyer is testing. HOW THE TARGET WAS VALUED Pricing in this sector is set on EV / EBITDA, the same lens the public set is ranked on here. Where a target's delivery margin is still maturing, EV / Revenue carries the cross-check alongside organic growth and utilization. May-2016 $7.0B DXC Technology Company acquires Computer Sciences Corporation EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED Buyers in this sector combine strategic acquirers building delivery scale with sponsors underwriting revenue visibility and management depth. Where a target holds specialist engineering or domain capability, the buying logic is capability and client access added to an existing base. HOW THE TARGET WAS VALUED EV / EBITDA is the deal convention here, with EV / Revenue used as a supporting reference for faster-growing digital specialists. Announced pricing across this record benchmarks above where the set trades on CY2027E earnings.
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SECTION 05
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Section 05 of 06 — Revenue Quality Is the Lever This Pricing Responds To. What the two ends of the range imply for how a company is run. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 15
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SECTION 05 05 STRATEGIC IMPLICATIONS Revenue Quality Is the Lever This Pricing Responds To What the two ends of the range imply for how a company is run. 05 of 06 IT Consulting and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15
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05 · STRATEGIC IMPLICATIONS
What This Pricing Means for the People Running These Businesses
What This Pricing Means for the People Running These Businesses.
What This Pricing Means for the People Running These Businesses NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. 16
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05 · STRATEGIC IMPLICATIONS What This Pricing Means for the People Running These Businesses NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. IT Consulting and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16 FOR OWNERS Revenue Quality Is What Separates the Two Ends of This Range The names at the top carry growth that a forward multiple has already credited, which points to demand buyers believe will repeat. The operating work behind that is repeat client spend, managed services mix and backlog that converts, rather than headline scale. FOR MANAGEMENT TEAMS Margin Is the Floor; Growth Quality Is Where the Price Moves Utilization, delivery mix and attrition hold the margin line, and this set shows healthy-margin names sitting mid-range all the same. Growth that stands up to diligence on client cohorts, bookings and pipeline is the part associated with the top of the range. FOR ACQUIRERS The Transaction Record Prices Capability Above the Public Set Announced deals since 2022 on this page were struck on EBITDA multiples above where the 10 companies with a forward estimate trade on CY2027E. Buyers appear to be underwriting delivery talent and client access, so the build-versus-buy math should be run against that gap.
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SECTION 06
06
06.
Section 06 of 06 — The Full Universe, Methodology and Sources. Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 17
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SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 IT Consulting and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17
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06 · PUBLIC COMPARABLES (1 OF 1)
Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier
Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier.
Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (4.8x); amber marks below · 10 rated companies; 1 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 10 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. 18
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06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (4.8x); amber marks below · 10 rated companies; 1 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 10 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. IT Consulting and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥7.3x · median 8.1x · 3 companies CACI International Inc CACI Diversified IT services $19.1B 13.3x 10% 13% 23 Accenture plc ACN Diversified IT services $117B 8.1x 5% 19% 23 Information Services Group, Inc. III Technology sourcing and advisory services $302M 7.6x 4% 15% 19 CORE — 4.0x–7.3x · median 4.8x · 4 companies Wipro Limited WIT Diversified IT services $13.4B 6.5x 1% 20% 21 EPAM Systems, Inc. EPAM Diversified IT services $4.9B 4.9x 3% 17% 21 Grid Dynamics Holdings, Inc. GDYN Diversified IT services $324M 4.7x 9% 15% 24 CI&T Inc CINT Adjacent: infrastructure software $469M 4.6x n/a 3% n/a DISCOUNT — <4.0x · median 3.4x · 3 companies Globant S.A. GLOB Diversified IT services $1.8B 3.8x 2% 19% 21 Endava plc DAVA Diversified IT services $383M 3.4x 2% 11% 13 DXC Technology Company DXC Diversified IT services $4.5B 2.9x -2% 13% 11
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06 · PRECEDENT TRANSACTIONS (1 OF 2)
All Precedent Transactions with Disclosed Terms, Newest First
All Precedent Transactions with Disclosed Terms, Newest First.
All Precedent Transactions with Disclosed Terms, Newest First 33 transactions with disclosed terms in this tier (97 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 95 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 64 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed.
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06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 33 transactions with disclosed terms in this tier (97 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 95 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 64 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 18 of 33 transactions shown; the rest are in the companion workbook. IT Consulting and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Aug-2026 Genpact Delaware → Genpact Bermuda $7.2B 1.4x 8.2x Genpact Delaware's announced acquisition of Genpact Bermuda in Aug-2026 carries a recorded enterprise value of $7.2B, at 1.4x revenue and 8.2x EBITDA. The value is shown as recorded in the filing, where the deal value unit is unresolved. Jan-2025 H.I.G. Capital, LLC → Quisitive Technology Solutions Inc. n/a 1.8x n/a H.I.G. Capital, LLC's announced acquisition of Quisitive Technology Solutions Inc. in Jan-2025 was struck at 1.8x revenue. Revenue is the supporting reference sponsors lean on when a digital specialist's delivery margin is still maturing. Aug-2024 Apax Partners LLP → Thoughtworks Holding, Inc. n/a 1.7x n/a Apax Partners LLP announced its acquisition of Thoughtworks Holding, Inc. in Aug-2024 at 1.7x revenue. A sponsor underwriting a platform of this size is buying engineering talent, client relationships and a path to normalized profitability. Dec-2023 Valtech SE → Kin & Carta plc n/a n/a 14.7x Valtech SE's announced acquisition of Kin & Carta plc in Dec-2023 was struck at 14.7x EBITDA — what the buyer agreed to pay for a digital transformation practice, well above where the set trades on CY2027E earnings. Aug-2023 Cegeka Groep NV → Computer Task Group, Incorporated n/a n/a 11.2x Cegeka Groep NV announced its acquisition of Computer Task Group, Incorporated in Aug-2023 at 11.2x EBITDA. The combination adds staffing and application delivery capacity alongside an existing European services platform. Oct-2022 TELUS International → WillowTree n/a n/a 29.2x TELUS International announced its acquisition of WillowTree in Oct-2022 at 29.2x EBITDA. Pricing at that level points to a buyer underwriting growth and digital product capability rather than current delivery earnings. Aug-2022 Centerbridge Partners, L.P. → Computer Services, Inc. n/a n/a 15.1x Centerbridge Partners, L.P. announced its acquisition of Computer Services, Inc. in Aug-2022 at 15.1x EBITDA. Technology-enabled processing revenue with high visibility supports sponsor underwriting in a way project work does not. Jun-2022 Alithya Group inc. → Datum Consulting Group, LLC n/a n/a 6.8x Alithya Group inc. announced its acquisition of Datum Consulting Group, LLC in Jun-2022 at 6.8x EBITDA. Smaller capability purchases price closer to the public set than the larger platform deals on this page. May-2022 L&T Infotech → Mindtree Ltd. n/a n/a 28.4x L&T Infotech announced its combination with Mindtree Ltd. in May-2022 at 28.4x EBITDA. Pricing at that level reflects an offshore-led market where scale, client access and delivery depth were being valued on forward earnings power.
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06 · PRECEDENT TRANSACTIONS (2 OF 2)
All Precedent Transactions with Disclosed Terms, Newest First
All Precedent Transactions with Disclosed Terms, Newest First.
All Precedent Transactions with Disclosed Terms, Newest First 33 transactions with disclosed terms in this tier (97 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 95 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 64 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed.
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06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 33 transactions with disclosed terms in this tier (97 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 95 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 64 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 18 of 33 transactions shown; the rest are in the companion workbook. IT Consulting and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Apr-2022 Hellman & Friedman → Creative Breakthroughs, Inc. n/a 9.4x 39.2x Jan-2022 Thoma Bravo, L.P. → Paragon Development Systems, Inc. n/a 6.5x n/a Sep-2021 The Carlyle Group Inc. → Hexaware Technologies Limited n/a n/a 16.3x Jul-2021 H.I.G. Capital, LLC → Oxford business (unit of Oxford business) n/a n/a 11.2x Value shown as recorded in the filing; divestiture roles reassigned. May-2021 Wavestone SA → Consulting Division of Everest Group n/a 0.7x n/a Mar-2021 Hitachi, Ltd. → GlobalLogic Inc. n/a n/a 43.5x Sep-2020 Baring Private Equity Asia Ltd. → Virtusa Corp. n/a 1.7x 16.2x Value shown as recorded in the filing; deal value unit unresolved. Jun-2019 Insight Enterprises, Inc. → PCM, Inc. n/a 0.3x 9.0x Value shown as recorded in the filing; deal value unit unresolved. Apr-2019 Clayton, Dubilier & Rice → Sirius Computer Solutions, Inc n/a n/a 7.9x
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06 · METHODOLOGY
Sources, Assumptions and Data Quality
Sources, Assumptions and Data Quality.
Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. 21
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06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. IT Consulting and Services Coverage | September 2026 | Confidential | Not investment advice 21 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (10 of 11 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for IT Consulting and Services and it clears the coverage gate with 10 of 11 companies (91%). EV / Revenue, P / E are carried as a cross-check. The set earns: 10 of the 10 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. DATA QUALITY & EXCLUSIONS 2 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 460 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (459) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.
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In This Set, the Higher Forward Multiples Sit with the Faster-Growing Names.
In This Set, the Higher Forward Multiples Sit with the Faster-Growing Names..
Closing — In This Set, the Higher Forward Multiples Sit with the Faster-Growing Names. The companion tables beside this deck carry the full universe, the exclusion ledger and the complete source index for any figure a client wants to trace. 22
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In This Set, the Higher Forward Multiples Sit with the Faster-Growing Names. NeuraCap AI — IT Consulting and Services Coverage September 2026 · Prepared by NeuraCap AI · Confidential IT Consulting and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 22

Sources and methodology

This report covers IT Consulting and Services (Information Technology › Software and Services › IT Consulting and Services) with market data and consensus estimates as of September 28, 2026. The company universe is the 11 listed companies whose core business is IT Consulting and Services according to NeuraCap's industry classification of each company's reported business segments (a company is included only when this industry is central to what it does, not merely adjacent to it). Companies in the set: Accenture plc (ACN), CACI International Inc (CACI), CI&T Inc (CINT), Endava plc (DAVA), DXC Technology Company (DXC), EPAM Systems, Inc. (EPAM), Grid Dynamics Holdings, Inc. (GDYN), GIBO Holdings Limited (GIBO), Globant S.A. (GLOB), Information Services Group, Inc. (III), Wipro Limited (WIT). The market map groups them by business vertical — Diversified IT services: 8 companies (ACN, CACI, WIT, EPAM, DXC, GLOB, DAVA, GDYN); Adjacent models: 3 companies (CINT, III, GIBO). 10 of the 11 companies carry a valid multiple on the primary valuation basis and form the rated set behind every cohort statistic; the others are shown but do not enter the statistics.

Scope and company universe

What was excluded and why

2 records failed a validation gate and never feed a statistic in this report (2 excluded from aggregate). Each exclusion, with its reason: DAVA — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · GIBO — Non-positive EPS; P/E is n/m (effect: excluded from aggregate)

Primary valuation basis and how it was chosen

Primary valuation basis: EV / EBITDA on CY2027E consensus (10 of 11 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for IT Consulting and Services and it clears the coverage gate with 10 of 11 companies (91%). EV / Revenue, P / E are carried as a cross-check. The set earns: 10 of the 10 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. The basis is selected in two steps: the industry's customary valuation conventions set the order of preference, and each convention is then tested for coverage — the share of companies with a valid, plausibility-checked multiple on the chosen period. A convention is used only when enough companies carry it; the best-covered convention is used, and disclosed, when none clears the threshold. Coverage measured for this report — EV / EBITDA: 10 of 11 companies; EV / rEVenue: 10 of 11 companies; P/E: 8 of 11 companies.

How the multiples and statistics are computed

Enterprise value (EV) is market capitalisation at the as-of date plus total debt minus cash and equivalents from the latest reported balance sheet, reconciled against the platform's stored value and disclosed where the two differ. Forward multiples divide EV (or the share price for P/E) by the consensus estimate for the stated calendar period; trailing multiples use the last twelve months of reported figures from SEC filings. A multiple with a negative or immaterial denominator is treated as not meaningful and excluded from every statistic. Cohort statistics are medians and quartiles over the rated set only; a group median with fewer than three observations is shown as the single company's figure and labelled as such. Valuation tiers cut the rated set at its quartiles (tiers cut at the rated set's quartiles: Premium ≥7.3x, Core 4.0x–7.3x, Discount <4.0x — NeuraCap groupings). Revenue growth compares consecutive calendar-year consensus revenue; EBITDA margin divides consensus EBITDA by consensus revenue for the same period. Figures shown in this report and the calculation behind each: 4.8x = median(ev_ebitda CY2027E) (10 rated companies) · 8.1x = median(ev_ebitda CY2027E) within Premium tier (n=3) · 4.8x = median(ev_ebitda CY2027E) within Core tier (n=4) · 3.4x = median(ev_ebitda CY2027E) within Discount tier (n=3) · 7.6x = median(ev_ebitda CY2027E) | growth ≥ 3% (n=5) · 3.6x = median(ev_ebitda CY2027E) | growth < 3% (n=4) · 6.5x = median(ev_ebitda CY2027E) | EBITDA margin ≥ 15% (n=5) · 4.6x = median(ev_ebitda CY2027E) | EBITDA margin < 15% (n=5) · 21% = median Rule of 40 score (revenue growth + EBITDA margin) (n=9) · 7.6x = median(ev_ebitda CY2027E) within balanced quadrant (n=3) · 5.1x = median(ev_ebitda CY2027E) within marginOnly quadrant (n=2) · 9.0x = median(ev_ebitda CY2027E) within growthOnly quadrant (n=2) · 3.2x = median(ev_ebitda CY2027E) within neither quadrant (n=2) · 13.3x = ev_ebitda CY2027E for CACI (quadrant outlier)

Precedent transactions: what is in the record and why

The precedent record holds the M&A transactions in IT Consulting and Services recorded from SEC filings (8-K announcements and the documents they reference), newest first, with each value and multiple linked to the exact passage in the filing that states it. 97 transactions were recorded for this industry; 33 are shown. 64 recorded transactions with neither a disclosed value nor a multiple are omitted because they say nothing about price; they remain in the companion workbook. Deal multiples are enterprise value over the target's last-twelve-month revenue or EBITDA at announcement, as disclosed; they are not restated to the public basis and no spread to the public multiples is claimed. Before a transaction reaches the record it passes a screen for mirrored or duplicate filings of the same deal, for divestitures where the filer is the seller rather than the buyer, for carve-outs recorded under the parent's name, and for values whose citation describes something other than the price paid (a debt raise, a termination fee); such records are corrected or excluded and the correction is noted. Data-quality notes on this record: 27 × deal value unit unresolved; 58 × no evidence record; 7 × duplicate precedent id; 3 × divestiture roles reassigned. Case studies lead with the 3 richest stories — disclosed value, a readable multiple, newest first.

Sources

Company financials and transaction terms come from the companies' own SEC filings on EDGAR (10-K, 10-Q and 8-K documents), linked from each figure in the report. Forward figures are analyst consensus estimates for the calendar periods shown. Share prices and market capitalisations are market data as of September 28, 2026. Treasury yields are published by the U.S. Department of the Treasury. 464 source documents stand behind this report; by publisher domain: sec.gov, home.treasury.gov (1). Every figure on every page is traceable to one of these records; nothing in the report is derived from outside data.

Interpretation and important notice

Tier labels, situation maps, the agenda and the implications pages are NeuraCap analytical views drawn from the recorded evidence and are labelled as such. The report is informational: it is not investment advice, not a recommendation to buy or sell any security, not an opinion of value and not an offer of any kind. Readers should perform their own diligence before acting on anything described here.

This report is published for information only. It is not a recommendation to buy or sell any security, an offer or solicitation, an appraisal or a fairness opinion, and no fiduciary relationship is created by reading it. Multiples that fail NeuraCap’s plausibility gates are excluded and never plotted. See the full methodology and the disclaimer.

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IT Consulting and Services Sector Outlook — September 2026

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INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › IT CONSULTING AND SERVICES

What This Report Covers

IT Consulting and Services Is Two Markets: Diversified IT Services Carries the Weight, the Faster-Growing Names Carry the Premium

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Eight Diversified Providers Carry the Weight; Three Adjacent Models Price on a Different Basis

The Larger Group Prices Near the Middle; The Adjacent Names Price Above It

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The Premium at the Top of This Range Sits with the Faster-Growing Names, and Not with the Larger Ones

The Price Gap in This Set Lines up with Forward Growth More than with Margin

Four of the Ten Companies with a Forward Estimate Hold Both a Higher Multiple and Faster Growth

Three of the Ten Companies with a Forward Estimate Clear Both the Growth and Margin Bars

Four Moves That Line up with What the Top of This Range Is Priced On

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What Buyers Agreed to Pay for IT Services Capability Since 2022

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What This Pricing Means for the People Running These Businesses

06

Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier

All Precedent Transactions with Disclosed Terms, Newest First