Tech Services Public Operating & Valuation Update

As investors in the tech services private markets, we monitor public companies’ performance (operational and valuation metrics).

Our active list includes the following names in each category (by enterprise value):

Digital Engineering: EPAM (EPAM), Globant (GLOB), Endava (DAVA), Grid Dynamics (GDYN), and CI&T (CINT)
Global IT Consulting: Accenture (ACN), Capgemini (CAP), and Cognizant (CTSH)
Offshore IT Services: Tata Consultancy Services (TCS), Infosys (INFY), HCL (HCLT), Wipro (WIT), and Persistent (PSYS)

At the end of 2024, Apax Partners took Thoughtworks private, and EQT took Perficient private.

Below are updated operational and valuation metrics for these companies:

We look at valuation, growth, and profitability metrics. The size of each bubble in the charts below represents each company's respective enterprise value.

Digital Engineering valuation relative to profitability:

Digital Engineering valuation relative to growth:

Global IT Consulting valuation relative to profitability:

Global IT Consulting valuation relative to growth:

Offshore IT Services valuation relative to profitability:

Offshore IT Services valuation relative to growth:

Alten Capital invests in technology services and consulting companies. Please contact us to explore potential partnerships.