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

IT Infrastructure and Managed Services Sector Outlook — September 2026

NeuraCap's IT Infrastructure and Managed 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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6.4x
Sector median EV/EBITDA: 11.8x
Premium end EV/EBITDA vs 2.9x at the discount end: 15
Transactions with disclosed terms

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INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › IT INFRASTRUCTURE AND MANAGED SERVICES

Managed IT Infrastructure: Growth Sits with Higher Valuations

The report shows where forward valuation sits and which operating qualities strengthen a company’s standing.

September 2026   ·   Prepared by NeuraCap AI   ·   Confidential

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

IT Infrastructure and Managed Services Coverage   |   September 2026   |   Confidential   |   Not investment advice

Sources & methodology

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1 / 22 · INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › IT INFRASTRUCTURE AND MANAGED SERVICES

Executive summary

IT Infrastructure and Managed Services contains several business models that share clients but not economics. The public-company evidence associates faster growth with higher forward valuation, while the transaction record shows a wide range of agreed outcomes across platforms, services and infrastructure assets. Owners can strengthen their standing by improving annuity mix, renewal economics, installed-base expansion, automation and capital discipline.

Key findings

The Premium End Carries a Clear Valuation Step-Up
Faster Growth Sits With Higher Forward Valuation
Contract Economics Matter Across the Largest Model
The Transaction Premium Sits Alongside Platform Economics

What each page shows

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

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INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › IT INFRASTRUCTURE AND MANAGED SERVICES
INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › IT INFRASTRUCTURE AND MANAGED SERVICES.
Cover — IT Infrastructure and Managed 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 INFRASTRUCTURE AND MANAGED SERVICES Managed IT Infrastructure: Growth Sits with Higher Valuations The report shows where forward valuation sits and which operating qualities strengthen a company’s standing. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) IT Infrastructure and Managed 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 Growth Earns Attention, While Contract Quality Makes It Durable 02 The Landscape Different Revenue Models Create Different Paths to Value 03 Valuation & Situations The Premium End Combines Momentum with Credible Earnings 04 Precedent Transactions Precedent Transactions Favour Buyers with Conviction 05 Strategic Implications Strengthen the Operating Proof Behind the Growth Plan 06 Appendix Comparables Detail, Methodology, Sources and Assumptions IT Infrastructure and Managed Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2
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01 · THE BOTTOM LINE
Higher Growth Sits with Higher Valuations in IT Infrastructure and Managed Services, While Business Models Differ
Higher Growth Sits with Higher Valuations in IT Infrastructure and Managed Services, While Business Models Differ.
Higher Growth Sits with Higher Valuations in IT Infrastructure and Managed Services, While Business Models Differ 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 13 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 Higher Growth Sits with Higher Valuations in IT Infrastructure and Managed Services, While Business Models Differ 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 13 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. IT Infrastructure and Managed Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 The Premium End Carries a Clear Valuation Step-up The premium end stands at 11.8x CY2027E EV / EBITDA, alongside 2.9x at the discount end. A forward multiple already credits forecast growth, so the remaining spread points to confidence in its durability. 2 Faster Growth Sits with Higher Forward Valuation On the nine names with growth estimates, the faster-growing group stands at 7.7x versus 3.9x for the slower-growing group. The observed spread supports a growth-led valuation narrative without treating growth as sufficient on its own. 3 Contract Economics Matter Across the Largest Model Broad-based IT outsourcing and infrastructure managed services represents 46% of the approved set. Annuity mix, re-compete economics and ticket deflection help distinguish durable earnings from legacy estate runoff. 4 The Transaction Premium Sits Alongside Platform Economics Kaseya Inc. & Insight Partners, LLC agreed to acquire Datto Holding Corp. at $4.3B and 36.0x EV / EBITDA. The transaction record shows that platform assets can sit well above public-company benchmarks. 6.4x Sector median EV/EBITDA CY2027E consensus · 10 rated of 13 companies 11.8x Premium end EV/EBITDA vs 2.9x at the discount end top quartile (n=3) against bottom quartile (n=3) on EV/EBITDA — the spread the report explains 15 Transactions with disclosed terms 50 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 — Different Revenue Models Create Different Paths to Value. Annuity mix, retained economics and capital intensity matter more than a shared sector label. 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 Different Revenue Models Create Different Paths to Value Annuity mix, retained economics and capital intensity matter more than a shared sector label. 02 of 06 IT Infrastructure and Managed Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4
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02 · MARKET MAP
Growth-Led, Margin-Led and Balanced Models Compete on Different Growth and Margin Economics
Growth-Led, Margin-Led and Balanced Models Compete on Different Growth and Margin Economics.
Growth-Led, Margin-Led and Balanced Models Compete on Different Growth and Margin Economics 13 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 Growth-Led, Margin-Led and Balanced Models Compete on Different Growth and Margin Economics 13 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 Infrastructure and Managed Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 BROAD-BASED IT OUTSOURCING AND INFRASTRUCTURE MANAGED SERVICES 6 cos median 5.9x Science (SAIC) Kyndryl Holdings (KD) VNET Group (VNET) DXC Technology (DXC) WhiteFiber, Inc. (WYFI) CSP (CSPI) Scale matters, but renewal price-down, delivery leverage and legacy runoff separate the outcomes. INFRASTRUCTURE MANAGEMENT, MONITORING AND AUTOMATION PLATFORMS 3 cos 11.8x · 1 rated Amdocs Limited (DOX) Core Scientific (CORZ) Rackspace (RXT) Automation platforms can break the link between headcount and revenue while deepening installed-base relevance. ADJACENT MODELS 4 cos median 6.4x Dell Technologies (DELL) Sify (SIFY) ScanSource (SCSC) Rimini Street (RMNI) Hardware, distribution and attached software require a retained-margin view rather than a simple revenue comparison.
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02 · LANDSCAPE
Growth, Retention, Pricing and Costs Define the Largest Segment’s Operating Agenda
Growth, Retention, Pricing and Costs Define the Largest Segment’s Operating Agenda.
Growth, Retention, Pricing and Costs Define the Largest Segment’s Operating Agenda 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 Growth, Retention, Pricing and Costs Define the Largest Segment’s Operating Agenda 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 Infrastructure and Managed 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 Broad-based IT outsourcing and infrastructure managed services 6 46% 5.9x Science Applications International Corporation (SAIC) · Kyndryl Holdings, Inc. (KD) · +4 more Scale meets contract complexity. This group represents 46% of the approved set. Value rests on annuity revenue, renewal history, delivery pyramid discipline and the balance between new signings and legacy estate runoff. Infrastructure management, monitoring and automation platforms 3 23% 11.8x n=1 Amdocs Limited (DOX) · Core Scientific, Inc. (CORZ) · +1 more Automation changes delivery economics. This group represents 23% of the approved set. Monitoring depth, ticket deflection and installed-base expansion can support earnings without matching revenue growth to headcount. Adjacent models 4 31% 6.4x Dell Technologies Inc. (DELL) · Sify Technologies Limited (SIFY) · +2 more Retained economics matter most. This group represents 31% of the approved set. Hardware supply, channel distribution and attached software require close attention to gross profit, pass-through revenue and capital needs.
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SECTION 03
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Section 03 of 06 — The Premium End Combines Momentum with Credible Earnings. Ten of the 13 approved names carry a CY2027E EV / EBITDA estimate. 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 Premium End Combines Momentum with Credible Earnings Ten of the 13 approved names carry a CY2027E EV / EBITDA estimate. 03 of 06 IT Infrastructure and Managed Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7
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03 · PUBLIC MARKET VALUATION
Durable Growth Sits at the Premium End of the Valuation Range, with Less at the Discount End
Durable Growth Sits at the Premium End of the Valuation Range, with Less at the Discount End.
Durable Growth Sits at the Premium End of the Valuation Range, with Less at the Discount End EV / EBITDA (CY2027E) · all 10 rated companies, sorted descending · sector median 6.4x · 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 13 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 Durable Growth Sits at the Premium End of the Valuation Range, with Less at the Discount End EV / EBITDA (CY2027E) · all 10 rated companies, sorted descending · sector median 6.4x · 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 13 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 Infrastructure and Managed Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 11.8x CORE · median 6.4x DISCOUNT · median 2.9x Sector median 6.4x WHAT SEPARATES THE TWO ENDS The premium end carries momentum. The premium tier stands at 11.8x CY2027E EV / EBITDA, with a mix of infrastructure, platform and government-facing service models. The discount reflects harder transitions. The discount tier stands at 2.9x, alongside slower growth or more demanding repositioning stories. Forward pricing raises the bar. CY2027E valuation already gives credit for forecast improvement. A durable premium therefore needs credible renewal economics, delivery leverage and installed-base expansion.
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03 · VALUATION DRIVERS
Faster Growth Carries the Clearer Valuation Signal
Faster Growth Carries the Clearer Valuation Signal.
Faster Growth Carries the Clearer Valuation Signal 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 Faster Growth Carries the Clearer Valuation Signal 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 Infrastructure and Managed Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 7% · EBITDA-margin split at 15% The Growth Split Separates Forward Valuation On the nine names with growth estimates, companies above the 7% split stand at 7.7x, compared with 3.9x below it. Three Operating Profiles Show a Wide Valuation Spread Growth-only names stand at 10.3x, while margin-only names stand at 2.5x; the balanced group sits between those outcomes. The pattern associates momentum with valuation but does not establish a single operating formula. Contract Quality Tests Whether Growth Can Hold Remaining performance obligation, renewal price-down, installed-base expansion and automation show whether forecast growth can translate into durable earnings.
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03 · SITUATION MAP
Four Growth-and-Margin Positions Point to Investment, Pricing, Cost and Portfolio Priorities
Four Growth-and-Margin Positions Point to Investment, Pricing, Cost and Portfolio Priorities.
Four Growth-and-Margin Positions Point to Investment, Pricing, Cost and Portfolio Priorities Cut on EV / EBITDA vs the sector median (6.4x) (rows) and revenue growth vs the covered median (7%) (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 Growth-and-Margin Positions Point to Investment, Pricing, Cost and Portfolio Priorities Cut on EV / EBITDA vs the sector median (6.4x) (rows) and revenue growth vs the covered median (7%) (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 Infrastructure and Managed Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Momentum with Recognition Above-median multiple · above-median revenue growth 4 names Dell Technologies Inc. (DELL) · Core Scientific, Inc. (CORZ) · VNET Group, Inc. (VNET) · +1 more Above-range growth sits alongside above-range valuation. The priority is to sustain renewal economics, delivery capacity and earnings conversion. Recognition Without Growth Above-median multiple · below-median revenue growth 1 names Science Applications International Corporation (SAIC) Above-range valuation sits alongside slower growth. The operating case needs durable annuity revenue, contract visibility and credible installed-base expansion. Growth Awaiting Recognition Below-median multiple · above-median revenue growth 1 names Sify Technologies Limited (SIFY) Faster growth has not translated into above-range valuation. Retained economics, capital needs and confidence in forecast durability become the key questions. Repositioning Required Below-median multiple · below-median revenue growth 3 names Kyndryl Holdings, Inc. (KD) · DXC Technology Company (DXC) · Rimini Street, Inc. (RMNI) Slower growth sits alongside below-range valuation. The agenda centres on legacy runoff, re-compete pressure, cost structure and portfolio focus.
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03 · GROWTH VS PROFITABILITY
Growth and Margin Create Four Distinct Positions
Growth and Margin Create Four Distinct Positions.
Growth and Margin Create Four Distinct Positions Revenue growth (CY2027E, x-axis) vs EBITDA margin (CY2026E, y-axis) · 9 companies with both estimates · cuts at the covered medians (7% growth, 13% 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 Growth and Margin Create Four Distinct Positions Revenue growth (CY2027E, x-axis) vs EBITDA margin (CY2026E, y-axis) · 9 companies with both estimates · cuts at the covered medians (7% growth, 13% 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 Infrastructure and Managed Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 0% 20% 40% 60% 10% 20% 30% MARGIN ONLY median 2.5x BALANCED median 7.7x NEITHER median 7.9x GROWTH ONLY median 10.3x DXC KD SAIC RMNI SCSC VNET DELL SIFY CORZ x: revenue growth (CY2027E) · y: EBITDA margin (CY2026E) HOW TO READ THIS The map uses 7% revenue growth and 13% margin as its dividing lines across nine names. Three names clear both bars, while two clear only the growth bar and two clear only the margin bar. Two sit below both. VNET Group, Inc. (VNET), Sify Technologies Limited (SIFY) and Core Scientific, Inc. (CORZ) occupy the balanced position. The neither median rests on 2 names and is lifted by SAIC at 10.9x. Rule of 40 (revenue growth + EBITDA margin ≥ 40%): 3 of 9 names clear it (CORZ, VNET, SIFY).
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03 · THE AGENDA
Pricing, Retention and Revenue Mix Offer Distinct Paths to More Durable Growth
Pricing, Retention and Revenue Mix Offer Distinct Paths to More Durable Growth.
Pricing, Retention and Revenue Mix Offer Distinct Paths to More Durable Growth 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 Pricing, Retention and Revenue Mix Offer Distinct Paths to More Durable Growth 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 Infrastructure and Managed Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12 Deepen the Installed Base Expand into adjacent delivery towers where client relationships, certifications and tooling create a credible right to win. What changes the answer: Expansion improves renewal economics and lifts revenue quality within existing accounts. Automate the Delivery Model Use ticket deflection, standard tooling and delivery pyramid redesign to reduce the link between headcount and revenue. What changes the answer: Service volumes rise without equivalent labour growth or weaker service performance. Reshape Revenue Quality Shift mix toward annuity revenue and retained-margin services while reducing low-value pass-through and project dependence. What changes the answer: Gross margin and renewal visibility improve as reported revenue mix changes. Use Capital Selectively Test build-versus-buy against capability gaps, facility obligations and the time required to earn client trust. What changes the answer: An acquisition or internal build offers a clearer path to contracted demand than continued organic expansion.
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Section 04 of 06 — Precedent Transactions Favour Buyers with Conviction. Agreed valuations vary widely with platform fit, retained economics and asset intensity. 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 Precedent Transactions Favour Buyers with Conviction Agreed valuations vary widely with platform fit, retained economics and asset intensity. 04 of 06 IT Infrastructure and Managed Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13
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04 · DEAL CASE STUDIES
Strategic and Financial Buyers Appear to Apply Different Valuation Lenses
Strategic and Financial Buyers Appear to Apply Different Valuation Lenses.
Strategic and Financial Buyers Appear to Apply Different Valuation Lenses 3 of 15 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. 68 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. 35 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 Strategic and Financial Buyers Appear to Apply Different Valuation Lenses 3 of 15 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. 68 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. 35 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 Infrastructure and Managed Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14 Sep-2017 $5.0B Quarterhill Inc. Quarterhill Inc. agreed to acquire Conduent Incorporated in a scale-oriented transaction. EV / LTM revenue 0.8x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The pairing suggests a case for broader client access and operating reach. Its strategic value would depend on contract quality, service mix and integration demands. HOW THE TARGET WAS VALUED The disclosed value was $5.0B at 0.8x EV / Revenue. The revenue basis is a cross-check rather than the lead valuation lens for this sector. Apr-2022 $4.3B Kaseya Inc. & Insight Partners, LLC Kaseya Inc. & Insight Partners, LLC agreed to acquire Datto Holding Corp. as a platform transaction. EV / LTM revenue 8.3x EV / LTM EBITDA 36.0x WHY THE DEAL HAPPENED The transaction suggests value in combining an established platform with an installed base that can support adjacent products. Renewal economics and product attachment are the relevant operating tests. HOW THE TARGET WAS VALUED The disclosed value was $4.3B at 8.3x EV / Revenue and 36.0x EV / EBITDA. The earnings multiple stands above the public-company range in this report. May-2015 $326M QTS Realty Trust, Inc. acquires Carpathia Hosting, Inc. EV / LTM revenue 3.6x EV / LTM EBITDA 10.2x WHY THE DEAL HAPPENED Strategic relevance rests on how the target extends delivery scale, tower coverage or installed-base access. Contract quality and retained economics remain the central tests. HOW THE TARGET WAS VALUED Disclosed value and trading benchmarks should be considered together. The sector’s EV / EBITDA lens remains the primary reference point.
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SECTION 05
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Section 05 of 06 — Strengthen the Operating Proof Behind the Growth Plan. Contract durability, installed-base expansion and delivery leverage sharpen the value story. 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 Strengthen the Operating Proof Behind the Growth Plan Contract durability, installed-base expansion and delivery leverage sharpen the value story. 05 of 06 IT Infrastructure and Managed Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15
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05 · STRATEGIC IMPLICATIONS
A Defensible Growth Case Rests on Retention, Revenue Quality and Cost Discipline
A Defensible Growth Case Rests on Retention, Revenue Quality and Cost Discipline.
A Defensible Growth Case Rests on Retention, Revenue Quality and Cost Discipline 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 A Defensible Growth Case Rests on Retention, Revenue Quality and Cost Discipline 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 Infrastructure and Managed Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16 FOR OWNERS Anchor Ambition in Agreed Buyer Benchmarks The transaction record shows what buyers agreed to pay across platforms, services and infrastructure assets. Use those precedents to test where contract quality, retained economics and strategic fit support differentiation. FOR MANAGEMENT Turn Growth into Durable Earnings Prioritise installed-base expansion, renewal discipline, ticket deflection and delivery leverage. These moves strengthen the link between new signings and sustainable cash earnings. FOR BOARDS Match Capital to the Business Model Asset-light managed operations and capacity-led hosting carry different capital obligations. The observed premium sits alongside durable growth, contract quality and a credible path through those obligations.
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SECTION 06
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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 Infrastructure and Managed 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 (6.4x); amber marks below · 10 rated companies; 3 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 (6.4x); amber marks below · 10 rated companies; 3 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 Infrastructure and Managed 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 — ≥10.1x · median 11.8x · 3 companies Dell Technologies Inc. DELL Adjacent: infrastructure hardware OEM and device… $373B 13.6x 23% 11% 35 Core Scientific, Inc. CORZ Infrastructure management, monitoring and automation… $6.4B 11.8x 66% 29% 114 Science Applications International Corporation SAIC Broad-based IT outsourcing and infrastructure managed… $8.2B 10.9x 1% 10% 11 CORE — 5.1x–10.1x · median 6.4x · 4 companies VNET Group, Inc. VNET Broad-based IT outsourcing and infrastructure managed… $5.6B 7.7x 22% 32% 56 ScanSource, Inc. SCSC Adjacent: channel distribution and procurement supply… $1.2B 7.0x 7% 5% 12 WhiteFiber, Inc. Ordinary Shares WYFI Broad-based IT outsourcing and infrastructure managed… $915M 5.9x n/a 33% 169 Sify Technologies Limited SIFY Carrier-attached managed hosting and network services $1.4B 5.8x 38% 25% 64 DISCOUNT — <5.1x · median 2.9x · 3 companies Rimini Street, Inc. RMNI Operations and billing software attached to managed… $334M 4.9x 6% 12% 21 DXC Technology Company DXC Broad-based IT outsourcing and infrastructure managed… $4.5B 2.9x -2% 13% 11 Kyndryl Holdings, Inc. KD Broad-based IT outsourcing and infrastructure managed… $5.7B 2.2x 0% 18% 18
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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 15 transactions with disclosed terms in this tier (50 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. 68 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. 35 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. 19
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06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 15 transactions with disclosed terms in this tier (50 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. 68 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. 35 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. IT Infrastructure and Managed Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Jun-2025 Apollo Global Management, LLC → Ascentech K.K. n/a n/a 6.5x Apollo Global Management, LLC announced the acquisition of Ascentech K.K. at 6.5x EV / EBITDA. The agreed valuation fits an earnings-led assessment of a services business. Jun-2024 CleanSpark, Inc. → GRIID Infrastructure Inc. $155M 18.8x 107.6x CleanSpark, Inc. announced the acquisition of GRIID Infrastructure Inc. at $155M, 18.8x EV / Revenue and 107.6x EV / EBITDA. The spread highlights the distinct economics of capacity-led infrastructure. Apr-2022 Kaseya Inc. & Insight Partners, LLC → Datto Holding Corp. $4.3B 8.3x 36.0x Kaseya Inc. & Insight Partners, LLC announced the acquisition of Datto Holding Corp. The agreed valuation sits well above the public-company benchmarks shown in this report. Dec-2020 Viasat, Inc. → RigNet, Inc. n/a n/a 5.9x Viasat, Inc. announced the acquisition of RigNet, Inc. at 5.9x EV / EBITDA. The transaction suggests strategic interest in attaching managed services to connectivity relationships. Jul-2020 n/a → Japan PC Service Co., Ltd. n/a 0.9x 24.6x Japan PC Service Co., Ltd. was recorded at 0.9x EV / Revenue and 24.6x EV / EBITDA. The gap reinforces the need to assess retained margin and earnings quality. Jun-2019 Insight Enterprises, Inc. → PCM, Inc. n/a 0.3x 9.0x Insight Enterprises, Inc. announced the acquisition of PCM, Inc. at 0.3x EV / Revenue and 9.0x EV / EBITDA. The contrast shows why pass-through revenue requires an earnings cross-check. Mar-2018 Ensono, Inc. → Hosted Data Center Services business (unit of Wipro Limited) $405M n/a n/a Ensono, Inc. completed the acquisition of Hosted Data Center Services business (unit of Wipro Limited) for $405M. The strategic fit centres on adding hosted delivery capability to an established services platform. Oct-2017 Office Depot → CompuCom n/a n/a 9.6x Office Depot announced the acquisition of CompuCom at 9.6x EV / EBITDA. The record shows what buyers agreed to pay to combine channel reach with managed-service delivery. Sep-2017 Quarterhill Inc. → Conduent Incorporated $5.0B 0.8x n/a Quarterhill Inc. announced the acquisition of Conduent Incorporated. The transaction suggests interest in combining operating scale with broader client access.
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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 15 transactions with disclosed terms in this tier (50 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. 68 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. 35 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. 20
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06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 15 transactions with disclosed terms in this tier (50 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. 68 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. 35 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. IT Infrastructure and Managed Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Jul-2017 BC Partners Limited → PlusServer GmbH n/a 4.0x n/a Mar-2017 Tech Data Corporation → Technology Solutions business (unit of Avnet Inc.) n/a 0.3x n/a Value shown as recorded in the filing; deal value unit unresolved, divestiture roles reassigned. May-2016 DXC Technology Company → Computer Sciences Corporation $7.0B n/a n/a Value shown as recorded in the filing; deal value unit unresolved. May-2015 QTS Realty Trust, Inc. → Carpathia Hosting, Inc. $326M 3.6x 10.2x Value shown as recorded in the filing; deal value unit unresolved. Feb-2015 Global Telecom & Technology Americas → MegaPath, Managed Services n/a n/a 7.6x Value shown as recorded in the filing; deal value unit unresolved. Apr-2010 Oak Hill Capital Partners → ViaWest, Inc. n/a n/a 8.8x
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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 Infrastructure and Managed Services Coverage | September 2026 | Confidential | Not investment advice 21 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (10 of 13 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 Infrastructure and Managed Services and it clears the coverage gate with 10 of 13 companies (77%). 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 14 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 641 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 (640) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.
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Higher Forward Valuations Sit Alongside Faster Growth and Durable Economics.
Higher Forward Valuations Sit Alongside Faster Growth and Durable Economics..
Closing — Higher Forward Valuations Sit Alongside Faster Growth and Durable Economics. 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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Higher Forward Valuations Sit Alongside Faster Growth and Durable Economics. NeuraCap AI — IT Infrastructure and Managed Services Coverage September 2026 · Prepared by NeuraCap AI · Confidential IT Infrastructure and Managed Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 22

Sources and methodology

This report covers IT Infrastructure and Managed Services (Information Technology › Software and Services › IT Infrastructure and Managed Services) with market data and consensus estimates as of September 28, 2026. The company universe is the 13 listed companies whose core business is IT Infrastructure and Managed 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: Core Scientific, Inc. (CORZ), CSP Inc. (CSPI), Dell Technologies Inc. (DELL), Amdocs Limited (DOX), DXC Technology Company (DXC), Kyndryl Holdings, Inc. (KD), Rimini Street, Inc. (RMNI), Rackspace Technology, Inc. (RXT), Science Applications International Corporation (SAIC), ScanSource, Inc. (SCSC), Sify Technologies Limited (SIFY), VNET Group, Inc. (VNET), WhiteFiber, Inc. Ordinary Shares (WYFI). The market map groups them by business vertical — Broad-based IT outsourcing and infrastructure managed services: 6 companies (SAIC, KD, VNET, DXC, WYFI, CSPI); Infrastructure management, monitoring and automation platforms: 3 companies (DOX, CORZ, RXT); Adjacent models: 4 companies (DELL, SIFY, SCSC, RMNI). 10 of the 13 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

14 records failed a validation gate and never feed a statistic in this report (1 excluded from universe; 13 excluded from aggregate). Each exclusion, with its reason: CORZZ — The security name identifies an instrument rather than an operating company (warrants?) (effect: excluded from universe) · CORZ — EBITDA is non-positive; EV/EBITDA is n/m (effect: excluded from aggregate) · CORZ — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · CORZ — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · CORZ — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · CSPI — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · RXT — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · RXT — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · RXT — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · SIFY — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · VNET — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · WYFI — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · WYFI — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · WYFI — 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 13 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 Infrastructure and Managed Services and it clears the coverage gate with 10 of 13 companies (77%). 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 13 companies; EV / rEVenue: 12 of 13 companies; P/E: 10 of 13 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 ≥10.1x, Core 5.1x–10.1x, Discount <5.1x — 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: 6.4x = median(ev_ebitda CY2027E) (10 rated companies) · 11.8x = median(ev_ebitda CY2027E) within Premium tier (n=3) · 6.4x = median(ev_ebitda CY2027E) within Core tier (n=4) · 2.9x = median(ev_ebitda CY2027E) within Discount tier (n=3) · 7.7x = median(ev_ebitda CY2027E) | growth ≥ 7% (n=5) · 3.9x = median(ev_ebitda CY2027E) | growth < 7% (n=4) · 5.9x = median(ev_ebitda CY2027E) | EBITDA margin ≥ 15% (n=5) · 7.0x = median(ev_ebitda CY2027E) | EBITDA margin < 15% (n=5) · 18% = median Rule of 40 score (revenue growth + EBITDA margin) (n=9) · 7.7x = median(ev_ebitda CY2027E) within balanced quadrant (n=3) · 2.5x = median(ev_ebitda CY2027E) within marginOnly quadrant (n=2) · 10.3x = median(ev_ebitda CY2027E) within growthOnly quadrant (n=2) · 7.9x = median(ev_ebitda CY2027E) within neither quadrant (n=2) · 10.9x = ev_ebitda CY2027E for SAIC (quadrant outlier)

Precedent transactions: what is in the record and why

The precedent record holds the M&A transactions in IT Infrastructure and Managed 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. 50 transactions were recorded for this industry; 15 are shown. 35 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: 30 × deal value unit unresolved; 31 × no evidence record; 3 × duplicate precedent id; 4 × 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. 645 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 Infrastructure and Managed Services Sector Outlook — September 2026

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Executive summary

Key findings

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INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › IT INFRASTRUCTURE AND MANAGED SERVICES

What This Report Covers

Higher Growth Sits with Higher Valuations in IT Infrastructure and Managed Services, While Business Models Differ

02

Growth-Led, Margin-Led and Balanced Models Compete on Different Growth and Margin Economics

Growth, Retention, Pricing and Costs Define the Largest Segment’s Operating Agenda

03

Durable Growth Sits at the Premium End of the Valuation Range, with Less at the Discount End

Faster Growth Carries the Clearer Valuation Signal

Four Growth-and-Margin Positions Point to Investment, Pricing, Cost and Portfolio Priorities

Growth and Margin Create Four Distinct Positions

Pricing, Retention and Revenue Mix Offer Distinct Paths to More Durable Growth

04

Strategic and Financial Buyers Appear to Apply Different Valuation Lenses

05

A Defensible Growth Case Rests on Retention, Revenue Quality and Cost Discipline

06

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

All Precedent Transactions with Disclosed Terms, Newest First