Two IT consultancies with identical revenue can fetch very different prices. At the top of the range buyers pay for repeatable, relationship-led advisory revenue and the client roster behind it; at the lower end they pay for scaled, well-utilized delivery capacity. Either way the multiple turns on how much of the business would survive the founders and senior people leaving. Buyers also do this for a living and tend to anchor their first offer low, so knowing where IT consulting firms actually trade gives you the context to push back. This page benchmarks the EV/Revenue (enterprise value, the deal price adjusted for debt and cash) and EV/EBITDA multiples IT consulting firms change hands at, what drives the number, and who is buying. It is part of our IT services valuation multiples research.
IT consulting firms advise clients on how to design, run and improve their technology. The label covers a wide spectrum. At one end sit high-end advisory and management consulting practices that shape strategy and architecture, sell on outcomes and senior judgment, and command fees to match. At the other sit technology staff-augmentation firms that place skilled engineers into client teams on a time-and-materials basis, competing largely on availability and rate. Most firms sit somewhere between, blending onshore advisory with nearshore and offshore delivery. What they share is a people-led model, where value sits in client relationships, expertise and repeat work rather than in a product.
Where a firm falls on that advisory-to-staff-augmentation spectrum is the single biggest reason two businesses that both call themselves IT consultancies sell at very different multiples. Advisory work that is contracted, repeatable and owned by the firm rather than a few individuals sits at the top; day-rate resourcing that is re-won project by project, with the client relationship resting on the consultants placed rather than the brand, sits near the floor.
Across disclosed transactions, IT consulting firms trade at a median of about 1.2x revenue and 10.7x EBITDA. The quartile range around those medians is wide, which tells you that the median is a starting point rather than a promise.
How Much Do IT Consulting Firms Sell For
The table below sets out enterprise-value multiples for disclosed IT consulting acquisitions between 2015 and 2025. Enterprise value adjusts a deal’s headline price for net debt and partial stakes, so each multiple reflects what the whole business was valued at.
| Multiple | Deals (n) | 1st Quartile | Median | 3rd Quartile | Median deal size |
|---|---|---|---|---|---|
| EV/Revenue | 110 | 0.7x | 1.2x | 1.6x | $23M |
| EV/EBITDA | 57 | 7.1x | 10.7x | 13.5x | $45M |
Source: Mergermarket and Aventis Advisors deal database, disclosed multiples 2015 to 2025.
At the median, an IT consulting firm with $5 million of EBITDA would be worth roughly $54 million on an EV/EBITDA basis.
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 an IT Consulting Valuation
Within the range, a short list of factors explains most of why one business clears the top quartile while another lands at the bottom.
Retainer and repeat revenue is the strongest lever. Framework agreements, managed-service retainers and clients that return every year are valued far above one-off project fees, because buyers pay for visibility rather than a pipeline that must be re-won each quarter.
Key-person dependence is what most often caps the multiple. When origination and the key client relationships sit with one or two founders or senior rainmakers, a buyer sees flight risk and pays less, and will push more of the price into an earn-out to keep those people in place. A firm where client relationships are institutionalized across a broad senior team transfers cleanly and holds its value after completion.
Utilization and day-rate realization drive the economics behind the EBITDA multiple, together with leverage, the ratio of junior delivery staff to senior people on an engagement. They matter most toward the delivery and staff-augmentation end, where the model is essentially selling billable hours. Consistently high utilization, premium day rates and low bench time signal a well-run practice, while discounting off the rate card to keep consultants busy compresses margin and the multiple with it. At the advisory end the equivalent question is whether the firm can keep originating high-value engagements as it scales, not just keep people billable.
Specialization, IP and methodologies separate a firm from commodity body-shopping. Deep expertise in a regulated industry or a scarce capability, backed by proprietary frameworks and reusable methodologies, lifts the multiple, whereas generalist staff augmentation drags it toward the floor.
Brand strength and client tenure de-risk the story a buyer underwrites. A recognized name in its niche, marquee logos and multi-year client relationships command a premium, while heavy reliance on one or two accounts is a frequent reason a multiple is discounted.
Geographic and delivery mix shapes how strategic buyers value scale. A footprint in markets an acquirer wants to enter, combined with a blend of onshore advisory and lower-cost nearshore or offshore delivery, adds both reach and margin that a single-country firm cannot offer.
Recent IT Consulting Deals
Recent transactions show the pattern in practice. In 2021 Accenture acquired BENEXT, a French product-management and agile consulting firm of roughly 160 people, folding it into its OCTO Technology practice, in a deal reported at around $59M. In 2019 CGI acquired Acando, a Nordic management and IT consultancy listed in Stockholm, for about $449M. In 2023 Sopra Steria acquired Ordina, the largest independent IT services group in the Benelux, for about $553M. And in 2020 Globant acquired Grupo ASSA, a Latin American digital business consultancy, for about $75M. Together they span global majors buying a specialist capability (Accenture), European consolidators buying scale and geography (CGI, Sopra Steria) and digitally-native players extending their footprint (Globant). All four are strategic buyers rather than financial ones, which is typical of the disclosed end of this market.
Who Is Buying IT Consulting Firms
The most active acquirers fall into three groups. Strategic consolidators such as Accenture, CGI, Tech Mahindra, Sopra Steria and Devoteam buy for capability, sector expertise and talent, and can pay the highest multiples when a firm is a clean fit and its people are willing to stay. PE-backed platforms such as Emagine, owned by the Nordic investor Axcel, and Lutech, backed by Apax, run buy-and-build programs that consolidate specialist consulting and engineering capacity across fragmented European markets. Listed and independent specialists such as Globant and Alten acquire to add a capability, a sector or a geography that would take too long to build organically, and tend to be more disciplined on price than the global majors.
For a fuller view of the acquirer landscape, see who is buying IT consulting firms. IT consulting is one segment of the wider market covered in our IT services valuation multiples analysis.
Methodology
The figures cover acquisitions of IT consulting businesses worldwide between 2015 and 2025, sourced from Mergermarket and the Aventis Advisors deal database. We report enterprise-value multiples on a like-for-like basis and rely only on disclosed multiples. Most private deals close at undisclosed valuations, so the disclosed sample skews slightly toward larger transactions and listed buyers, and figures are directional where the sample is small.
Talk to Aventis Advisors
Aventis Advisors is an independent M&A advisory firm for technology and growth companies, with a focus on software, SaaS and IT services. We take on a limited number of mandates each year and run every one from the first conversation to closing. If you are weighing a sale or responding to an inbound offer, 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 IT consulting firms, the most active acquirers and private equity investors.
- Systems Integration Valuation Multiples and Digital Engineering Valuation Multiples.
- How to sell an IT services business.
- Strategic vs financial buyers and M&A in IT services.
