The hardest part of selling a data and analytics business is knowing which half of it the buyer is actually paying for. Data and analytics firms command some of the highest multiples in IT services because buyers pay for proprietary IP, data assets and scarce AI and data-science talent, though that same talent is also the main risk a buyer prices in. Buyers do this for a living and tend to anchor their first offer low, so knowing where data and analytics firms actually trade gives you the context to push back. This page benchmarks the EV/Revenue and EV/EBITDA (enterprise value, the deal price adjusted for debt and cash) multiples data and analytics firms change hands at, what drives the number, and who is buying. It is part of our IT services valuation multiples research.
Data and analytics firms build, run and monetize the systems that turn raw data into decisions. They cover data engineering and the pipelines beneath it, the cloud warehouses and lakehouses that hold the data, business intelligence and reporting, data science and machine learning, and the growing layer of applied and generative AI work that sits on top of enterprise data. Some deliver as project consultancies, others run managed data platforms, and the best own proprietary IP and data assets they can redeploy across clients.
Within IT services, this line sits at the top end of the multiple range, but the work inside it is not valued equally. Data science, machine learning and applied AI work sits at the premium end, together with the scarce talent and proprietary models behind it. Data-engineering build-out, business-intelligence implementation and routine reporting sit lower, closer to the rest of IT services. Buyers still pay up across the category for recurring analytics revenue and for top-tier partnerships across the modern data stack, and the category as a whole trades above the broader services average.
Across disclosed transactions from 2015 to 2025, data and analytics firms sold at a median of about 2.3x revenue and 14.9x EBITDA. The quartile range is wide: firms that own proprietary IP, hold top-tier platform partnerships and run on recurring analytics revenue clear the top quartile, while those built on business-intelligence implementation, reporting and billable-hours delivery land near the bottom.
How much do data and analytics firms sell for
Enterprise-value multiples for disclosed data and analytics acquisitions between 2015 and 2025. The median is the typical outcome, and the quartile range shows the spread. At the median, a data and analytics firm with $5 million of EBITDA would be worth about $75 million.
| Multiple | Deals (n) | 1st Quartile | Median | 3rd Quartile | Median deal size |
|---|---|---|---|---|---|
| EV/Revenue | 87 | 1.1x | 2.3x | 5.2x | $40M |
| EV/EBITDA | 40 | 10.3x | 14.9x | 25.6x | $57M |
Source: Mergermarket and Aventis Advisors deal database. Disclosed enterprise-value multiples only, 2015 to 2025. Figures are directional where the disclosed sample is small.
How to read the table: the first quartile (Q1) is the multiple a quarter of the way up the distribution, the median is the midpoint, and the third quartile (Q3) is three quarters of the way up. Half of all deals fall between Q1 and Q3, so the wider that range, the more valuations vary within the sector, and the more growth, margins and recurring revenue decide where a business lands.
What drives a data and analytics valuation
Within the category, the gap between the first and third quartile is large, and that spread is not random. A short list of factors explains most of why one business clears the top quartile while another lands at the bottom.
Proprietary IP and data assets. Reusable data pipelines, machine-learning models, industry accelerators and rights to unique datasets separate a firm from commodity delivery. Buyers pay a premium for assets they can redeploy across clients rather than for expertise that walks out of the door each evening.
Scarcity of AI and ML talent. Much of the value sits in the people. A deep, senior bench of data scientists, machine-learning engineers, and MLOps and data engineers, with low attrition, is one of the clearest reasons buyers compete for a business. It is also the main risk they price in, because that talent is mobile and hard to replace. Buyers look closely at attrition, key-person concentration and retention, and often tie a share of the price to earn-outs and lock-ins that keep the team in place after completion.
Platform partnerships and certifications. Top-tier partner status and a stock of certifications across the Snowflake and Databricks ecosystems and the major cloud providers signal proven capability and open a pipeline of referred work. The strongest partnerships lift the multiple and widen the set of strategic acquirers.
Outcome-based and recurring revenue. Managed analytics, hosted data platforms and outcome-priced engagements are valued far above one-off project fees, because they renew and compound. A book of recurring revenue is worth a multiple of one that has to be re-won each year.
Recent data and analytics deals
Accenture acquired ALBERT of Japan in 2022 for about $270m through a completed tender offer, adding a large data-science team. ExlService bought Clairvoyant in 2021 for about $80m at closing, rising to as much as $100m with earn-outs. Capgemini acquired Quantmetry of France in 2022, and Artefact acquired Arca Blanca in the UK, also in 2022, both at undisclosed valuations.
Who is buying data and analytics firms
Data and analytics is the most fragmented line in IT services, and outside Accenture there is no dominant consolidator. Active buyers fall into three groups: global IT services majors adding capability, focused data and AI specialists building scale, and private-equity backers funding buy-and-build. For a full breakdown of the active acquirers and how they buy, see who is buying data and analytics firms, and for the wider category see our IT services valuation multiples benchmarks.
Methodology
Every figure is an enterprise-value multiple, computed on a like-for-like basis so it reflects what the whole business was valued at rather than the cash that changed hands. The data covers acquisitions of IT and software services businesses worldwide between 2015 and 2025, sourced from Mergermarket and the Aventis Advisors deal database of more than 125,000 transactions. Most private deals are completed at undisclosed valuations, so the disclosed sample skews slightly toward larger transactions and listed buyers. We report the full distribution rather than a single average, because averages are distorted by a handful of premium deals.
Talk to us before you go to market
Aventis Advisors is a boutique M&A firm advising technology and growth companies, with typical enterprise values between EUR 5M and EUR 100M. We take on a limited number of mandates each year, and the partners lead every one from the first call to closing. A first conversation carries no obligation. Contact us at contact@aventis-advisors.com.
Related reading
- IT services valuation multiples, the wider benchmark across every subsector.
- Who is buying data and analytics firms, the most active acquirers and private equity investors.
- Software Development Valuation Multiples and Cybersecurity Valuation Multiples.
- How to sell an IT services business.
- Strategic vs financial buyers and M&A in IT services.
