Tech Services Q3 2025 Public Company Update

Alten Capital monitors the performance of public tech services companies.

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

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

Below are updated operational and valuation metrics for the group:

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

Digital Engineering valuation relative to growth:

CI&T is expected to grow the fastest in 2026 (14%). Additionally, the company has the highest revenue multiples among the group, along with EPAM.

Digital Engineering valuation relative to profitability:

Globant is expected to show the highest projected EBITDA margin for 2026 (21%). Notably, Grid Dynamics stands out as the least expensive from a profitability metric, while EPAM is the most expensive.

Global IT Consulting valuation relative to growth:

Accenture is expected to grow the fastest in 2026 (6%). Additionally, it has the highest revenue multiples among its peers.

Global IT Consulting valuation relative to profitability:

Accenture is expected to show the highest projected EBITDA margin for 2026 (22%). Notably, Cognizant stands out as the least expensive from a profitability metric, while Accenture is the most expensive.

Offshore IT Services valuation relative to growth:

Persistent is expected to grow the fastest in 2026 (16%). Additionally, the company has the highest revenue multiples among its peer group.

Offshore IT Services valuation relative to profitability:

Infosys is expected to show the highest projected EBITDA margin for 2026 (24%). Notably, TCS stands out as the least expensive from a profitability metric, while Persistent is the most expensive.

Alten Capital invests in technology services businesses. Reach out to explore potential partnerships.